The UK’s second largest steel firm, British Steel, is struggling due to Brexit related matters. British Steel employs 4,500 people and roughly 20,000 people indirectly.
The firm says it will need further financial support from the government to continue trading. In April 2019 the government lent British Steel £100m after the firm was facing a big fine after not paying an EU carbon bill.
If the government decides not to give British Steel any further funding, ministers can decide to nationalise the firm or appoint administrators. Sky News reported insolvency experts have been lined up in the possibility that the firm could not secure further government support.
For more information on bankruptcy, liquidation, administration and all the other insolvency procedures, or to take advantage of our free consultation, please telephone Stella Flemmings on 01377 257788, 01724 230060 or 01904 520116 and she will make you an appointment with one of our insolvency professionals at our Driffield, Scunthorpe or York offices.