Caterham administrator Finbarr O’Connell has launched an investigation to determine whether there were any behind-the-scenes irregularities that may have resulted in the team’s demise.
– F1 boss Bernie Ecclestone happy to help out Caterham
– Caterham team will race at Abu Dhabi Grand Prix
Caterham are back on the grid in Abu Dhabi after being given dispensation to miss the last two in the United States and Brazil.
A crowdfunding project that has so far raised £2 million (Dh11.5m) has extended the life of the team and put them back in the shop window, with the hope a buyer will come forward and take them into 2015 and beyond.
O’Connell, serving as interim team principal, concedes he has three weeks at most to secure a new owner otherwise the plug will have to be pulled.
In the meantime, it is also part of his duty to look into why the team has ended up in such a mess following a takeover in June.
A consortium of Swiss and Middle Eastern businessmen took up the reins passed on by Malaysian entrepreneur Tony Fernandes, owner of AirAsia and chairman of Barclays Premier League side QPR.
The consortium, however, bailed out in October, citing an issue over the transference of shares, with Fernandes claiming he had not been paid.
O’Connell is determined to get to the bottom of the matter for the sake of his creditors.
Speaking in the paddock at the Yas Marina Circuit, the 54-year-old Irishman said: “As administrator I’m clearly trying to sell the business.
"But another thing I have to do is investigate how the business was run.
"Anybody who was running it improperly or who owes it money I have a duty to investigate them.
“If I think they’re guilty of an offence, like wrongful trading or misfeasance, then I have to pursue them and get money back for the creditors.
“A number of people have already said to me they really believe there were things that went on here that need to be investigated.”
Naturally of more pressing concern for O’Connell is his desire to find a buyer and secure the futures of the 230 staff he had to make redundant last week.
In Abu Dhabi there is a skeleton crew of 40 people readying the cars, all of whom are working on a consultancy basis for a nominal payment, with another five back at the factory in Leafield.
O’Connell added: “I’ve had 50 approaches, and I think there are four parties who are serious. For a couple of them it would make perfect sense for them to buy it.”