The Arrows Formula One team have gone into liquidation, according to reports on Wednesday.

A winding-up petition was granted against Tom Walkinshaw's team on behalf of former driver Heinz-Harald Frentzen, the Reuters news agency reported.

"The company is in liquidation but we are still acting as receivers," said receiver Philip Long, of accountants and business advisers PKF.

"This is just another stage in the insolvency process, everything has been up for sale since we were appointed."

Long said the assets included the leasehold of Arrows' fully-fitted Formula One premises and two wind tunnels.

Frentzen, who has now joined Sauber, led a line of creditors seeking money owed by the team.

"It just happens that his name is on top of the list of close to 20 creditors," said Frentzen's manager, Monte Field.

"On Monday it was ruled that the company is to be wound up. Let's just call it a closed chapter."

Arrows, excluded from this year's championship after missing five of the last six races in 2002, laid off their staff in December.

Arrows' departure, after 25 years in the sport, follows that of French outfit Prost to leave Formula One with just 10 teams.