Having been declared insolvent by UK High Court judges earlier this year, Arrows is now believed to be on the verge of signing with a major new investor - believed to be American mining billionaire Cal Smith.
However, it now faces a tough grilling by the FIA and will have until 6pm BST today to convince the sport's governing body it can continue. Already the troubles have seen the team unable to compete in three of the last four rounds of this year's championship.
An FIA spokesman told the BBC: "We've asked Arrows for a detailed explanation about their state of health following certain decisions over the past few weeks. We will then decide which position to adopt.
"[Punishment] could go from a simple fine to being banned from the [F1] circuit.
"But before any decision is taken we must consider the large number of people who are employed with the team."
