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Restructuring & Insolvency Review

March 2011


Background

Super Aguri F1 Limited used to race a team in the Formula One Motor Racing Championship. For some twelve months prior to the administrators being appointed on 6 May 2008, the directors of Super Aguri had been trying to seek investment into Super Aguri or affect a solvent sale of the business but without success. Super Aguri was making heavy losses and was only able to trade through the continued financial support of Honda, who also provided engines and gearboxes to Super Aguri. Following the withdrawal of Honda’s support, when it became clear such investment or sale was unlikely, Super Aguri had no alternative but to enter into a formal insolvency process.

Super Aguri carried out research and development, testing and various other projects for Honda. As a result of the relationship between the two, Honda was the largest creditor in value of Super Aguri, being owed approximately £45m, 86% of the total indebtedness of Super Aguri. Even so, Honda did not have a qualifying floating charge and was not therefore required to be served with any notice of intention to start insolvency proceedings.

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