A planned auction of Caterham equipment, including one Caterham F1 test car from 2013 has been cancelled now that Caterham Sports Ltd has entered into Administration.
The Sheriffs Office, the bailiffs that took possession of the equipment shortly before the Japanese Grand Prix, have now announced a cancellation of the public sale as the troubled company has gone into Adminstration. This means that the company can continue to run its business under this procedure, protecting it from a potential bankruptcy until a solution can be found. The London-based Smith & Williamson accountancy firm of Moorgate is in charge of the procedure.
On October 3rd, The Sheriffs Office already announced the auction was put on hold "pending the outcome of a further court hearing, in relation to a separate creditor and has nothing to do with the seizure made by this office".
At the time of the initial announcement, the Caterham Formula One team was adamant to state the sale had nothing to do with the F1 team itself, but that the goods had been taken because the team works from the same base as Caterham Sports Ltd. Considering that some of the good are likely to be owned by the team, there is still a legal question whether these goods have actually been legally seized. Until further notice however, the F1 entry is not under threat and looks set to continue racing throughout the season.Thanks to Duckman for the hint