In the latest news today, Sky has reported that HMRC have filed a winding-up petition against Sanjeev Gupta’s Liberty Steel empire.
The Financial Times share that a total of four firms from his empire have petitions against them; Speciality Steel UK Limited, Liberty Pipes, Liberty Performance Steels and Liberty Merchant Bar.
The newspaper said the four companies owe HM Revenue & Customs (HMRC) £26.4m.
This may well force an arm of the UK steel empire into insolvency. It is not known how much debt is owed to HMRC, from Mr Gupta’s firm.
Of course, this triggers doubt and uncertainty for the business, which planned to employ approximately 2,000 people going forward. Nonetheless, worries for employees within the firm.
The petition will be heard late next month.
Sky News report more on the subject.
Category: Winding up petition