Administrator Finbarr O'Connell has revealed that the previous management of the Caterham F1 team is to be investigated.

O'Connell, of administrators Smith & Williamson, who is acting team principal of the Leafield-based outfit in Abu Dhabi as it attempts to attract a new buyer, told reporters that he has a duty to investigate how the team was run prior to it going into administration.

"I'm clearly trying to sell the business, but another thing I have to do is investigate how the business was run, and anybody who has run it improperly or who owes it money, I have a duty to investigate them," he told reporters. "If I think they've been guilty of an offence, then I am supposed to pursue them and get money back for the creditors.

"I'm getting all the papers and documents together and my lawyers and accounting team are going through those," he added. "So that is a different phase, but a number of people have said to me they really believe things have gone on here that need to be investigated."

Mr O'Connell might make a start by contacting us here at Pitpass as in recent days we have received numerous similar claims from a number of different former employees. These are not people with a grudge to bear or attempting to derail the sale of the team but former employees who believe that more could, and should have been done, a lot sooner, to prevent the current situation.

O'Connell, who believes he has just three weeks in which to save the team, claims that of the various enquiries only four potential buyers appear viable.

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READERS COMMENTS

1. Posted by Hondawho?, 21/11/2014 13:36

"As administrator, he has the job of "administering" which of course does not mean he "must sell it".

He needs to manage or administer it, which means even if he "administers the company" until such a time that he feels its right to sell he has authority to do that of course.

There are companies who are not sold and "come out of administration" and then go on to be successful. I would imagine its going to be or could be a long job and as for the wording from Mr O'Connell ""I'm getting all the papers and documents together and my lawyers and accounting team are going through those," you can bet they are NOT cheap, so who is paying for these guys?

In any event I am sure he will do a good job for the creditors and hopefully the staff. As for "on managing an ongoing team" that we can only hope for."

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Caterham administrator to investigate former management

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