NEWSBREAK: British Steel enters compulsory liquidation [UPDATED]

Troubled UK long steel producer British Steel has been placed into compulsory liquidation following an order from the UK high court, the UK official receiver, part of the UK’s Insolvency Service, said on Wednesday May 22.

"The company in liquidation is continuing to trade and supply its customers while I consider options for the business. Staff have been paid and will continue to be employed," a statement from the official receiver said. "The [UK high] court also appointed special managers to assist me with my work and they are engaging with staff and their representatives to keep them informed, as well as contacting British Steel’s customers," the statement continued. The UK high court has appointed Hunter Kelly, Sam Woodward and Alan Hudson of global professional services firm EY to act as special managers to assist the official receiver with his duties as liquidator. “This will be a deeply worrying time for the thousands of dedicated British Steel workers, those in the supply chain and local communities,” UK government business secretary Greg Clark said, following news of the compulsory liquidation. “In the days and weeks ahead, I will be working with...

Published

Viral Shah

May 22, 2019

12:15 GMT

London