A winding up petition is a form of legal action taken by a creditor against a company that owes them money. If the company is deemed to be insolvent, an official receiver will be appointed to liquidate it.
Announcing its restructuring plans, Specialty Steel UK said they would be a “major step in the company’s recovery” and have “no impact” on employees.
According to the announcement, all creditors would be presented with a detailed proposal and have the opportunity to vote on the plan.
Jeffrey Kabel, Liberty Steel Group chief transformation officer, said: “After making significant progress to stabilise the business and refocus it on high value specialist products, we’re now addressing the debt position of the company to create a stronger speciality business going forward.”
