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Greensill under investigation for insolvent trading
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Greensill Capital’s Australian parent group is under investigation for potential insolvent trading after administrators Grant Thornton recommended it be liquidated.
Grant Thornton has already started investigating whether Bundaberg-headquartered Greensill Capital Pty Ltd breached any laws.
Lex Greensill’s Australian company has as much as $4.9 billion of debt.
Peter Braig
If it receives liquidator powers at a creditors’ meeting scheduled for next Thursday, it will examine the group’s access to external funding and the solvency position of Greensill’s main UK operating business.
“An insolvent trading claim against the company’s directors for the estimated loss could be made by a liquidator if the company is wound up at the forthcoming meeting,” Grant Thornton said in a 91-page report on Greensill’s collapse.
Debt-strapped Greensill should be liquidated, Grant Thornton says
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Insolvent supply-chain finance firm Greensill’s Australian operation is lumbering under as much as $4.9 billion of debt and should be liquidated, its administrator Grant Thornton will tell creditors at a meeting next Thursday.
The company has just $4 million in the bank and its remaining four staff are operating out of a WeWork office, after the other 33 employees were let go when US private-equity giant Apollo Global Management last month pulled out of a plan to buy Greensill.
Lex Greensill’s Australian company has as much as $4.9 billion of debt.
Peter Braig
Political fallout from Greensill collapse widens over Westminster
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London | The British political lobbying scandal involving former prime minister David Cameron and collapsed finance firm Greensill is threatening to metastasise into a wider frenzy of Westminister soul-searching over the relationship between bureaucrats and business.
The revelation that the senior official in charge of Britainâs public procurement process, Bill Crothers, was also an adviser to Greensill has turned a spotlight on the remarkable Whitehall practice of allowing public servants to moonlight for the private sector.
How far will Boris Johnson lift the lid on the murky world of political lobbying?Â