The administrator's proposals for A1GP operations have been filed, and there's some interesting reading.
Background of the liquidation/administration: back in May Shakespeare Engineering Components originally petitioned the winding up (liquidation) of A1GP OPerations. This was granted (presumably as the courts deemed A1 wasn't able to pay its debts as they fell due), but the liquidator applied to instead put it into administration in order to maximise what could be achieved for the creditors.
Current plans are for a meeting of creditors at the end of October. The administrator reckons it is unlikely that its possible to rescue to company unless A1 Holdings provides funds to pay off the creditors. Instead the administrator reckons that it would be best the assets were "sold as a whole to enable use in a race series".
At the time of initially being wound up (in May) A1 Operations had approx £17k of cash and £8.7m of stock and assets on its books. However the latter isn't certain, due to the "ongoing issues relating to ownership of the motorcars".
It also owed at least £99.6m to creditors and suppliers. £85m of this was due to A1 Holdings (its parent company, incorporated in the British Virgin Islands I think), but the other largest amounts appeared to be owed to other companies involved in moving, preparing and building the cars:
- £2m to DoT
- £5.4m to Ferrari
- £486k to Michelin
- £499k to Magnetti Marelli
- £908k to Pankl Drivetrains
- £497k to Universal Race Technology
- £309k to Xtrac
- and approx £389k in tax to HMRC