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British Steel Official Receivers E&Y to Get GBP 13 million

Steel News - Published on Tue, 20 Aug 2019

Image Source: Wikipedia
Accountants appointed to help run British Steel after the company went into liquidation earlier this summer have run up fees of more than GBP 13 million. Judge Sally Barber on Monday heard that three senior staff at accountancy firm Ernst and Young had incurred time costs after being made special managers by a High Court judge in May and asked to help an Official Receiver manage British Steel’s affairs. She agreed they should be remunerated and approved the initial payment of GBP 9.2 million, 70% of a total figure, including tax, of GBP 13.1 million at a hearing in the Insolvency and Companies Court in London.

Monday’s hearing was staged days after the investment division of Turkey’s armed forces pension fund was named as the preferred bidder for British Steel, which employs 4,000 at its plant in Scunthorpe, Lincolnshire, and 700 on Teesside.

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Posted By : Amom Remju on Tue, 20 Aug 2019
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