Racing cars driven by Michael Schumacher and Nikki Lauda are among a range of items due to go under the hammer at a special auction.

The auction has been ordered by receivers of Leafield-based auto engineering firm TWR and will follow a similar event organised for TWR's sister firm, the Arrows Formula 1 team.

Both companies went into receivership with debts of tens of millions of pounds. About 400 people lost their jobs.

The auction at TWR is an attempt by receivers to claw back some of the losses, but all of it is likely to go to the bank and secured creditors.

Among the TWR items for sale at Brands Hatch on July 5, are a Benetton Formula 1 car once driven by current world champion Michael Schumacher and a Ford RS3100 Cologne Capri, raced by Nikki Lauda.

Admission to the sale is £20, which entitles one person to watch the racing at Brands Hatch on July 5.

Memorabilia includes drivers race suits, trophies, signed photographs, and team histories.

Auctioneer Matt Hardy, of Wyles Hardy & Co, said: "We expect some racing enthusiasts to pay certainly five-figure sums, perhaps six figures, for some of these cars."

The sale will be shown on on the Internet at www.wyles-hardy.com

Meanwhile, the Arrows auction, on June 18 and 19, will be broadcast at www.dovebid.com

The sale will include seven racing cars and two hospitality buses.