The Formula India F1 team is now in administration. It is being run by Geoff Rowley and James Baker of FRP Advisory, a wellknown insolvency firm. Rowley is well-versed in the ways of Formula 1, having dealt with the Marussia and Manor F1 administrations in the past. The first step will be to call a meeting of creditors and then move forward trying to find a buyer for the team as a going concern. Vijay Mallya is no longer in control but he is claiming to be the biggest creditor, through the Orange India holding company in Luxembourg. The biggest creditor beyond this is believed to be Mercedes (although it seems that more than one Mercedes entity is involved). The outstanding debt to the German firm is believed to be in the region of $13 million. There are a number of other creditors, mainly parts suppliers. The current excitements began in the middle of last week when there was a winding up petition, rumoured to be from HMRC. This was settled but another creditor joined the action and the petition hearing was adjourned when an administration application was filed by a Guernsey-based company called Brockstone Ltd, which is a management company that oversees Sergio Perez. This claimed $4 million which had not been paid. There are some in the F1 paddock who believe that this action was a stalking horse for Mercedes because the car manufacturer does not want to be seen to be taking such actions. It is clear that Mercedes needs to protect its situation.