Sources have said Honda were owed around £50 million by Super Aguri for engines and technical support for the team founded by former grand prix racer Aguri Suzuki after the 2005 season.

The team's current cars, effectively a version of last year's Honda, were taken to the Honda F1 factory in Brackley after the Spanish Grand Prix on April 27.

"This Administration provides a unique opportunity to get into high-level motor sport without having to build an operation from scratch," joint administrator Philip Long said in a statement.

"In terms of capability, a new team could easily be up and running for the 2009 Formula One season."

Accountants and business advisers PKF were also the liquidators of the Arrows Formula One team, Super Aguri's predecessors at Leafield, in 2003 and the British interests of the failed French Prost team in 2002.