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Tuesday 20th March 2018

British Steel Forced into Liquidation, UK Government Failed to Secure Financial Rescue

Business

7Dnews London

Wed, 22 May 2019 11:03 GMT

British Steel was forced into liquidation on Wednesday 22nd May though Britain's second largest steelmaker will continue to trade and supply its customers, the official receiver said.

"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," the official receiver said.

"The 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 official receiver elaborated.

Last resort talks with the UK government failed to secure a financial rescue safety net, British Steel union bosses announced.

"This is devastating news for the thousands of workers," Tim Roache, general secretary of the GMB union, said on hearing the news.

The High Court of England and Wales has appointed Hunter Kelly, Sam Woodward and Alan Hudson of EY to act as special managers to assist the Official Receiver with his duties as liquidator.


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