CNR
13th April 2009, 00:56
http://paddocktalk.com/news/html/modules.php?op=modload&name=News&file=article&sid=106326
The former administrators of the now-defunct Super Aguri outfit claim the formula one team could have been rescued.
Insolvency experts PKF are pursuing Honda for more than $400,000 in fees, saying they were dismissed as administrators last year after planning to sell the Leafield based squad as a going concern.
According to the UK financial press, PKF had lined up a buyer for Super Aguri but the plan was rejected by Honda, the team's major creditor that was owed millions.
Honda ultimately appointed another insolvency group to oversee the team's voluntary liquidation.
"Any insolvency practitioner will say that (administration) was the only route for Super Aguri as there were buyers for it," said PDF partner Philip Long.
"Honda didn't want Super Aguri exposed to the marketplace," he added. "Smaller unsecured creditors voted for our proposals and fees."
The former administrators of the now-defunct Super Aguri outfit claim the formula one team could have been rescued.
Insolvency experts PKF are pursuing Honda for more than $400,000 in fees, saying they were dismissed as administrators last year after planning to sell the Leafield based squad as a going concern.
According to the UK financial press, PKF had lined up a buyer for Super Aguri but the plan was rejected by Honda, the team's major creditor that was owed millions.
Honda ultimately appointed another insolvency group to oversee the team's voluntary liquidation.
"Any insolvency practitioner will say that (administration) was the only route for Super Aguri as there were buyers for it," said PDF partner Philip Long.
"Honda didn't want Super Aguri exposed to the marketplace," he added. "Smaller unsecured creditors voted for our proposals and fees."