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British Indian tycoon’s Speciality Steels UK pushed into compulsory liquidation by the UK government. 1500 jobs at risk.
London, Aug 21 (PTI) Speciality Steels UK, the country’s third-largest steelworks part of British Indian metals tycoon Sanjeev Gupta group, was on Thursday pushed into compulsory liquidation.
The UK government-run Insolvency Service confirmed it will be acting as the liquidator after a High Court ruling.
Liberty Steel said the decision to put the firm into compulsory liquidation was “irrational”, which puts 1,500 jobs at risk.
Following an application made by the Official Receiver, the court has also appointed Matthew James Cowlishaw, Hywel Phillips and Robert Fishman of Teneo Financial Advisory Limited as Special…
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The National Company Law Appellate Tribunal (NCLAT), Principal Bench in New Delhi, has dismissed two appeals filed by the Central Bank of India, upholding the orders of the Adjudicating Authority that approved a resolution plan for Neptune Developers Private Limited. The Central Bank of India had challenged two orders, dated January 21, 2025, and March 25, 2025, issued by the National Company Law Tribunal (NCLT) in Mumbai.
The case, which involved two appeals, Company Appeal (AT) (Insolvency) No. 713 of 2025 and Company Appeal (AT) (Insolvency) No. 486 of 2025, centered on the Corporate Insolvency Resolution Process (CIRP) of Neptune Developers, a real estate company. The Central Bank of India, which had initiated the CIRP,…
One of the UK’s last remaining steel companies has been pushed into compulsory liquidation.
Speciality Steels UK (SSUK), part of the Liberty Steel empire owned by metals tycoon Sanjeev Gupta, employs nearly 1,500 people at sites in Rotherham and several other locations across South Yorkshire.
Behind Tata Steel and British Steel, it is the third-largest steel producer in the country.
Sky News reported that negotiations had been underway for a deal to rescue the firm, however, they seem to have been rendered unsuccessful.
The government-run Insolvency Service confirmed it will be acting as the liquidator. It added that Teneo Financial Advisory Limited would be assisting run the company…
BURLINGTON – Sen. Bernie Sanders (I-Vt.), Ranking Member of the Senate Committee on Health, Education, Labor, and Pensions (HELP), alongside 10 Senate colleagues, sent a letter to Education Secretary Linda McMahon expressing outrage over the Trump administration’s decision to indefinitely pause student loan forgiveness under the Income-Based Repayment (IBR) plan.
The senators asked for clarity for the thousands of affected borrowers who have repaid their student loans for over 20 years and now face financial harm.
Joining Sanders on the letter are Sens. Mazie Hirono (D-Hawaii), Elizabeth Warren (D-Mass.),…
On 21 August 2025, a winding-up order was made against Speciality Steel UK Limited, and the court appointed the Official Receiver, Gareth Jonathan Allen, as Liquidator.
Following an application made by the Official Receiver, the court has also appointed Matthew James Cowlishaw, Hywel Phillips and Robert Fishman of Teneo Financial Advisory Limited as Special Managers of the company. The Special Managers have been appointed to assist the Official Receiver with the liquidation.
The Official Receiver will wind-up the company in accordance with his statutory duties. He also has a duty to inquire into the cause of the company’s failure and conduct of current and former directors.
Gupta and his companies have struggled ever since their major funder, Greensill Capital, collapsed into insolvency in 2021. Since then, many GFG assets have been faced with insolvency proceedings initiated by creditors seeking to be repaid what they are owed, including various Greensill entities.
An Australian steelworks owned by Gupta was taken over by the government in February with a A$2.4 billion ($1.5 billion). GFG has been the subject of a Serious Fraud Office investigation since 2021.
“The GFG Alliance is in severe financial distress. At the time of writing, at least 15 entities in the GFG Alliance are subject to formal insolvency or restructuring proceeding,” lawyers for the administrators of Greensill said in written…
(Reuters) -Teneo said on Thursday it has acquired the Australia business restructuring services unit of auditing firm PwC, as the management consultancy seeks to expand its financial advisory presence in the region.
Under the deal, about 80 members of PwC’s Australia business restructuring services team will join Teneo and will provide wide range of financial services in the country, including expertise in local and international restructuring and insolvency situations.
Stephen Longley, who has led PwC’s Australia business restructuring services team for the last four years, will become head of financial advisory Australia at Teneo, according to a company statement.
