Receivers of failed Formula 1 racing team Arrows are holding out little hope that the 250 former employees of the Oxfordshire firm will receive more than the statutory minimum pay-out.
Bryan Hamblin, of receivers KPF, said: "I would not be optimistic that employees will receive much."
The warning followed predictions that a two-day auction starting today of the trappings and memorabilia of racing supremo Tom Walkinshaw's former firm would attract big money.
The webcast auction has already had more than 28,000 hits.
Mr Hamblin said: "There is £2m owing to secured creditors and the money raised from the auction will go to them first."
A former employee of the Leafield-based team, who is owed £13,000 in back wages, told the Oxford Mail: "I'm angry the money raised from the sale of the site is not to be paid to creditors such as former employees."
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