British Steel has entered insolvency, putting 5,000 jobs directly at risk and endangering thousands more in the supply chain after talks with the UK government failed to reach an agreement on emergency funding.
The high court on Wednesday granted an application by the directors of British Steel to enter an insolvency process. Control of the company passed to the official receiver an employee of the Insolvency Service who will run a compulsory liquidation. EY has been lined up to assist with the liquidation.
The official receiver, David Chapman, said the company would continue to trade and supply its customers as it tries to find a buyer. Sources with knowledge of the process said they expected the government to stand behind the proce…
Read the full article at: https://www.theguardian.com/business/2019/may/22/british-steel-to-enter-insolvency-after-rescue-talks-with-government-fail