Martin (frentzen) wrote in formula1,
Martin
frentzen
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Arrows pay off a creditor

The Arrows team remain at their HQ in Leafield this morning, but have solved one of the problems that have plagued the team in recent months. Arrows face a court case today (Tuesday) at which a winding-up order will to be brought against the team, but Arrows is now believed to have paid one of its creditors.

Champion Recruitment has been paid together with costs, and have now been taken out of the equation, but Arrows still need to pay off several other creditors.

"The petitionary creditor has been paid but a lot of others are stacked up behind, wanting to step into their shoes," said John Alderton a partner with Hammond Suddards, the law firm representing Champion Recruitment, according to the BBC.

"The court will decide whether to allow that," he added.

Arrows' court case this morning is expected to be adjourned for one month to give the team time and to allow other creditors time to claim.

Arrows will need to leave for Monza within the next 24 hours if they are to race at all.
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