Caterham F1 team has made all of its backroom staff redundant although it will race a team in the final F1 Grand Prix race of the season in Abu Dhabi.
The administrators at Smith & Williamson, who are handling the administration of Caterham Sports Limited, confirmed that 230 staff have been made redundant. The restructuring partners are Finbarr Thomas O'Connell, Henry Anthony Shinners and Anthony Cliff Spicer.
It is understood that staff have not been paid since 30 September.
Smith & Williamson partner and joint administrator O'Connell said: ‘This is what the employees as a group have been asking me to do. This is what they want because it brings them closer to receiving money and if you speak to any of the staff representatives, they will confirm to you that 14 November was the date that they gave me.’
The administrators are looking for a buyer for the team and discussions are currently under way, although there are no details about the potential white knights.
The company also owes around £20m to external suppliers.
The Caterham team is currently in last place in the F1 rakings with zero points this season.
The collapse of the Caterham F1 racing team follows the administration of another F1 team, Marussia Racing, earlier this month.