With your permission Mr Speaker, I would like to make a statement about British Steel.
It was announced this morning that the court has granted an application by the Directors of British Steel to enter an insolvency process. Control of the company will now pass to the Official Receiver an employee of the Insolvency Service who will run a compulsory liquidation.
The Official Receiver has made clear that British Steel employees will continue to be paid and employed and the business will continue to trade and supply its customers, whilst he considers the position of the company. In fact, employees were paid early with the May payroll being run yesterday, through cash being advanced by the companys lenders.
As the House will re…
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