Marussia Formula 1 team collapsed with £31m debt

The Marussia Formula 1 team collapsed owing trade creditors £31.4 million - with Ferrari alone owed more than half that amount

Marussia Formula 1 team collapsed with £31m debt

A summary of the liabilities of the team that has been submitted to the High Court by Marussia's administrators FRP Advisory LLP has revealed the extent of the money owed by the team.

As well as the fixed and floating charges of £13.1 million owed to Lloyds TSB and £14.6 to Marussia Communications, the document breaks down how much is owed to trade creditors.

The three biggest creditors are Ferrari (owed £16.6 million), McLaren (owed £7 million) and Pirelli (owed £1 million).

Also included on the list is former driver Timo Glock, who is owed more than £600,000. A number of F1 circuits and the FIA are also on the list.

The British tax authorities, HMRC, are owed £1 million for outstanding tax and national insurance payments.

Another major creditor is Capsicum Grand Prix Ltd., which represented Max Chilton's interests in F1 and is owed £3.1 million.

The statement of affairs says that Marussia's assets of £6.3 million are only likely to realise £2.2 million.

The total estimated monies owed to creditors, taking into account floating charges, is £62.3 million.

However, when issued and called up capital is taken into account, the estimated final figure of liabilities is £194.7 million.

Marussia's ninth place in the constructors' championship last year put it on course for £35 million prize payment this season, but the team would have to race to qualify for it.

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