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 business secretary, Greg Clark, issued a statement on Wednesday following confirmation that the court has granted an application by the directors of British Steel to enter an insolvency process.
Control of the company will pass to the Official Receiver – an employee of the Insolvency Service – who will run a compulsory liquidation. EY has been lined up to carry out the administration. » | Jasper Jolly | Wednesday, May 22, 2019
