The appeal for administration by the Arrows F1 team has been delayed by a High Court ruling until it's decided if major creditor Morgan Grenfell has security over the team's assets. Arrows applied for the legal protection while it finalizes a deal with German based investors but the hearing will be delayed from 2nd December until the 9th.
Mr. Justice Lightman will decide if Morgan Grenfell has a guarantee from Arrows boss Tom Walkinshaw to recover any financial losses: "It is a matter of great urgency for the parties and creditors generally to know whether or not this security is valid," Lightman said at a hearing yesterday.
Arrows reportedly met the 15th November deadline for entries into the 2003 Formula One Championship, a spokesperson only saying the entry had gone in. The FIA has yet to confirm this and still may not accept the team's application. Arrows' plea for administration may see Morgan Grenfell applying for its own administrator to recover financial losses.