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"organization", "role": "", "period": "", "group": "counterparties", "claim_ids": [ "c-sb-ta", "c-sb-proceedings" ], "badges": [], "subtype": "company" }, { "id": "svf-abode", "name": "SVF Abode (Cayman) Limited", "type": "organization", "role": "", "period": "", "group": "counterparties", "claim_ids": [ "c-sb-svf-katerra-investment", "c-sb-clt-release", "c-sb-katerra-settlement-terms", "c-sb-pspa", "c-sb-proceedings" ], "badges": [], "subtype": "company" }, { "id": "british-business-bank", "name": "British Business Bank", "type": "organization", "role": "", "period": "", "group": "other", "claim_ids": [ "c-pub-clbils-scheme", "c-pub-clbils-application", "c-pub-application-statements", "c-pub-accreditation-risks", "c-pub-accreditation-decision", "c-pub-larger-scheme-refused", "c-pub-cameron-limit-contacts", "c-pub-beis-interest", "c-pub-cbils", "c-pub-loan-aartee", "c-pub-loans-30sep", "c-pub-group-limit-concern", "c-pub-gfg-split-report", "c-pub-bbb-investigation", "c-pub-letters-of-concern", "c-pub-administrators-response", "c-pub-public-creditors" ], "badges": [], "subtype": "company", "jurisdiction": "gb" } ], "edges": [ { "id": "r-b-gcuk-gfg-financier", "from": "gcuk", "to": "gfg", "role": "Supply chain finance and receivables financier (a concentration of risk identified by the Treasury Committee) of companies of", "period": "to March 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-gfg-sfo", "c-gfg-definition", "c-gfg-am03-solutions", "c-gfg-is-investigation-scope", "c-gfg-wilson-exposure-allegation" ], "kind": "business" }, { "id": "r-b-gcuk-gfg-creditor", "from": "gcuk", "to": "gfg", "role": "Creditor, holding security and guarantees granted by GFG, for about $587.2 million outstanding across 33 balance sheet items (at March 2021 exchange rates) from", "period": "8 March 2021 – September 2026", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "current", "claim_ids": [ "c-gfg-am10-debt", "c-gfg-am03-exposure", "c-gfg-am10-insolvencies" ], "kind": "business" }, { "id": "r-b-gfg-gcuk-soa", "from": "gfg", "to": "gcuk", "role": "Creditor listed for 12,105,337.92 (currency marked inconsistently in the filing) in the statement of affairs (as at 8 March 2021) of", "period": "at 8 March 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-gfg-soa-creditor", "c-adm-soa-other-creditors" ], "kind": "business" }, { "id": "r-b-gcuk-gfg-clbils", "from": "gcuk", "to": "gfg", "role": "Lender of seven CLBILS loans totalling £350 million (treated by the British Business Bank as one borrower group above the £50 million limit) to borrowers in", "period": "July – September 2020", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-pub-group-limit-concern", 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"documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-pub-loans-30sep" ], "kind": "business" }, { "id": "r-b-gcuk-liberty-newport-clbils", "from": "gcuk", "to": "liberty-newport", "role": "Lender of a £50 million CLBILS loan (30 September 2020) to", "period": "from 30 September 2020", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-pub-loans-30sep" ], "kind": "business" }, { "id": "r-b-gcuk-liberty-pipes-clbils", "from": "gcuk", "to": "liberty-pipes", "role": "Lender of a £50 million CLBILS loan (30 September 2020) to", "period": "from 30 September 2020", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-pub-loans-30sep" ], "kind": "business" }, { "id": "r-b-gcuk-liberty-merchant-bar-clbils", "from": "gcuk", "to": "liberty-merchant-bar", "role": "Lender of a £50 million CLBILS loan 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"period": "September – December 2020", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-cs-ib-fundraising", "c-sb-sbia-ic-5nov" ], "kind": "business" }, { "id": "r-b-cs-lex-relationship", "from": "credit-suisse", "to": "lex-greensill", "role": "Bank and supply chain finance fund partner in a business relationship (subject of FINMA enforcement proceedings against Credit Suisse, concluded 28 February 2023) with", "period": "to March 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-cs-finma-conclusion", "c-cs-trades-dispute", "c-cs-terms-7-january-2021", "c-cs-press-finma-warnings" ], "kind": "business" }, { "id": "r-b-csv-gcuk-notes", "from": "cs-virtuoso", "to": "gcuk", "role": "Investor, through its supply chain finance sub-fund managed by Credit Suisse Asset Management, in securitised notes backed by receivables originated by", "period": "to March 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-biz-funding-sources", "c-ins-policies", "c-sb-fairymead-structure", "c-sb-440m-eapen-notes", "c-cs-secondary-trade" ], "kind": "business" }, { "id": "r-b-gcuk-csv-secondary-trade", "from": "gcuk", "to": "cs-virtuoso", "role": "Intended buyer, via Greensill Bank AG, of all outstanding Fairymead Notes ($439,999,710 notional) under the Secondary Trade of 31 December 2020 (cancelled 7 January 2021) with", "period": "31 December 2020 – 7 January 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-cs-secondary-trade" ], "kind": "business" }, { "id": "r-b-csv-gcuk-loss-payee", "from": "cs-virtuoso", "to": "gcuk", "role": "Loss payee under the Parallel Policy holding an indemnity claim (if that policy failed to respond through a breach by Greensill Capital Pty Limited or Greensill Bank AG) against", "period": "from 2017", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-ins-policies" ], "kind": "business" }, { "id": "r-b-cslux-gcuk-fairymead", "from": "cs-lux-scf", "to": "gcuk", "role": "Investor in the Katerra-backed Fairymead notes (face value about $440 million, issued by Hoffman S.à r.l.) originated and administered by", "period": "December 2019 – 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-sb-fairymead-structure", "c-sb-is-katerra-account", "c-cs-secondary-trade", "c-dq-is-statement" ], "kind": "business" }, { "id": "r-b-cslux-gb-loss-payee", "from": "cs-lux-scf", "to": "greensill-bank", "role": "Loss payee under trade credit insurance policies on which the insured and claimant was", "period": "at 26 February 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-biz-insurance-loss-payee" ], "kind": "business" }, { "id": "r-b-csam-gcuk-manager", "from": "csam", "to": "gcuk", "role": "Portfolio manager of the Credit Suisse supply chain finance funds (some $6.2 billion invested at the administration) that bought notes backed by receivables originated by", "period": "to 8 March 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-biz-funding-sources", "c-cs-admin-hearing", "c-adm-order-consents" ], "kind": "business" }, { "id": "r-b-gcuk-csam-servicing", "from": "gcuk", "to": "csam", "role": "Servicer within the supply chain finance infrastructure retained after closure (Greensill servicing costs provisioned for 2021–2026) of the funds managed by", "period": "2021–2026", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-cs-recovery-costs" ], "kind": "business" }, { "id": "r-b-csam-gfg-recovery", "from": "csam", "to": "gfg", "role": "Manager of the supply chain finance funds exposed to GFG; agreed full repayment of the funds' Australian GFG exposure (October 2021) and signed a non-binding restructuring term sheet (November 2022) with", "period": "2021–2022", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-cs-recoveries-2022", "c-cs-gfg-recovery" ], "kind": "business" }, { "id": "r-b-csam-katerra-recovery", "from": "csam", "to": "katerra", "role": "Fund manager pursuing, through litigation, recovery of the funds' Fairymead note exposure backed by receivables of", "period": "2021–2022", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-cs-recoveries-2022", "c-cs-katerra-recovery" ], "kind": "business" }, { "id": "r-b-csam-catfoss", "from": "csam", "to": "catfoss-renewables", "role": "Fund manager with an insured exposure (Federal Court of Australia insurance proceedings begun 22 February 2022) to", "period": "from 22 February 2022", "status": "reported", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-cs-catfoss-litigation" ], "kind": "business" }, { "id": "r-b-gcuk-gb-originator", "from": "gcuk", "to": "greensill-bank", "role": "Originator, seller and servicer of supply chain finance receivables (service level agreements; first losses retained on assets transferred directly) bought by", "period": "to March 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-biz-gbag-sla", "c-biz-origination-distribution", "c-biz-structured-entities", "c-biz-disclosure-pack", "c-biz-it-platforms" ], "kind": "business" }, { "id": "r-b-gb-gcuk-advances", "from": "greensill-bank", "to": "gcuk", "role": "Funder through advances (alongside securitisation of receivables) of", "period": "before the March 2021 administration", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-biz-funding-sources" ], "kind": "business" }, { "id": "r-b-gb-gcuk-90m-advance", "from": "greensill-bank", "to": "gcuk", "role": "Lender of a €90 million advance (agreement of 14 July 2020), with a potential claim on collections from the borrower's trade assets, to", "period": "from 14 July 2020", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-adm-gb-90m-advance" ], "kind": "business" }, { "id": "r-b-gcuk-gb-parallel-policies", "from": "gcuk", "to": "greensill-bank", "role": "Servicer that arranged and paid for trade credit insurance under the master/parallel policy structure (master policy insured: GCUK; parallel policy insured: the bank) for", "period": "2017 – 1 March 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-biz-parallel-policies", "c-ins-policies", "c-ins-recusal" ], "kind": "business" }, { "id": "r-b-gcuk-gb-collateral", "from": "gcuk", "to": "greensill-bank", "role": "Placed $250 million of the $440 million received in November 2020 as cash collateral (in respect of GFG positions) with", "period": "from November 2020", "status": "reported", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-sb-440m-ao-summary", "c-sb-440m-eapen-notes" ], "kind": "business" }, { "id": "r-b-gcuk-gb-fx", "from": "gcuk", "to": "greensill-bank", "role": "Foreign exchange hedging provider (through its Citibank FX account, deposit about €70 million; the bank's later claim to the funds was the subject of its Part 36 offer of 14 September 2022, held accepted by the administrators in 2023) for", "period": "before March 2021; offer of 14 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"role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-adm-soa-group-creditors", "c-cs-asic-gcpty-review" ], "kind": "business" }, { "id": "r-b-gcuk-gcpty-intercompany", "from": "gcuk", "to": "gcpty", "role": "Intercompany creditor (owed $136,396,264 at 31 December 2017 and $50,553,731 at 31 December 2018) of its parent", "period": "31 December 2017 – 31 December 2018", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-acc-related-2017", "c-acc-related-2018" ], "kind": "business" }, { "id": "r-b-gcuk-gcpty-gb-sale", "from": "gcuk", "to": "gcpty", "role": "Seller of its shareholding in Greensill Bank AG (at €40.20 per share, 14 December 2018) to", "period": "14 December 2018", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-grp-gbag-transfer", "c-acc-gbag-instruments" ], "kind": "business" }, { "id": "r-b-gcuk-gcpty-guarantees", "from": "gcuk", "to": "gcpty", "role": "Guarantor of the loans made on 22 October 2020 by Credit Suisse ($140 million) and the Peter Greensill Family Trust ($60 million) to", "period": "22 October 2020 – 5 June 2026", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-adm-acceleration-140m", "c-adm-charge-credit-suisse", "c-adm-charge-pgft" ], "kind": "business" }, { "id": "r-b-gcuk-gcpty-co-insured", "from": "gcuk", "to": "gcpty", "role": "Co-insured under the BCC/Insurance Australia Limited Master Policy (first agreed 2017, renewed 2019, expired 1 March 2021) with", "period": "2017 – 1 March 2021", "status": "documented", "direction": "undirected", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-ins-policies", "c-ins-recoup-argument", "c-ins-nswsc-refusal" ], "kind": "business" }, { "id": "r-b-gcmc-gcuk-staff", "from": "gcmc", "to": "gcuk", "role": "Employer of the UK staff and provider of staff and management services (intercompany support services agreement; costs recharged to, and payroll funded by, the recipient) to", "period": "before and after 8 March 2021 (569 employees at the appointment; 135 retained)", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-grp-gcmc-employer", "c-adm-court-cashflow-insolvency", "c-adm-staff-cuts" ], "kind": "business" }, { "id": "r-b-gcmc-gcuk-creditor", "from": "gcmc", "to": "gcuk", "role": "Intercompany creditor (9,806,850.67, currency marked inconsistently, in the statement of affairs; about $13.6 million in the administrators' proposals) of", "period": "at 8 March 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-adm-soa-group-creditors", "c-grp-gcmc-intercompany" ], "kind": "business" }, { "id": "r-b-gmbh-gcuk-soa", "from": "greensill-gmbh", "to": "gcuk", "role": "Creditor listed for 1,043,418.83 (currency marked inconsistently in the filing) in the statement of affairs (as at 8 March 2021) of", "period": "at 8 March 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-adm-soa-group-creditors" ], "kind": "business" }, { "id": "r-b-gl-gcuk-soa", "from": "greensill-limited", "to": "gcuk", "role": "Creditor listed in the statement of affairs (as at 8 March 2021) of", "period": "at 8 March 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-adm-soa-group-creditors" ], "kind": "business" }, { "id": "r-b-gl-gcuk-participations", "from": "greensill-limited", "to": "gcuk", "role": "Grantor of participations over Katerra receivables (Participation Agreement of 19 December 2019), paying participation amounts equal to Katerra's payments, to", "period": "from 19 December 2019", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-sb-fairymead-structure", "c-sb-gl-spv-finding", "c-biz-fairymead-pbb" ], "kind": "business" }, { "id": "r-b-gcuk-gl-management", "from": "gcuk", "to": "greensill-limited", "role": "Manager and administrator, by full delegation under the Participation Agreement, of", "period": "under the Participation Agreement of 19 December 2019", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-grp-greensill-limited", "c-grp-greensill-limited-control" ], "kind": "business" }, { "id": "r-b-gcuk-gl-security", "from": "gcuk", "to": "greensill-limited", "role": "Secured party under the Security Agreement of 19 December 2019 granted by", "period": "from 19 December 2019", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-biz-fairymead-pbb" ], "kind": "business" }, { "id": "r-b-hoffman-gcuk-issuer", "from": "hoffman", "to": "gcuk", "role": "Note issuer (Hoffman Note Programme; Fairymead notes through Compartment MZ) for receivables and participations assigned under the Master Assignment Agreement of 21 December 2017 by", "period": "from 21 December 2017", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-biz-hoffman-maa", "c-biz-fairymead-pbb", "c-sb-fairymead-structure", "c-sb-first-loss-waiver" ], "kind": "business" }, { "id": "r-b-hoffman-gl-assignee", "from": "hoffman", "to": "greensill-limited", "role": "Assignee (from GCUK) of the participation obligations of", "period": "from 19 December 2019", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-sb-gl-spv-finding", "c-sb-fairymead-structure" ], "kind": "business" }, { "id": "r-b-citi-london-gcuk-trustee", "from": "citibank-london", "to": "gcuk", "role": "Note trustee party to the Master Assignment Agreement of 21 December 2017 (Hoffman Note Programme) with", "period": "from 21 December 2017 (replaced for the Fairymead Notes on 28 February 2023)", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-biz-hoffman-maa", "c-sb-fairymead-structure" ], "kind": "business" }, { "id": "r-b-gl-katerra-rpa", "from": "greensill-limited", "to": "katerra", "role": "Receivables buyer and secured financier under the receivables purchase agreement of 9 December 2019 (about $440 million owed by Katerra companies) to", "period": "9 December 2019 – 30 December 2020", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-sb-fairymead-structure", "c-sb-gl-spv-finding", "c-sb-katerra-terms-letter", "c-sb-katerra-settlement-terms", "c-sb-clt-release", "c-sb-valuation" ], "kind": "business" }, { "id": "r-b-gl-katerra-cea", "from": "greensill-limited", "to": "katerra", "role": "Exchanged its claims and security under the receivables purchase agreement for 762,144 Series A preferred shares (Contribution and Exchange Agreement of 30 December 2020, held a transaction at an undervalue) with", "period": "30 December 2020", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-sb-cea", "c-sb-undervalue", "c-sb-ta" ], "kind": "business" }, { "id": "r-b-softbank-gcuk-cep", "from": "softbank", "to": "gcuk", "role": "Credit support provider under the Credit Enhancement Programme (credit default swaps on financings of Vision Fund portfolio companies; Greensill first loss up to $100 million a year) for", "period": "from 2019 (joint venture process ended 2 October 2020)", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-sb-cep", "c-sb-cep-jv" ], "kind": "business" }, { "id": "r-b-cayman2-gcuk-cds", "from": "cayman-project-2", "to": "gcuk", "role": "Credit default swap counterparty (SoftBank Group subsidiary) for facilities to View, Fair Financial, Guazi and OYO under the Credit Enhancement Programme, with", "period": "by October 2019", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-sb-cep" ], "kind": "business" }, { "id": "r-b-gcuk-softbank-omnibus", "from": "gcuk", "to": "softbank", "role": "Releasor of Katerra-related claims under the Omnibus Deed (10 November 2020; amended 23 December 2020), in which SoftBank waived the $100 million 2020–2021 Greensill first loss, against", "period": "10 November – 23 December 2020", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-sb-omnibus-release", "c-sb-first-loss-waiver", "c-sb-nov10-agreements", "c-sb-omnibus-recovery" ], "kind": "business" }, { "id": "r-b-gcuk-svf2-omnibus", "from": "gcuk", "to": "svf2", "role": "Obliged under the Omnibus Deed (10 November 2020; clause 3 replaced by the Amended Omnibus Deed of 23 December 2020) to account for Katerra recoveries to", "period": "from 10 November 2020", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-sb-omnibus-recovery", "c-sb-omnibus-release", "c-sb-nov10-agreements" ], "kind": "business" }, { "id": "r-b-gcuk-inc-loan", "from": "gcuk", "to": "greensill-inc", "role": "Intercompany lender (Call Account Loan Agreement of 1 January 2019; Chapter 11 claim allowed at $52,840,506.80 but subordinated, plus a $526,000 letter-of-credit claim; final dividend of $446,854 received in 2026) to", "period": "1 January 2019 – 2026", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-gi-inc-role-in-group", "c-adm-intercompany-debtors", "c-gi-inc-global-settlement", "c-adm-greensill-inc-dividend" ], "kind": "business" }, { "id": "r-b-gcuk-inc-admin", "from": "gcuk", "to": "greensill-inc", "role": "Performer of administrative functions (payroll, taxes, finance) for", "period": "as described in the 2021 Chapter 11 papers", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-gi-inc-role-in-group" ], "kind": "business" }, { "id": "r-b-gcuk-inc-services", "from": "gcuk", "to": "greensill-inc", "role": "Party to the Services Agreement (effective 25 March 2021; amended and restated 11 June 2021), which did not oblige it to pay vacation accrued before 17 March 2021, with", "period": "from 25 March 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-gi-inc-services-agreement", "c-adm-ip-assignment" ], "kind": "business" }, { "id": "r-b-inc-gcuk-sales", "from": "greensill-inc", "to": "gcuk", "role": "Group sales base in the United States and the Americas whose sales revenue went directly to", "period": "to 2021 (over 70 employees at 1 January 2021)", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-gi-inc-role-in-group" ], "kind": "business" }, { "id": "r-b-inc-gcuk-ip", "from": "greensill-inc", "to": "gcuk", "role": "Assignor, under the Global Settlement (revised assignment filed 22 October 2021), of software and intellectual property developed for", "period": "2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-adm-ip-assignment", "c-biz-it-platforms" ], "kind": "business" }, { "id": "r-b-gcuk-inc-settlement", "from": "gcuk", "to": "greensill-inc", "role": "Party to the Global Settlement in the Chapter 11 plan (contributed its causes of action from the 2019 Finacity acquisition; released by the plan) of", "period": "2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-gi-inc-global-settlement", "c-gi-inc-gcuk-contribution-releases" ], "kind": "business" }, { "id": "r-b-inc-finacity-sale", "from": "greensill-inc", "to": "finacity", "role": "Seller of its 100% interest (court-approved sale to White Oak Global Advisors, closed 21 September 2021 for $7 million) in", "period": "29 March – 21 September 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-gi-finacity-sale" ], "kind": "business" }, { "id": "r-b-inc-gcpty-receivable", "from": "greensill-inc", "to": "gcpty", "role": "Intercompany creditor (receivable of about $1.4 million face value) of", "period": "at 31 July 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-gi-inc-remaining-assets" ], "kind": "business" }, { "id": "r-b-axis-inc-do", "from": "axis-insurance", "to": "greensill-inc", "role": "Insurer under a $5 million directors' and officers' insurance policy of", "period": "as described in 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-gi-inc-remaining-assets" ], "kind": "business" }, { "id": "r-b-iom-inc-creditor", "from": "greensill-iom", "to": "greensill-inc", "role": "Unsecured creditor ($88,844.00 of invoices under an intercompany jet agreement) of", "period": "in the 2021 Chapter 11 schedules", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-gi-iom-creditor" ], "kind": "business" }, { "id": "r-b-gcuk-finacity-debtor", "from": "gcuk", "to": "finacity", "role": "Intercompany creditor (owed $9.4 million at the administration date) of", "period": "at 8 March 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-adm-intercompany-debtors" ], "kind": "business" }, { "id": "r-b-gcuk-earnd-debtor", "from": "gcuk", "to": "earnd-uk", "role": "Intercompany creditor (owed $10.9 million at the administration date) of", "period": "at 8 March 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-adm-intercompany-debtors" ], "kind": "business" }, { "id": "r-b-asia-india-capital", "from": "greensill-asia", "to": "greensill-india", "role": "Shareholder owing the unpaid balance (Rs. 11,30,00,000) of subscribed capital, declared unpayable by its liquidator on 26 October 2021, to", "period": "2021–2024", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-gi-greensill-india-nclt-order" ], "kind": "business" }, { "id": "r-b-ial-gcuk-insurer", "from": "ial", "to": "gcuk", "role": "Trade credit insurer, through BCC Trade Credit Pty Ltd, under the Master Policy (first agreed 2017, renewed 2019, expired 1 March 2021) for", "period": "2017 – 1 March 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-ins-policies", "c-ins-nswsc-refusal", "c-ins-recoup-argument", "c-ins-dividend-effect" ], "kind": "business" }, { "id": "r-b-bcc-gcuk-master-policy", "from": "bcc", "to": "gcuk", "role": "Issuer, as authorised representative of Insurance Australia Limited, of the Master Policy (first agreed 2017, renewed 2019, expired 1 March 2021) insuring", "period": "2017 – 1 March 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-ins-policies", "c-ins-nswsc-refusal", "c-ins-recoup-argument" ], "kind": "business" }, { "id": "r-b-bcc-gcuk-soa", "from": "bcc", "to": "gcuk", "role": "Insurer listed as an unsecured creditor for potential first-loss claims in the statement of affairs (as at 8 March 2021) of", "period": "at 8 March 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-ins-soa-insurers" ], "kind": "business" }, { "id": "r-b-chubb-gcuk-soa", "from": "chubb", "to": "gcuk", "role": "Insurer listed as an unsecured creditor for potential first-loss claims in the statement of affairs (as at 8 March 2021) of", "period": "at 8 March 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-ins-soa-insurers" ], "kind": "business" }, { "id": "r-b-zurich-uk-gcuk-soa", "from": "zurich-uk", "to": "gcuk", "role": "Insurer listed as an unsecured creditor for potential first-loss claims in the statement of affairs (as at 8 March 2021) of", "period": "at 8 March 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-ins-soa-insurers" ], "kind": "business" }, { "id": "r-b-swiss-re-gcuk-soa", "from": "swiss-re", "to": "gcuk", "role": "Insurer listed as an unsecured creditor for potential first-loss claims in the statement of affairs (as at 8 March 2021) of", "period": "at 8 March 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-ins-soa-insurers" ], "kind": "business" }, { "id": "r-b-qbe-gcuk-soa", "from": "qbe", "to": "gcuk", "role": "Insurer listed as an unsecured creditor for potential first-loss claims in the statement of affairs (as at 8 March 2021) of", "period": "at 8 March 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-ins-soa-insurers" ], "kind": "business" }, { "id": "r-b-marsh-gcuk-broker", "from": "marsh", "to": "gcuk", "role": "Insurance broker (letters of engagement from 2014, signed by a GCUK officer) for", "period": "from 2014", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-biz-marsh-broker", "c-biz-disclosure-pack", "c-ins-recusal", "c-ins-asi-authority" ], "kind": "business" }, { "id": "r-b-marsh-gcuk-soa", "from": "marsh", "to": "gcuk", "role": "Creditor listed for 27,950,020.00 (with Marsh Limited (UK) for 2,103,121.57) (currency marked inconsistently in the filing) in the statement of affairs (as at 8 March 2021) of", "period": "at 8 March 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-adm-soa-other-creditors", "c-ins-soa-insurers" ], "kind": "business" }, { "id": "r-b-citi-europe-gcuk-charge", "from": "citibank-europe", "to": "gcuk", "role": "Chargeholder (fixed charge of 24 June 2016 over a designated bank account under a corporate deposit deed, securing standby letters of credit; nothing owed at the administration) over", "period": "from 24 June 2016", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "current", "claim_ids": [ "c-adm-charge-citibank" ], "kind": "business" }, { "id": "r-b-pgfco-gcuk-charges", "from": "pgf-co", "to": "gcuk", "role": "Chargeholder as trustee of the Peter Greensill Family Trust (charge of 19 May 2020, satisfied 23 October 2020; charge of 22 October 2020 as security agent and trustee, a floating charge subordinate to Credit Suisse's security) over", "period": "from 19 May 2020", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-adm-charge-pgft" ], "kind": "business" }, { "id": "r-b-pgfco-gcuk-soa", "from": "pgf-co", "to": "gcuk", "role": "Creditor listed, as trustee for the Peter Greensill Family Trust, in the statement of affairs (as at 8 March 2021) of", "period": "at 8 March 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-adm-soa-pgft-entry" ], "kind": "business" }, { "id": "r-b-pgft-gcuk-secured", "from": "pgft", "to": "gcuk", "role": "Secured creditor under the floating charge securing the guarantee of the trust's $60 million loan of 22 October 2020 to Greensill Capital Pty Limited (purported secured claim paid in full and final settlement, 2026) of", "period": "22 October 2020 – 5 June 2026", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-adm-charge-pgft", "c-adm-secured-settlement-2026", "c-adm-floating-charge-payments", "c-adm-order-consents", "c-cs-admin-hearing" ], "kind": "business" }, { "id": "r-b-gcuk-caversham-creditor", "from": "gcuk", "to": "caversham-finance", "role": "Creditor for £30.8 million (when the borrower entered administration in March 2020; repaid in full in July and August 2020) of", "period": "March – August 2020", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-adm-caversham-debt" ], "kind": "business" }, { "id": "r-b-sc-gcuk-lender", "from": "standard-chartered", "to": "gcuk", "role": "Lender that in February 2020 sought a UK Export Finance guarantee (refused in June 2020) for a proposed £500 million five-year loan to", "period": "2020", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-pub-ukef" ], "kind": "business" }, { "id": "r-b-gcuk-catfoss-renewables", "from": "gcuk", "to": "catfoss-renewables", "role": "Provider of insured finance (trade credit cover disputed by the insurers) to", "period": "from September 2018 (as described in the allegations)", "status": "reported", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-ins-dq-catfoss", "c-ins-invalidity-defence" ], "kind": "business" }, { "id": "r-b-gcuk-catfoss-dbt", "from": "gcuk", "to": "catfoss-dbt", "role": "Provider of insured finance (trade credit cover disputed by the insurers) to", "period": "from September 2018 (as described in the allegations)", "status": "reported", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-ins-dq-catfoss", "c-ins-invalidity-defence" ], "kind": "business" }, { "id": "r-b-gcuk-bluestone-financier", "from": "gcuk", "to": "bluestone", "role": "Receivables buyer and financier under a Customer Agreement of 14 June 2018 and a Receivables Purchase Agreement of 26 September 2018 (about $850 million advanced, as alleged by Bluestone) of", "period": "14 June 2018 – March 2021", "status": "reported", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-lit-bluestone-programmes", "c-lit-bluestone-case", "c-lit-bluestone-fees", "c-lit-bluestone-security", "c-gfg-bluestone-introduction" ], "kind": "business" }, { "id": "r-b-gcuk-bluestone-warrants", "from": "gcuk", "to": "bluestone", "role": "Warrant holder (December 2018 warrant over 2.5% of Bluestone Resources, cancelled for a $25 million fee and replaced in June 2019 by a warrant over 10%, as alleged) in", "period": "2018–2019", "status": "reported", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-lit-bluestone-fees" ], "kind": "business" }, { "id": "r-b-gcuk-bluestone-security", "from": "gcuk", "to": "bluestone", "role": "Secured party under a Guarantee and Security Agreement of 3 November 2020 (as alleged) with", "period": "from 3 November 2020", "status": "reported", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-lit-bluestone-security" ], "kind": "business" }, { "id": "r-b-gcsl-mirabella-ar", "from": "gcsl", "to": "mirabella", "role": "Appointed representative (FCA regime) of", "period": "10 August 2017 – 5 March 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-biz-gcsl-placement", "c-dq-fca-investigation", "c-dq-fca-mirabella-closed" ], "kind": "business" }, { "id": "r-b-apollo-gcuk-prepack", "from": "apollo-holdings", "to": "gcuk", "role": "Proposed buyer, in a pre-packaged sale, of the intellectual property and IT systems (negotiations ended on 11 March 2021) of", "period": "March 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-adm-apollo-prepack" ], "kind": "business" }, { "id": "r-b-gt-gcuk-adviser", "from": "grant-thornton-uk", "to": "gcuk", "role": "Adviser engaged on 31 December 2020 for a Better Outcome Review and insolvency contingency planning (paid £1,437,784 with its addendum) to", "period": "31 December 2020 – 8 March 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-adm-gt-pre-appointment", "c-adm-apollo-prepack" ], "kind": "business" }, { "id": "r-b-gt-gcuk-administrators", "from": "grant-thornton-uk", "to": "gcuk", "role": "Firm of the joint administrators (appointed 8 March 2021) of", "period": "from 8 March 2021", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-adm-administrators-appointed", "c-lead-laverty-grant-thornton" ], "kind": "other" }, { "id": "r-l-lex-gcuk-disqualified", "from": "lex-greensill", "to": "gcuk", "role": "Disqualified for nine years by undertaking (accepted 2 June 2026; in force 23 June 2026 – 22 June 2035) for conduct as a director of", "period": "2 June 2026 – 22 June 2035", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "current", "claim_ids": [ "c-dq-undertaking", "c-dq-register", "c-dq-is-statement" ], "kind": "legal" }, { "id": "r-l-lex-gl-disqualified", "from": "lex-greensill", "to": "greensill-limited", "role": "Disqualified for nine years by undertaking (accepted 2 June 2026; in force 23 June 2026 – 22 June 2035) for conduct as a director of", "period": "2 June 2026 – 22 June 2035", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "current", "claim_ids": [ "c-dq-undertaking" ], "kind": "legal" }, { "id": "r-l-lex-gcpty-disqualified", "from": "lex-greensill", "to": "gcpty", "role": "Disqualified for nine years by undertaking (accepted 2 June 2026; in force 23 June 2026 – 22 June 2035) for conduct as a director of", "period": "2 June 2026 – 22 June 2035", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "current", "claim_ids": [ "c-dq-undertaking" ], "kind": "legal" }, { "id": "r-l-gcuk-lex-bl2025", "from": "gcuk", "to": "lex-greensill", "role": "Claimant for breach of fiduciary duty (company in administration), High Court Business List BL-2025-000562 (filed 29 April 2025; pending) against", "period": "from 29 April 2025 (pending)", "status": "reported", "direction": "directed", "role_group": "legal", "temporal_status": "current", "claim_ids": [ "c-lit-directors-claim" ], "kind": "legal" }, { "id": "r-l-gcuk-hanafin-bl2025", "from": "gcuk", "to": "sean-hanafin", "role": "Claimant for breach of fiduciary duty (company in administration), High Court Business List BL-2025-000562 (filed 29 April 2025; pending) against", "period": "from 29 April 2025 (pending)", "status": "reported", "direction": "directed", "role_group": "legal", "temporal_status": "current", "claim_ids": [ "c-lit-directors-claim" ], "kind": "legal" }, { "id": "r-l-gcuk-eapen-bl2025", "from": "gcuk", "to": "divya-eapen", "role": "Claimant for breach of fiduciary duty (company in administration), High Court Business List BL-2025-000562 (filed 29 April 2025; pending) against", "period": "from 29 April 2025 (pending)", "status": "reported", "direction": "directed", "role_group": "legal", "temporal_status": "current", "claim_ids": [ "c-lit-directors-claim" ], "kind": "legal" }, { "id": "r-l-gcuk-eadie-bl2025", "from": "gcuk", "to": "alastair-eadie", "role": "Claimant for breach of fiduciary duty (company in administration), High Court Business List BL-2025-000562 (filed 29 April 2025; pending) against", "period": "from 29 April 2025 (pending)", "status": "reported", "direction": "directed", "role_group": "legal", "temporal_status": "current", "claim_ids": [ "c-lit-directors-claim" ], "kind": "legal" }, { "id": "r-l-gcuk-garrod-bl2025", "from": "gcuk", "to": "neil-garrod", "role": "Claimant for breach of fiduciary duty (company in administration), High Court Business List BL-2025-000562 (filed 29 April 2025; pending) against", "period": "from 29 April 2025 (pending)", "status": "reported", "direction": "directed", "role_group": "legal", "temporal_status": "current", "claim_ids": [ "c-lit-directors-claim" ], "kind": "legal" }, { "id": "r-l-gcuk-lane-bl2025", "from": "gcuk", "to": "jonathan-lane", "role": "Claimant for breach of fiduciary duty (company in administration), High Court Business List BL-2025-000562 (filed 29 April 2025; pending) against", "period": "from 29 April 2025 (pending)", "status": "reported", "direction": "directed", "role_group": "legal", "temporal_status": "current", "claim_ids": [ "c-lit-directors-claim" ], "kind": "legal" }, { "id": "r-l-gcuk-ras-bl2025", "from": "gcuk", "to": "bart-ras", "role": "Claimant for breach of fiduciary duty (company in administration), High Court Business List BL-2025-000562 (filed 29 April 2025; pending) against", "period": "from 29 April 2025 (pending)", "status": "reported", "direction": "directed", "role_group": "legal", "temporal_status": "current", "claim_ids": [ "c-lit-directors-claim" ], "kind": "legal" }, { "id": "r-l-gcuk-ial-nswsc", "from": "gcuk", "to": "ial", "role": "Plaintiff, with Greensill Capital Pty Ltd and Greensill Bank AG, seeking a mandatory injunction to compel trade credit insurance cover (Supreme Court of New South Wales 2021/58429; refused 1 March 2021, [2021] NSWSC 167), against", "period": "1 March 2021", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "historical", "claim_ids": [ "c-ins-nswsc-refusal" ], "kind": "legal" }, { "id": "r-l-gcuk-bcc-nswsc", "from": "gcuk", "to": "bcc", "role": "Plaintiff, with Greensill Capital Pty Ltd and Greensill Bank AG, in the urgent application for a mandatory injunction to compel trade credit insurance cover, Supreme Court of New South Wales 2021/58429 (refused 1 March 2021, [2021] NSWSC 167), against", "period": "1 March 2021", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "historical", "claim_ids": [ "c-ins-nswsc-refusal" ], "kind": "legal" }, { "id": "r-l-gcuk-tmma-nswsc", "from": "gcuk", "to": "tmma", "role": "Plaintiff, with Greensill Capital Pty Ltd and Greensill Bank AG, in the urgent application for a mandatory injunction to compel trade credit insurance cover, Supreme Court of New South Wales 2021/58429 (refused 1 March 2021, [2021] NSWSC 167), against", "period": "1 March 2021", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "historical", "claim_ids": [ "c-ins-nswsc-refusal" ], "kind": "legal" }, { "id": "r-l-bcc-gcuk-cross-claim", "from": "bcc", "to": "gcuk", "role": "Cross-claimant in the Federal Court of Australia insurance proceedings, its defence alleging that the policies were procured by fraudulent non-disclosure or misrepresentation (pleaded, not adjudicated; pending at October 2026), against", "period": "by July 2024 – October 2026 (pending)", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "current", "claim_ids": [ "c-ins-bcc-cross-claims", "c-ins-invalidity-defence" ], "kind": "legal" }, { "id": "r-l-ial-gcuk-validity", "from": "ial", "to": "gcuk", "role": "Opposing party, with BCC Trade Credit and the Tokio Marine companies, in the 'Main Dispute' over the validity of the trade credit insurance policies (Federal Court of Australia, [2026] FCA 530), against", "period": "at 28 April 2026", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "unknown", "claim_ids": [ "c-ins-privilege" ], "kind": "legal" }, { "id": "r-l-gbag-ial-au", "from": "greensill-bank", "to": "ial", "role": "Applicant, with its insolvency administrator Michael Frege, in six Federal Court of Australia proceedings over the Greensill trade credit insurance policies against (settlement announced 29 May 2026)", "period": "2021–2023 (claims filed) to May 2026 (settled)", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "historical", "claim_ids": [ "c-ins-au-proceedings", "c-ins-ial-settlements" ], "kind": "legal" }, { "id": "r-l-csv-ial-au", "from": "cs-virtuoso", "to": "ial", "role": "Applicant, for its sub-fund Credit Suisse (Lux) Supply Chain Finance Fund, in three Federal Court of Australia proceedings over the Greensill trade credit insurance policies against (settlement announced 25 September 2026)", "period": "2021–2023 (claims filed) to September 2026 (settled)", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "historical", "claim_ids": [ "c-ins-au-proceedings", "c-ins-ial-settlements" ], "kind": "legal" }, { "id": "r-l-whiteoak-ial-au", "from": "white-oak", "to": "ial", "role": "Applicant against, Federal Court of Australia NSD 1039 of 2021 (sole remaining applicant after the 2026 settlements; trial began October 2026; pending)", "period": "2021 – October 2026 (pending)", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "current", "claim_ids": [ "c-ins-security-costs", "c-ins-privilege", "c-ins-ial-settlements" ], "kind": "legal" }, { "id": "r-l-marsh-gbag-asi", "from": "marsh", "to": "greensill-bank", "role": "Applicant for an anti-suit injunction restraining Australian claims over the 2018 letter of engagement against (interim injunction 30 July 2024; continued on a narrower basis 3 December 2024, [2024] EWHC 3068 (Comm), CL-2024-000433)", "period": "from 30 July 2024 (continued 3 December 2024)", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "unknown", "claim_ids": [ "c-ins-asi" ], "kind": "legal" }, { "id": "r-l-gbag-marsh-au", "from": "greensill-bank", "to": "marsh", "role": "Applicant, with its insolvency administrator, against in the Australian insurance proceedings (Marsh Pty Ltd and Marsh Ltd added November 2024 and March 2025; Greensill Bank AG v Marsh Ltd, NSD 344 of 2025; settled June 2026)", "period": "November 2024 – June 2026", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "historical", "claim_ids": [ "c-ins-marsh-au-settlements", "c-ins-au-proceedings" ], "kind": "legal" }, { "id": "r-l-gbag-zurich", "from": "greensill-bank", "to": "zurich-company", "role": "Claimant (through its insolvency administrators) in High Court proceedings in London over trade credit insurance, issued 2023, against (outcome not in the record)", "period": "from 2023", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "unknown", "claim_ids": [ "c-ins-zurich", "c-gfg-zurich-counterclaim" ], "kind": "legal" }, { "id": "r-l-zurich-lex", "from": "zurich-company", "to": "lex-greensill", "role": "Alleged, in its defence and counterclaim of 26 January 2024 in Greensill Bank AG's High Court claim, that the claims arose from a 'fraudulent scheme' involving (reported allegation; rejected by Lex Greensill's spokesperson; outcome not found)", "period": "26 January 2024", "status": "reported", "direction": "directed", "role_group": "legal", "temporal_status": "unknown", "claim_ids": [ "c-gfg-zurich-counterclaim" ], "kind": "legal" }, { "id": "r-l-gcuk-gbag-fx", "from": "gcuk", "to": "greensill-bank", "role": "Applicant (by its administrators) for directions against, on the beneficial ownership of funds received through foreign exchange transactions (application of 8 December 2021; Part 36 acceptance held binding on the bank, [2023] EWHC 2429 (Ch), 19 September 2023)", "period": "from 8 December 2021 (judgment 19 September 2023)", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "unknown", "claim_ids": [ "c-adm-fx-directions-application", "c-adm-fx-part36-judgment" ], "kind": "legal" }, { "id": "r-l-gbag-gcuk-dbt-claim", "from": "greensill-bank", "to": "gcuk", "role": "Claimant in its High Court proceedings against the Secretary of State for Business and Trade over CBILS and CLBILS investments and guarantees, to which GCUK is joined as a defendant as the accredited lender (pending)", "period": "pending at September 2026 (trial expected late 2027)", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "current", "claim_ids": [ "c-pub-gbag-claim", "c-adm-legal-proceedings-2026", "c-pub-gbag-claim-hearing" ], "kind": "legal" }, { "id": "r-l-gbag-dbt", "from": "greensill-bank", "to": "dbt", "role": "Claimant over the termination of the CBILS and CLBILS guarantees (more than £331 million in damages sought, as reported; pending, trial expected late 2027) against", "period": "pending at September 2026 (trial expected late 2027)", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "current", "claim_ids": [ "c-pub-gbag-claim", "c-pub-gbag-claim-hearing", "c-adm-legal-proceedings-2026" ], "kind": "legal" }, { "id": "r-l-dbt-gcuk-guarantees", "from": "dbt", "to": "gcuk", "role": "Terminated, according to its case as reported in January 2026, the government guarantees on CLBILS loans (April 2022) and CBILS loans (September 2023) made by (termination contested by Greensill Bank AG in pending proceedings)", "period": "April 2022 – September 2023", "status": "reported", "direction": "directed", "role_group": "legal", "temporal_status": "historical", "claim_ids": [ "c-pub-guarantee-termination", "c-pub-gbag-claim-hearing" ], "kind": "legal" }, { "id": "r-l-gfg-gcuk-commercial", "from": "gfg", "to": "gcuk", "role": "Claimant in a Part 7 claim in the Commercial Court (22 September 2025) against; after a jurisdiction judgment in GCUK's favour on 4 February 2026, stayed pending the Australian IB Proceedings", "period": "from 22 September 2025 (stayed since 4 February 2026)", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "current", "claim_ids": [ "c-gfg-english-claim-stayed" ], "kind": "legal" }, { "id": "r-l-gcuk-lha-ib", "from": "gcuk", "to": "liberty-holdings-au", "role": "Applicant (by its administrators) in Australian proceedings to determine the validity of GCUK's security over (the 'IB Proceedings', begun September 2025; substantive hearing deferred to November 2026; pending)", "period": "from September 2025 (pending; hearing November 2026)", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "current", "claim_ids": [ "c-gfg-ib-proceedings" ], "kind": "legal" }, { "id": "r-l-gcuk-mdr-ib", "from": "gcuk", "to": "liberty-onesteel-mdr", "role": "Applicant (by its administrators) in the Australian 'IB Proceedings' as extended to the validity of GCUK's security over (substantive hearing deferred to November 2026; pending)", "period": "after September 2025 (pending; hearing November 2026)", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "current", "claim_ids": [ "c-gfg-ib-proceedings" ], "kind": "legal" }, { "id": "r-l-gcuk-lcuk-ib", "from": "gcuk", "to": "liberty-capital-uk", "role": "Applicant (by its administrators) in the Australian 'IB Proceedings' as extended between March and September 2026 to security that Liberty Holdings Australia granted to (said by the administrators to have been granted in breach of GCUK's security; pending)", "period": "from March–September 2026 (pending; hearing November 2026)", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "current", "claim_ids": [ "c-gfg-ib-proceedings" ], "kind": "legal" }, { "id": "r-l-gcuk-lcil-ib", "from": "gcuk", "to": "liberty-capital-investment", "role": "Applicant (by its administrators) in the Australian 'IB Proceedings' as extended between March and September 2026 to security, first granted by Liberty Holdings Australia to Liberty Capital (UK) Limited, then transferred to (pending)", "period": "from March–September 2026 (pending; hearing November 2026)", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "current", "claim_ids": [ "c-gfg-ib-proceedings" ], "kind": "legal" }, { "id": "r-l-csam-softbank", "from": "csam", "to": "softbank", "role": "Pursued recovery litigation over the Katerra exposure of the Credit Suisse (Lux) Supply Chain Finance Fund against (preliminary application in the English courts 3 August 2022; claim dismissed 15 October 2025, [2025] EWHC 2631 (Ch))", "period": "3 August 2022 – 15 October 2025", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "historical", "claim_ids": [ "c-cs-katerra-recovery" ], "kind": "legal" }, { "id": "r-l-csv-softbank-s423", "from": "cs-virtuoso", "to": "softbank", "role": "Claimant, for its sub-fund Credit Suisse (Lux) Supply Chain Finance Fund and with GLAS Trust Corporation as note trustee, under section 423 of the Insolvency Act 1986, High Court Financial List FL-2022-000014, against (judgment 15 October 2025, [2025] EWHC 2631 (Ch): claim dismissed)", "period": "2022 – 15 October 2025", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "historical", "claim_ids": [ "c-sb-proceedings", "c-cs-press-finma-report-funds" ], "kind": "legal" }, { "id": "r-l-csv-gl-s423", "from": "cs-virtuoso", "to": "greensill-limited", "role": "Claimant against, as a nominal defendant (in liquidation, mostly neutral; no substantive relief sought against it), in the section 423 claim FL-2022-000014 over its Katerra agreements of 30 December 2020 (judgment 15 October 2025, [2025] EWHC 2631 (Ch))", "period": "2022 – 15 October 2025", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "historical", "claim_ids": [ "c-sb-proceedings" ], "kind": "legal" }, { "id": "r-l-bluestone-gcuk", "from": "bluestone", "to": "gcuk", "role": "Lead plaintiff, with affiliated companies and members of the Justice family, suing for breach of contract, fraud, breach of fiduciary duty and related claims, S.D.N.Y. 1:21-cv-02253 (stayed against GCUK from September 2021; voluntarily dismissed with prejudice August 2022 after a settlement)", "period": "15 March 2021 – 2 August 2022", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "historical", "claim_ids": [ "c-lit-bluestone-case" ], "kind": "legal" }, { "id": "r-l-bluestone-lex", "from": "bluestone", "to": "lex-greensill", "role": "Plaintiff alleging aiding and abetting of GCUK's alleged breaches of duty and civil conspiracy, S.D.N.Y. 1:21-cv-02253 (not answered; voluntarily dismissed with prejudice August 2022 after a settlement)", "period": "15 March 2021 – 2 August 2022", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "historical", "claim_ids": [ "c-lit-bluestone-case", "c-lit-bluestone-individuals" ], "kind": "legal" }, { "id": "r-l-bluestone-rhu", "from": "bluestone", "to": "roland-hartley-urquhart", "role": "Plaintiff alleging aiding and abetting of GCUK's alleged breaches of duty and civil conspiracy, S.D.N.Y. 1:21-cv-02253 (not answered; voluntarily dismissed with prejudice August 2022 after a settlement)", "period": "15 March 2021 – 2 August 2022", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "historical", "claim_ids": [ "c-lit-bluestone-case", "c-lit-bluestone-individuals" ], "kind": "legal" }, { "id": "r-l-gcuk-reuters", "from": "gcuk", "to": "reuters", "role": "Claimant, with Lex Greensill, in a libel claim over a Reuters article of 7 July 2019, QB-2019-002773 (issued 2 August 2019; meaning decided 14 May 2020, [2020] EWHC 1325 (QB); claim dropped 27 May 2020)", "period": "2 August 2019 – 27 May 2020", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "historical", "claim_ids": [ "c-lit-reuters-claim", "c-lit-reuters-meaning" ], "kind": "legal" }, { "id": "r-l-lex-reuters", "from": "lex-greensill", "to": "reuters", "role": "Co-claimant, with GCUK, in the libel claim QB-2019-002773 (meaning decided 14 May 2020, [2020] EWHC 1325 (QB); claim dropped 27 May 2020)", "period": "2 August 2019 – 27 May 2020", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "historical", "claim_ids": [ "c-lit-reuters-claim" ], "kind": "legal" }, { "id": "r-l-gcuk-tempus", "from": "gcuk", "to": "tempus", "role": "Plaintiff in a breach-of-contract action, U.S. District Court for the Eastern District of Virginia 4:17-cv-00127 (filed 13 October 2017; terminated 17 September 2018, coded as a pre-trial judgment for the plaintiff)", "period": "13 October 2017 – 17 September 2018", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "historical", "claim_ids": [ "c-lit-tempus" ], "kind": "legal" }, { "id": "r-m-bcc-ial-representative", "from": "bcc", "to": "ial", "role": "Authorised representative through which the Greensill trade credit insurance policies were underwritten for", "period": "policies first agreed 2017 and renewed 2019", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-ins-policies", "c-ins-authority-defence", "c-ins-ial-settlements", "c-ins-bcc-car" ], "kind": "business" }, { "id": "r-m-brereton-bcc-head", "from": "greg-brereton", "to": "bcc", "role": "Head of trade credit", "period": "as described in [2025] EWHC 1380 (Ch) for the period before the 2019 Tokio Marine acquisition", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-ins-authority-defence" ], "kind": "employs" }, { "id": "r-m-softbank-gcuk-jv", "from": "softbank", "to": "gcuk", "role": "Prospective joint venture partner, through a SoftBank special purpose vehicle, in a revised Credit Enhancement Programme (proposed September 2019; process terminated 2 October 2020) with", "period": "29 September 2019 – 2 October 2020", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-sb-cep-jv", "c-sb-omnibus-release" ], "kind": "business" }, { "id": "r-m-gcuk-asia-debtor", "from": "gcuk", "to": "greensill-asia", "role": "Intercompany creditor (owed $5.9 million at the administration date, according to the administrators) of", "period": "at 8 March 2021", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-adm-intercompany-debtors" ], "kind": "pays" }, { "id": "r-m-gcuk-gtadvisory-office", "from": "gcuk", "to": "grant-thornton-advisory", "role": "Registered office care of (Companies House record)", "period": "from 20 May 2025 (Companies House profile retrieved 21 October 2026)", "status": "documented", "direction": "directed", "role_group": "infrastructure", "temporal_status": "current", "claim_ids": [ "c-id-registered-office" ], "kind": "other" }, { "id": "r-m-glas-hoffman-trustee", "from": "glas", "to": "hoffman", "role": "Note trustee for the Fairymead Notes (appointed 28 February 2023, replacing Citibank N.A., London Branch) issued by", "period": "from 28 February 2023", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-biz-note-trustee-glas" ], "kind": "business" }, { "id": "r-m-citi-hoffman-trustee", "from": "citibank-london", "to": "hoffman", "role": "Note trustee (Master Trust Deed of 13 October 2017; replaced for the Fairymead Notes on 28 February 2023) for notes issued by", "period": "from 13 October 2017 (replaced for the Fairymead Notes on 28 February 2023)", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-biz-hoffman-maa", "c-sb-fairymead-structure", "c-biz-note-trustee-glas" ], "kind": "business" }, { "id": "r-m-softbank-cslux-investor", "from": "softbank", "to": "cs-lux-scf", "role": "Investor of $1.5 billion (24 March 2020; fully redeemed by 16 July 2020) in", "period": "24 March – 16 July 2020", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-cs-softbank-fund-investment", "c-sb-redemption-terms-2020" ], "kind": "owns" }, { "id": "r-m-csam-bluestone-standstill", "from": "csam", "to": "bluestone", "role": "Party, for the supply chain finance funds, to a two-year standstill agreed in June 2022, with recurring payments of up to USD 320 mn to the noteholders, with", "period": "June 2022 (two-year standstill)", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-cs-bluestone-standstill" ], "kind": "business" }, { "id": "r-m-svf1-katerra-shareholder", "from": "svf1", "to": "katerra", "role": "Major shareholder (47.4% of the equity of Katerra Inc. (Cayman Islands) when its investment committee approved a further investment on 5 November 2020) of", "period": "2019 – 2020 (47.4% at 5 November 2020)", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-sb-svf-katerra-investment" ], "kind": "owns" }, { "id": "r-m-svfabode-svf1-vehicle", "from": "svf-abode", "to": "svf1", "role": "Investment vehicle (for the Katerra investments) of", "period": "recorded September 2019 – 30 December 2020", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-sb-svf-katerra-investment", "c-sb-pspa" ], "kind": "owns" }, { "id": "r-m-svfabode-katerra-investor", "from": "svf-abode", "to": "katerra", "role": "Investor of about $1.75 billion (by September 2019) in the group of", "period": "by September 2019", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-sb-svf-katerra-investment" ], "kind": "owns" }, { "id": "r-m-svfabode-katerra-dec2020", "from": "svf-abode", "to": "katerra", "role": "Holder of a $25 million bridge note (1 December 2020) and subscriber for 11,416,921 Series A preferred shares (30 December 2020) of", "period": "1 – 30 December 2020", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-sb-pspa", "c-sb-clt-release", "c-sb-katerra-settlement-terms" ], "kind": "owns" }, { "id": "r-m-gb-gfg-financier", "from": "greensill-bank", "to": "gfg", "role": "Financier with a concentrated exposure (about $2 billion in December 2020, according to SoftBank Investment Advisers documents) that BaFin required it to reduce, to companies of", "period": "2020 (exposure at December 2020)", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-gfg-bafin-dec2020", "c-adm-bafin-gb-gfg" ], "kind": "business" }, { "id": "r-m-whiteoak-marsh-uk", "from": "white-oak", "to": "marsh", "role": "Claimant, as loss payee, in High Court proceedings in London (filed June 2023) over its purchase of receivables from Greensill, against (settled May 2025, after the trial)", "period": "June 2023 – May 2025", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "historical", "claim_ids": [ "c-ins-marsh-white-oak-uk", "c-gfg-white-oak" ], "kind": "legal" }, { "id": "r-m-bcc-tmnf-representative", "from": "bcc", "to": "tmnf", "role": "Corporate authorised representative (from 1 July 2019, as stated by BCC) writing policies on behalf of", "period": "from 1 July 2019", "status": "reported", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-ins-bcc-car", "c-ins-tmnf-decision" ], "kind": "business" }, { "id": "r-m-gcuk-bbb-accredited", "from": "gcuk", "to": "british-business-bank", "role": "Lender accredited under the CLBILS and CBILS schemes (4 June and 21 September 2020; allocations reduced to zero on 13 October 2020) by", "period": "19 April 2020 – 13 October 2020", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-pub-clbils-application", "c-pub-accreditation-decision", "c-pub-larger-scheme-refused", "c-pub-cbils", "c-pub-bbb-investigation", "c-pub-accreditation-risks" ], "kind": "business" }, { "id": "r-m-pgfco-pgft-trustee", "from": "pgf-co", "to": "pgft", "role": "Trustee of", "period": "recorded 2020–2021 (charges over GCUK, 2020; statement of affairs, 2021; [2021] FCAFC 99)", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-lit-pgft-appeal", "c-adm-soa-pgft-entry", "c-adm-charge-pgft" ], "kind": "other" }, { "id": "r-m-gl-svf2abode-shares", "from": "greensill-limited", "to": "svf2-abode", "role": "Transferor of the 762,144 Katerra Series A preferred shares received under the Contribution and Exchange Agreement (Share Transfer Agreement of 30 December 2020) to", "period": "30 December 2020", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-sb-ta", "c-sb-proceedings" ], "kind": "business" }, { "id": "r-m-svf2abode-svf2-vehicle", "from": "svf2-abode", "to": "svf2", "role": "Investment vehicle of", "period": "recorded December 2020 – July 2021", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-sb-ta", "c-sb-proceedings" ], "kind": "owns" }, { "id": "r-m-gfg-gbag-commercial", "from": "gfg", "to": "greensill-bank", "role": "Claimant in a Part 7 claim in the Commercial Court (22 September 2025), also against GCUK and UBS, stayed after the jurisdiction judgment of 4 February 2026 pending the Australian IB Proceedings, against", "period": "from 22 September 2025 (stayed since 4 February 2026)", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "current", "claim_ids": [ "c-gfg-english-claim-stayed" ], "kind": "legal" }, { "id": "r-m-gfg-ubs-commercial", "from": "gfg", "to": "ubs", "role": "Claimant in a Part 7 claim in the Commercial Court (22 September 2025), also against GCUK and Greensill Bank AG, stayed after the jurisdiction judgment of 4 February 2026 pending the Australian IB Proceedings, against", "period": "from 22 September 2025 (stayed since 4 February 2026)", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "current", "claim_ids": [ "c-gfg-english-claim-stayed" ], "kind": "legal" }, { "id": "r-o-gcpty-gcuk-parent", "from": "gcpty", "to": "gcuk", "role": "Sole shareholder (100%) and immediate and ultimate parent company", "period": "recorded 2017–2026 (accounts for 2017–2019; statement of affairs, 2021; High Court, March 2026)", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "current", "claim_ids": [ "c-grp-parent", "c-grp-share-capital", "c-grp-controlling-party", "c-grp-consolidation", "c-cs-asic-gcpty-review", "c-dq-case" ], "kind": "owns" }, { "id": "r-o-lex-gcuk-psc", "from": "lex-greensill", "to": "gcuk", "role": "Registered person with significant control (significant influence or control over the trustees of a trust)", "period": "from 6 April 2016", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "current", "claim_ids": [ "c-grp-psc-gcuk" ], "kind": "owns" }, { "id": "r-o-lex-gcuk-ucp", "from": "lex-greensill", "to": "gcuk", "role": "Ultimate controlling party in the directors' opinion (accounts for 2017, 2018 and 2019)", "period": "2017–2019 (annual accounts)", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-grp-controlling-party" ], "kind": "other" }, { "id": "r-o-lex-gcmc-psc", "from": "lex-greensill", "to": "gcmc", "role": "Registered person with significant control (significant influence or control over the trustees of a trust)", "period": "from 6 April 2016", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "current", "claim_ids": [ "c-grp-psc-gcmc" ], "kind": "owns" }, { "id": "r-o-lex-gl-ucp", "from": "lex-greensill", "to": "greensill-limited", "role": "Ultimate controlling party in the directors' opinion (Greensill Limited's annual report for 2019)", "period": "2019 (annual report)", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-grp-greensill-limited-control" ], "kind": "other" }, { "id": "r-o-gcpty-gcmc-parent", "from": "gcpty", "to": "gcmc", "role": "Sole shareholder (holder of the single ordinary share)", "period": "recorded in 2021 (statement of affairs; Chapter 11 papers)", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-grp-gcmc-identity", "c-grp-greensill-inc" ], "kind": "owns" }, { "id": "r-o-trust-gcpty-shareholder", "from": "lex-family-trust", "to": "gcpty", "role": "Shareholder (28.06% according to the National Audit Office, July 2021; part of the holding sold to SoftBank Group Corp. on 10 November 2020)", "period": "recorded 10 November 2020 and July 2021", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-grp-nao-shareholders", "c-sb-nov10-agreements" ], "kind": "owns" }, { "id": "r-o-softbank-gcpty-spa", "from": "softbank", "to": "gcpty", "role": "Buyer, from the Lex Greensill family trust under the LG Fair Loss SPA (10 November 2020; amended and restated 8 December 2020), of shares in", "period": "10 November 2020", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-sb-nov10-agreements" ], "kind": "owns" }, { "id": "r-o-svf1-gcpty-2019", "from": "svf1", "to": "gcpty", "role": "Investor of about $800 million (about $527 million in convertible loan notes, the rest in shares), taking its equity ownership to 9.9%", "period": "May 2019", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-sb-svf1-may-2019" ], "kind": "owns" }, { "id": "r-o-svf1-gcpty-nao", "from": "svf1", "to": "gcpty", "role": "Shareholder with 25.11% (as stated by the National Audit Office, July 2021, without a date)", "period": "as stated in July 2021", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-grp-nao-shareholders" ], "kind": "owns" }, { "id": "r-o-svfwyatt-gcpty-2019", "from": "svf-wyatt", "to": "gcpty", "role": "Investment vehicle of SoftBank Vision Fund L.P.: holder of a convertible loan note of about $180 million and buyer of G Class shares under conditional share purchase agreements (subject to BaFin approval)", "period": "September – November 2019", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-sb-svf-wyatt-2019" ], "kind": "owns" }, { "id": "r-o-svf2wyatt-gcpty-cln", "from": "svf2-wyatt", "to": "gcpty", "role": "Subscriber for $440 million of unsecured convertible loan notes", "period": "from 10 November 2020", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-sb-nov10-agreements", "c-sb-cln-terms" ], "kind": "other" }, { "id": "r-o-svf2-gcpty-cln", "from": "svf2", "to": "gcpty", "role": "Investor, through its vehicle SVF II Wyatt Subco (Singapore) Pte. Ltd., in $440 million of convertible loan notes (approved by its investment committee on 5 November 2020)", "period": "November 2020", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-sb-sbia-ic-5nov", "c-sb-nov10-agreements" ], "kind": "other" }, { "id": "r-o-ga-gcpty-2018", "from": "general-atlantic", "to": "gcpty", "role": "Investor of $250 million, valuing the business at $1.64 billion (as reported in May 2019)", "period": "2018 (reported in May 2019 as just under a year earlier)", "status": "reported", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-sb-press-valuation-2019" ], "kind": "owns" }, { "id": "r-o-ga-gcpty-nao", "from": "general-atlantic", "to": "gcpty", "role": "Shareholder with 10.34% (as stated by the National Audit Office, July 2021, without a date)", "period": "as stated in July 2021", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-grp-nao-shareholders" ], "kind": "owns" }, { "id": "r-o-gcpty-trust-trustee", "from": "gcpty", "to": "lex-family-trust", "role": "Trustee of (acting as such in the LG Fair Loss SPA share sale to SoftBank Group Corp.)", "period": "10 November 2020", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-sb-nov10-agreements" ], "kind": "other" }, { "id": "r-o-svf2wyatt-svf2-vehicle", "from": "svf2-wyatt", "to": "svf2", "role": "Investment vehicle of", "period": "recorded November 2020", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-sb-nov10-agreements" ], "kind": "owns" }, { "id": "r-o-svfwyatt-svf1-vehicle", "from": "svf-wyatt", "to": "svf1", "role": "Investment vehicle of", "period": "recorded September – November 2019", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-sb-svf-wyatt-2019" ], "kind": "owns" }, { "id": "r-o-gcuk-gbag-parent", "from": "gcuk", "to": "greensill-bank", "role": "Parent company holding 100% of the shares and voting power (at 31 December 2017), until it transferred its shareholding to Greensill Capital Pty Limited on 14 December 2018", "period": "at 31 December 2017 – 14 December 2018", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-grp-gbag-2017", "c-grp-subsidiaries-2017", "c-grp-gbag-transfer", "c-grp-subsidiaries-2018" ], "kind": "owns" }, { "id": "r-o-gcpty-gbag-parent", "from": "gcpty", "to": "greensill-bank", "role": "Parent company (took over the shareholding of Greensill Capital (UK) Limited on 14 December 2018)", "period": "from 14 December 2018", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "current", "claim_ids": [ "c-grp-gbag-transfer", "c-gi-greensill-bank-criminal-complaint" ], "kind": "owns" }, { "id": "r-o-gcuk-gbag-capital-notes", "from": "gcuk", "to": "greensill-bank", "role": "Holder of contingent convertible loan notes (end of 2018: $3,965 thousand) and, by the end of 2019, also of silent participations (together $13,404 thousand) issued by", "period": "end of 2018 – end of 2019", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-acc-gbag-instruments", "c-grp-gbag-transfer" ], "kind": "other" }, { "id": "r-o-gcuk-gcsl-parent", "from": "gcuk", "to": "gcsl", "role": "Parent company holding 100% (accounts at 31 December 2017, 2018 and 2019; named as its parent by the FCA in 2021)", "period": "at 31 December 2017, 2018 and 2019; May 2021 (FCA)", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-grp-subsidiaries-2017", "c-grp-subsidiaries-2018", "c-grp-subsidiaries-2019", "c-biz-gcsl-aml", "c-biz-gcsl-placement" ], "kind": "owns" }, { "id": "r-o-gcuk-gci-parent", "from": "gcuk", "to": "gc-investments", "role": "Parent company holding 100% (dormant subsidiary at 31 December 2018; financing subsidiary at 31 December 2019)", "period": "at 31 December 2018 and 2019", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-grp-subsidiaries-2018", "c-grp-subsidiaries-2019" ], "kind": "owns" }, { "id": "r-o-gcuk-gl-parent", "from": "gcuk", "to": "greensill-limited", "role": "Parent company: registered person with significant control (75% or more of the shares and voting rights; right to appoint and remove directors) and 100% owner in the accounts at 31 December 2018 and 2019", "period": "from 3 May 2018", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "current", "claim_ids": [ "c-grp-greensill-limited", "c-grp-subsidiaries-2018", "c-grp-subsidiaries-2019" ], "kind": "owns" }, { "id": "r-o-gcuk-gt1-parent", "from": "gcuk", "to": "greensill-trading", "role": "Parent company: registered person with significant control (75% or more of the shares) and 100% owner at 31 December 2019", "period": "from 22 November 2019 (company dissolved 23 November 2024)", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-grp-trading-spvs", "c-grp-subsidiaries-2019" ], "kind": "owns" }, { "id": "r-o-gcuk-gt2-parent", "from": "gcuk", "to": "greensill-trading-2", "role": "Parent company: registered person with significant control (75% or more of the shares) and 100% owner at 31 December 2019", "period": "from 9 December 2019 (company since dissolved)", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-grp-trading-spvs", "c-grp-subsidiaries-2019" ], "kind": "owns" }, { "id": "r-o-gcuk-gt3-parent", "from": "gcuk", "to": "greensill-trading-3", "role": "Parent company: registered person with significant control (75% or more of the shares and voting rights; right to appoint and remove directors) and 100% owner at 31 December 2019", "period": "from 16 December 2019 (company since dissolved)", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-grp-trading-spvs", "c-grp-subsidiaries-2019" ], "kind": "owns" }, { "id": "r-o-gcuk-gt4-parent", "from": "gcuk", "to": "greensill-trading-4", "role": "Parent company: registered person with significant control (75% or more of the shares and voting rights; right to appoint and remove directors) and 100% owner at 31 December 2019", "period": "from 20 December 2019 (company since dissolved)", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-grp-trading-spvs", "c-grp-subsidiaries-2019" ], "kind": "owns" }, { "id": "r-o-gcuk-gmbh-parent", "from": "gcuk", "to": "greensill-gmbh", "role": "Parent company holding 100% (management-services subsidiary; still its German subsidiary at the March 2021 administration)", "period": "recorded 2019–2021 (registered 28 March 2019; at 31 December 2019; March 2021)", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-grp-subsidiaries-2019", "c-grp-gmbh", "c-grp-investments-2021" ], "kind": "owns" }, { "id": "r-o-gcuk-malta-parent", "from": "gcuk", "to": "gcs-malta", "role": "Parent company holding 100% (2019 accounts); shareholder of all 1,300 issued shares in a September 2020 summary of the Malta register", "period": "recorded 2019–2020 (at 31 December 2019; September 2020)", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-grp-subsidiaries-2019", "c-grp-malta" ], "kind": "owns" }, { "id": "r-o-gcuk-shenzhen-parent", "from": "gcuk", "to": "shenzhen-factoring", "role": "Sole shareholder", "period": "from 2020 (company set up in 2020; at March 2021)", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-grp-shenzhen" ], "kind": "owns" }, { "id": "r-o-gcuk-gamscf-votes", "from": "gcuk", "to": "gam-scf", "role": "Held 100% of the voting power with a small ownership interest (0.01% at 31 December 2017, 0.004% at 31 December 2018, 0.172% at 31 December 2019); listed as a subsidiary", "period": "at 31 December 2017, 2018 and 2019", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-grp-subsidiaries-2017", "c-grp-subsidiaries-2018", "c-grp-subsidiaries-2019" ], "kind": "owns" }, { "id": "r-o-gcuk-gamscf-2019-subscriptions", "from": "gcuk", "to": "gam-scf", "role": "Subscribed a further $681,000 (13 May 2019) and $25,000,000 (19 June 2019; the $25,000,000 redeemed on 17 December 2019) in", "period": "13 May – 17 December 2019", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-acc-gam-2019" ], "kind": "owns" }, { "id": "r-o-gcuk-gamscf-c-shares", "from": "gcuk", "to": "gam-scf", "role": "Acquired 11,936,000 C shares in exchange for assuming a matching $1,207,438,000 payment obligation, set off to a nil net carrying value, in", "period": "2017", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-acc-gam-c-shares" ], "kind": "owns" }, { "id": "r-o-gcuk-gamplus-votes", "from": "gcuk", "to": "gam-scf-plus", "role": "Held 100% of the voting power and a 0.003% ownership interest (listed as a subsidiary; no longer listed at 31 December 2018)", "period": "at 31 December 2017", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-grp-subsidiaries-2017", "c-grp-subsidiaries-2018" ], "kind": "owns" }, { "id": "r-o-gcuk-gamar-votes", "from": "gcuk", "to": "gam-ar", "role": "Held 100% of the voting power and a 0.002% ownership interest (listed as a subsidiary; no longer listed at 31 December 2018)", "period": "at 31 December 2017", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-grp-subsidiaries-2017", "c-grp-subsidiaries-2018" ], "kind": "owns" }, { "id": "r-o-gamlux-gamtf-shareholder", "from": "gam-lux", "to": "gam-trade-finance", "role": "Shareholder at registration", "period": "from 14 March 2016", "status": "reported", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-grp-gam-trade-finance" ], "kind": "owns" }, { "id": "r-o-gamar-gamlux-address", "from": "gam-ar", "to": "gam-lux", "role": "Registered address care of (GLEIF record)", "period": "GLEIF record (fund created 17 October 2017; liquidation completed with effect from 30 June 2024)", "status": "documented", "direction": "directed", "role_group": "infrastructure", "temporal_status": "historical", "claim_ids": [ "c-grp-gam-ar-registry" ], "kind": "other" }, { "id": "r-o-gamplus-gamlux-address", "from": "gam-scf-plus", "to": "gam-lux", "role": "Registered address care of (GLEIF record)", "period": "GLEIF record (fund created 15 November 2016; LEI lapsed, renewal due since 28 June 2023)", "status": "documented", "direction": "directed", "role_group": "infrastructure", "temporal_status": "unknown", "claim_ids": [ "c-grp-gam-plus-registry" ], "kind": "other" }, { "id": "r-o-gcmc-ginc-parent", "from": "gcmc", "to": "greensill-inc", "role": "Sole shareholder (direct parent holding 100%)", "period": "recorded in 2021 (administrators' proposals; Chapter 11 papers)", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-grp-greensill-inc", "c-grp-gcmc-holding", "c-gi-inc-global-settlement" ], "kind": "owns" }, { "id": "r-o-gcmc-earnd-parent", "from": "gcmc", "to": "earnd-uk", "role": "Parent company (listed among its subsidiaries in the administrators' proposals)", "period": "recorded in 2021 (company dissolved 8 August 2025)", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-grp-gcmc-holding" ], "kind": "owns" }, { "id": "r-o-ginc-finacity-parent", "from": "greensill-inc", "to": "finacity", "role": "Owner of 100% (acquired under a stock purchase agreement of 10 June 2019; sold to White Oak Global Advisors, LLC, sale closed on 21 September 2021)", "period": "2019 – 21 September 2021", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-gi-finacity-acquisition", "c-grp-greensill-inc", "c-gi-finacity-sale" ], "kind": "owns" }, { "id": "r-o-gasia-india-parent", "from": "greensill-asia", "to": "greensill-india", "role": "Parent company holding 19,999,999 shares (99.99%)", "period": "from incorporation on 2 August 2020; at 30 March 2022", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-grp-india-ownership", "c-gi-greensill-india-liquidation" ], "kind": "owns" }, { "id": "r-o-gcmc-india-share", "from": "gcmc", "to": "greensill-india", "role": "Holder of one share (0.01%)", "period": "at 30 March 2022", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-grp-india-ownership" ], "kind": "owns" }, { "id": "r-o-gcuk-ginc-purchaser-agent", "from": "gcuk", "to": "greensill-inc", "role": "Assignee of the Purchaser Agent role under the Wise Alloys receivables purchase agreement of 22 November 2016 (Fourth Omnibus Amendment of 2 January 2018) from", "period": "from 2 January 2018", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-biz-purchaser-agent" ], "kind": "business" }, { "id": "r-o-ustrust-ginc-successor", "from": "us-liquidation-trust", "to": "greensill-inc", "role": "Liquidation trust under the Chapter 11 plan of liquidation, holding and pursuing the retained causes of action of", "period": "from 2021 (plan confirmed 26 October 2021)", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-gi-inc-chapter11", "c-gi-inc-remaining-assets", "c-gi-inc-retained-causes-list" ], "kind": "other" }, { "id": "r-o-ubs-cs-merger", "from": "ubs", "to": "credit-suisse", "role": "Legal successor by merger of", "period": "from 31 May 2024", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "current", "claim_ids": [ "c-cs-ag-ubs-merger" ], "kind": "other" }, { "id": "r-o-ubsamch-csam-merger", "from": "ubs-am-ch", "to": "csam", "role": "Legal successor by merger of", "period": "from 30 August 2024 (GLEIF: effective 29 August 2024, 22:00 UTC)", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "current", "claim_ids": [ "c-cs-csam-ubs-merger" ], "kind": "other" }, { "id": "r-o-cs-csam-holding", "from": "credit-suisse", "to": "csam", "role": "Indirect co-owner, with Credit Suisse (Schweiz) AG, through a jointly owned holding structure (announced in March 2017, when it transferred its Swiss asset management business to the new company)", "period": "from March 2017", "status": "reported", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-cs-csam-established-2017" ], "kind": "owns" }, { "id": "r-o-csv-cslux-umbrella", "from": "cs-virtuoso", "to": "cs-lux-scf", "role": "Umbrella investment company (SICAV-SIF) of the sub-fund", "period": "from 2017 (sub-fund first registered 21 April 2017)", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "current", "claim_ids": [ "c-cs-subfund-management", "c-cs-four-funds-nav", "c-sb-fairymead-structure" ], "kind": "other" }, { "id": "r-o-cslux-ubsameu-address", "from": "cs-lux-scf", "to": "ubs-am-eu", "role": "Registered address care of (GLEIF record)", "period": "at 21 October 2026 (GLEIF golden copy)", "status": "documented", "direction": "directed", "role_group": "infrastructure", "temporal_status": "current", "claim_ids": [ "c-cs-lux-fund-gleif" ], "kind": "other" }, { "id": "r-o-ial-bcc-interest", "from": "ial", "to": "bcc", "role": "Holder of an interest (bought from it by Tokio Marine Management (Australasia) Pty Ltd, as stated by BCC) in", "period": "until 9 April 2019", "status": "reported", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-ins-tmma-stake" ], "kind": "owns" }, { "id": "r-o-tmma-bcc-interest", "from": "tmma", "to": "bcc", "role": "Buyer of Insurance Australia Limited's interest (as stated by BCC) in", "period": "from 9 April 2019", "status": "reported", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-ins-tmma-stake" ], "kind": "owns" }, { "id": "r-o-mgh-mirabella-psc", "from": "mirabella-group", "to": "mirabella", "role": "Registered person with significant control (75% or more of the voting rights and rights to surplus assets; right to appoint or remove members)", "period": "from 11 November 2019", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "current", "claim_ids": [ "c-dq-mirabella-psc" ], "kind": "owns" }, { "id": "r-o-cordium-mirabella-psc", "from": "cordium", "to": "mirabella", "role": "Registered person with significant control (75% or more of the voting rights and rights to surplus assets; right to appoint or remove members)", "period": "6 April 2016 – 11 November 2019", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-dq-mirabella-psc" ], "kind": "owns" }, { "id": "r-o-gupta-gfg-owner", "from": "sanjeev-gupta", "to": "gfg", "role": "Owner, with the Gupta family, and controller of the businesses of", "period": "as described in 2021 (Treasury Committee, July 2021; joint administrators' reports)", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-gfg-definition" ], "kind": "owns" }, { "id": "r-o-lex-shotwick-psc", "from": "lex-greensill", "to": "shotwick-park", "role": "Registered person with significant control (75% or more of the shares and voting rights and right to appoint or remove directors; from 5 June 2026, 75% or more of the shares, more than 25% but not more than 50% of the voting rights and the right to appoint or remove directors)", "period": "from 29 March 2022", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "current", "claim_ids": [ "c-lead-shotwick-psc" ], "kind": "owns" }, { "id": "r-o-eadie-fractus-psc", "from": "alastair-eadie", "to": "fractus-cfo", "role": "Registered person with significant control (75% or more of the shares and voting rights; right to appoint or remove directors)", "period": "from 3 November 2025", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "current", "claim_ids": [ "c-lead-eadie-fractus" ], "kind": "owns" }, { "id": "r-o-saffery-gcuk-auditor", "from": "saffery-champness", "to": "gcuk", "role": "Auditor (accounts for 2017, 2018 and 2019; its audit of the 2019 accounts the subject of a Financial Reporting Council investigation announced on 28 June 2021)", "period": "accounts for 2017–2019 (last audit report 26 May 2020)", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-acc-auditor", "c-pub-frc-saffery" ], "kind": "other" }, { "id": "r-o-gt-gcuk-auditor", "from": "grant-thornton-uk", "to": "gcuk", "role": "Auditor (appointed for 2013; resigned in July 2015 without undertaking the 2014 audit)", "period": "2013 – July 2015", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-adm-gt-former-auditor" ], "kind": "other" }, { "id": "r-o-ebnerstolz-gbag-auditor", "from": "ebner-stolz", "to": "greensill-bank", "role": "Auditor of the 2019 annual accounts; reported to have withdrawn its certifications of them in April 2021", "period": "2019 accounts – April 2021", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-gi-ebner-stolz-withdrawal" ], "kind": "other" }, { "id": "r-p-lex-gcuk-director", "from": "lex-greensill", "to": "gcuk", "role": "Director", "period": "2 July 2012 – 17 June 2026", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-lex-gcuk-director", "c-id-director-termination-2026", "c-lead-lex-director-three-companies", "c-lead-board-2017", "c-lead-board-2019", "c-grp-greensill-limited-control", "c-dq-case" ], "kind": "directs" }, { "id": "r-p-lex-gcuk-founder-ceo", "from": "lex-greensill", "to": "gcuk", "role": "Founder and chief executive", "period": "founder from 2011; chief executive as recorded in 2019–2020", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lit-reuters-personal", "c-lead-lex-role-2019", "c-grp-gcuk-role", "c-pub-ccff-final-refusal", "c-pub-lobbying-representatives" ], "kind": "directs" }, { "id": "r-p-lex-gcuk-admin-applicant", "from": "lex-greensill", "to": "gcuk", "role": "Sole director at the administration: applicant for the administration order of 8 March 2021 and maker of the statement of affairs (28 April 2021) of", "period": "March–April 2021", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-adm-orders-8-march-2021", "c-adm-soa-assets" ], "kind": "directs" }, { "id": "r-p-peter-gcuk-director", "from": "peter-greensill", "to": "gcuk", "role": "Director", "period": "2 July 2012 – 22 January 2018", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-peter-gcuk-director", "c-lead-board-2017" ], "kind": "directs" }, { "id": "r-p-austin-gcuk-director", "from": "jason-austin", "to": "gcuk", "role": "Director", "period": "2 July 2012 – 21 June 2019", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-austin-gcuk", "c-lead-board-2017", "c-ins-asi-authority" ], "kind": "directs" }, { "id": "r-p-austin-gcuk-secretary", "from": "jason-austin", "to": "gcuk", "role": "Company secretary", "period": "2 July 2012 – 16 September 2015", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-austin-gcuk" ], "kind": "directs" }, { "id": "r-p-thompson-gcuk-director", "from": "maurice-thompson", "to": "gcuk", "role": "Director", "period": "25 September 2014 – 22 January 2018", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-thompson-gcuk", "c-lead-board-2017" ], "kind": "directs" }, { "id": "r-p-brierwood-gcuk-director", "from": "david-brierwood", "to": "gcuk", "role": "Director", "period": "1 January 2015 – 22 January 2018", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-brierwood-gcuk", "c-lead-board-2017" ], "kind": "directs" }, { "id": "r-p-hartley-urquhart-gcuk-director", "from": "roland-hartley-urquhart", "to": "gcuk", "role": "Director", "period": "20 May 2015 – 22 January 2018", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-hartley-urquhart-gcuk", "c-lead-board-2017" ], "kind": "directs" }, { "id": "r-p-hartley-urquhart-gcuk-vice-chairman", "from": "roland-hartley-urquhart", "to": "gcuk", "role": "Vice Chairman and main contact for the Bluestone coal financing (as alleged in Bluestone's complaint)", "period": "from May 2018; described as former Vice Chairman in the complaint of March 2021", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lit-bluestone-individuals", "c-lit-bluestone-security", "c-lit-bluestone-cs-payment" ], "kind": "directs" }, { "id": "r-p-allin-gcuk-director", "from": "patrick-allin", "to": "gcuk", "role": "Director", "period": "8 February 2016 – 22 January 2018", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-allin-gcuk", "c-lead-board-2017" ], "kind": "directs" }, { "id": "r-p-crothers-gcuk-director", "from": "bill-crothers", "to": "gcuk", "role": "Director", "period": "1 August 2016 – 4 February 2021", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-crothers-gcuk", "c-id-director-terminations-2021", "c-lead-board-2017", "c-lead-board-2019", "c-pub-ccff-final-refusal", "c-pub-lobbying-representatives", "c-adm-crothers-concurrence" ], "kind": "directs" }, { "id": "r-p-crothers-gcuk-vice-chairman", "from": "bill-crothers", "to": "gcuk", "role": "Vice Chairman Public Sector and member of the Group Audit Committee", "period": "as described in the 2019 annual report", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-crothers-role-2019" ], "kind": "directs" }, { "id": "r-p-crothers-gcuk-adviser-2015", "from": "bill-crothers", "to": "gcuk", "role": "Adviser to Greensill Capital, about one day a month (by William Crothers' own account)", "period": "summer 2015 (three-month transitional arrangement)", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-pub-crothers-2015" ], "kind": "employs" }, { "id": "r-p-lane-gcuk-secretary", "from": "jonathan-lane", "to": "gcuk", "role": "Company secretary", "period": "16 September 2015 – 30 June 2020", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-lane-gcuk", "c-lead-board-2019" ], "kind": "directs" }, { "id": "r-p-lane-gcuk-director", "from": "jonathan-lane", "to": "gcuk", "role": "Director", "period": "14 December 2018 – 24 July 2019", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-lane-gcuk" ], "kind": "directs" }, { "id": "r-p-lane-gcuk-general-counsel", "from": "jonathan-lane", "to": "gcuk", "role": "Group General Counsel of the Greensill group", "period": "dates not stated in [2024] EWHC 3068 (Comm)", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-ins-asi-authority" ], "kind": "employs" }, { "id": "r-p-bates-gcuk-director", "from": "christopher-bates", "to": "gcuk", "role": "Director", "period": "14 December 2018 – 9 January 2019", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-bates-gcuk" ], "kind": "directs" }, { "id": "r-p-donnelly-gcuk-secretary", "from": "rachel-donnelly", "to": "gcuk", "role": "Company secretary", "period": "19 February 2019 – 11 December 2019", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-donnelly-gcuk" ], "kind": "directs" }, { "id": "r-p-eadie-gcuk-director", "from": "alastair-eadie", "to": "gcuk", "role": "Director", "period": "19 February 2019 – 12 February 2021", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-eadie-gcuk", "c-id-director-terminations-2021", "c-lead-board-2019", "c-grp-greensill-limited-control" ], "kind": "directs" }, { "id": "r-p-eadie-gcuk-finance-director", "from": "alastair-eadie", "to": "gcuk", "role": "Group Finance Director", "period": "as described in the 2019 annual report", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-eadie-role-2019" ], "kind": "directs" }, { "id": "r-p-ras-gcuk-director", "from": "bart-ras", "to": "gcuk", "role": "Director", "period": "19 February 2019 – 12 February 2021", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-ras-gcuk", "c-id-director-terminations-2021", "c-lead-board-2019" ], "kind": "directs" }, { "id": "r-p-ras-gcuk-uk-md", "from": "bart-ras", "to": "gcuk", "role": "UK Managing Director of the Greensill Group and Global Head of its Innovation and Incubator team", "period": "as described in the 2019 annual report", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-ras-role-2019" ], "kind": "directs" }, { "id": "r-p-garrod-gcuk-director", "from": "neil-garrod", "to": "gcuk", "role": "Director", "period": "24 July 2019 – 12 February 2021", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-garrod-gcuk", "c-id-director-terminations-2021", "c-lead-board-2019" ], "kind": "directs" }, { "id": "r-p-garrod-gcuk-cfo", "from": "neil-garrod", "to": "gcuk", "role": "Chief Financial Officer of the Greensill Group", "period": "as described in the 2019 annual report", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-garrod-role-2019" ], "kind": "directs" }, { "id": "r-p-hanafin-gcuk-director", "from": "sean-hanafin", "to": "gcuk", "role": "Director", "period": "24 July 2019 – 20 December 2020 (the TM01 filed in March 2021 had given 12 February 2021)", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-hanafin-gcuk", "c-id-director-terminations-2021", "c-lead-board-2019" ], "kind": "directs" }, { "id": "r-p-hanafin-gcuk-president", "from": "sean-hanafin", "to": "gcuk", "role": "President of the Greensill Group", "period": "as described in the 2019 annual report", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-hanafin-role-2019" ], "kind": "directs" }, { "id": "r-p-james-gcuk-secretary", "from": "hayley-james", "to": "gcuk", "role": "Company secretary", "period": "30 June 2020 – 21 October 2021", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-james-gcuk" ], "kind": "directs" }, { "id": "r-p-eapen-gcuk-director", "from": "divya-eapen", "to": "gcuk", "role": "Director", "period": "13 July 2020 – 12 February 2021", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-eapen-gcuk", "c-id-director-terminations-2021" ], "kind": "directs" }, { "id": "r-p-gans-gcuk-director", "from": "bradley-gans", "to": "gcuk", "role": "Director", "period": "15 December 2020 – 28 December 2020", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-gans-gcuk" ], "kind": "directs" }, { "id": "r-p-cameron-gcuk-adviser", "from": "david-cameron", "to": "gcuk", "role": "Adviser to Greensill Capital; lobbied the UK government on its behalf", "period": "2020 (period examined by the Treasury Committee)", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-pub-lobbying-representatives", "c-pub-cameron-limit-contacts" ], "kind": "employs" }, { "id": "r-p-gorman-gcuk-described-cofounder", "from": "john-gorman", "to": "gcuk", "role": "Described as co-founder and 'Chairman Emeritus' of Greensill (former Greensill website, as copied by an aggregator); not a registered officer", "period": "as captured in 2019", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-lead-gorman-chairman-emeritus" ], "kind": "other" }, { "id": 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"gcpty", "role": "Director", "period": "dates not stated in the record", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-lead-lex-director-three-companies", "c-dq-case" ], "kind": "directs" }, { "id": "r-p-byrnes-gcpty-administrator", "from": "matthew-byrnes", "to": "gcpty", "role": "Voluntary administrator (appointed by the directors under section 436A of the Corporations Act)", "period": "March 2021 – 22 April 2021", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-gi-gcpty-administration" ], "kind": "directs" }, { "id": "r-p-campbell-wilson-gcpty-administrator", "from": "philip-campbell-wilson", "to": "gcpty", "role": "Voluntary administrator (appointed by the directors under section 436A of the Corporations Act)", "period": "March 2021 – 22 April 2021", "status": "documented", "direction": "directed", "role_group": "people", 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"documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-laufer-directors" ], "kind": "directs" }, { "id": "r-p-eadie-laufer-director", "from": "alastair-eadie", "to": "laufer", "role": "Director", "period": "24 June 2019 – 2 March 2021", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-laufer-directors" ], "kind": "directs" }, { "id": "r-p-lex-trading-director", "from": "lex-greensill", "to": "greensill-trading", "role": "Director", "period": "from 22 November 2019 until dissolution (no resignation recorded)", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-trading-spv-officers" ], "kind": "directs" }, { "id": "r-p-lex-trading-2-director", "from": "lex-greensill", "to": "greensill-trading-2", "role": "Director", "period": "from 9 December 2019 until dissolution (no 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"Director", "period": "18 June 2020 – 20 December 2020", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-ggt-directors" ], "kind": "directs" }, { "id": "r-p-lex-gcsl-director-2015", "from": "lex-greensill", "to": "gcsl", "role": "Director (first appointment)", "period": "18 May 2015 – 9 April 2018", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-gcsl-officers", "c-lead-lex-appointments-total", "c-lead-sels-gcsl" ], "kind": "directs" }, { "id": "r-p-lex-gcsl-director-2019", "from": "lex-greensill", "to": "gcsl", "role": "Director (second appointment)", "period": "from 2 December 2019 (no resignation recorded)", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-gcsl-officers", "c-lead-lex-appointments-total" ], "kind": "directs" }, { "id": "r-p-raza-gcsl-director", "from": "wasif-raza", "to": "gcsl", "role": "Director", "period": "9 April 2018 – 8 October 2020", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-gcsl-officers", "c-lead-sels-gcsl" ], "kind": "directs" }, { "id": "r-p-garrod-gcsl-director", "from": "neil-garrod", "to": "gcsl", "role": "Director", "period": "2 December 2019 – 1 April 2022", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-gcsl-officers" ], "kind": "directs" }, { "id": "r-p-james-gcsl-secretary", "from": "hayley-james", "to": "gcsl", "role": "Company secretary", "period": "25 September 2020 – 29 September 2021", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-gcsl-officers" ], "kind": "directs" }, { "id": "r-p-sels-gcsl-director", "from": "ludwig-sels", "to": "gcsl", "role": "Director", "period": "9 April 2018 – 29 January 2021 (aggregator dates)", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-sels-gcsl" ], "kind": "directs" }, { "id": "r-p-dedomenico-malta-director", "from": "adam-de-domenico", "to": "gcs-malta", "role": "Director", "period": "at September 2020 (Malta register snapshot)", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-grp-malta-directors" ], "kind": "directs" }, { "id": "r-p-hollands-malta-director", "from": "steven-hollands", "to": "gcs-malta", "role": "Director", "period": "at September 2020 (Malta register snapshot)", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-grp-malta-directors" ], "kind": "directs" }, { "id": "r-p-raza-malta-director", "from": "wasif-raza", "to": "gcs-malta", "role": "Director", "period": "at September 2020 (Malta register snapshot)", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-grp-malta-directors" ], "kind": "directs" }, { "id": "r-p-sels-malta-director", "from": "ludwig-sels", "to": "gcs-malta", "role": "Director", "period": "at September 2020 (Malta register snapshot)", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-grp-malta-directors" ], "kind": "directs" }, { "id": "r-p-lex-gmbh-md", "from": "lex-greensill", "to": "greensill-gmbh", "role": "Managing director (Geschäftsführer)", "period": "28 March 2019 – 26 May 2023 (publication dates)", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-gmbh-managers" ], "kind": "directs" }, { "id": "r-p-lloyd-gmbh-md", "from": "danyon-lloyd", "to": "greensill-gmbh", "role": "Managing director (Geschäftsführer)", "period": "28 March 2019 – 16 March 2021 (publication dates)", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-gmbh-managers" ], "kind": "directs" }, { "id": "r-p-slobbe-gmbh-liquidator", "from": "simon-slobbe", "to": "greensill-gmbh", "role": "Liquidator", "period": "from 26 May 2023 (publication date)", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-lead-gmbh-managers" ], "kind": "directs" }, { "id": "r-p-austin-gbag-supervisory", "from": "jason-austin", "to": "greensill-bank", "role": "Member of the supervisory board (without executive powers)", "period": "dates not stated in [2024] EWHC 3068 (Comm)", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-ins-asi-authority" ], "kind": "directs" }, { "id": "r-p-lloyd-gbag-ceo", "from": "danyon-lloyd", "to": "greensill-bank", "role": "Chief executive (in 2014)", "period": "2014", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-ins-asi-authority" ], "kind": "directs" }, { "id": "r-p-lloyd-gbag-board", "from": "danyon-lloyd", "to": "greensill-bank", "role": "Management board member (Vorstand); left the board", "period": "until 5 August 2020 (register announcement; a second aggregator dates the publication 6 August 2020)", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-gbag-board-2020" ], "kind": "directs" }, { "id": "r-p-rathjen-gbag-board", "from": "ann-christin-rathjen", "to": "greensill-bank", "role": "Management board member (Vorstand)", "period": "5 August 2020 – 26 April 2021", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-gbag-board-2020", "c-lead-gbag-board-2021" ], "kind": "directs" }, { "id": "r-p-rathjen-gbag-prokura", "from": "ann-christin-rathjen", "to": "greensill-bank", "role": "Holder of Prokura (registered commercial power of attorney)", "period": "14 May 2018 – 4 August 2020; again from 27 April 2021", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-lead-gbag-board-2021" ], "kind": "other" }, { "id": "r-p-schwartz-gbag-board", "from": "ingo-schwartz", "to": "greensill-bank", "role": "Management board member (Vorstand) with Prokura", "period": "from 5 August 2020", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-lead-gbag-board-2020" ], "kind": "directs" }, { "id": "r-p-nuennerich-gbag-board", "from": "markus-nuennerich", "to": "greensill-bank", "role": "Management board member (Vorstand); left the board", "period": "until 26 April 2021", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-gbag-board-2021" ], "kind": "directs" }, { "id": "r-p-frege-gbag-administrator", "from": "michael-frege", "to": "greensill-bank", "role": "Insolvency administrator (appointed by the Bremen district court)", "period": "from March 2021", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-gi-greensill-bank-insolvency", "c-ins-asi", "c-ins-recusal", "c-ins-au-proceedings", "c-gi-frege-damages-claim" ], "kind": "directs" }, { "id": "r-p-lex-inc-director", "from": "lex-greensill", "to": "greensill-inc", "role": "Director (one of two board members)", "period": "at the Chapter 11 petition date (2021)", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-gi-inc-board" ], "kind": "directs" }, { "id": "r-p-frizzley-inc-director", "from": "jill-frizzley", "to": "greensill-inc", "role": "Independent director appointed to review the wind-up and the Chapter 11 case", "period": "from 20 March 2021", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-gi-inc-board" ], "kind": "directs" }, { "id": "r-p-hartley-urquhart-inc-employee", "from": "roland-hartley-urquhart", "to": "greensill-inc", "role": "Employee (employment contract listed among the executory contracts in the Chapter 11 schedules)", "period": "Chapter 11 schedules (case 21-10561, 2021)", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-gi-inc-hartley-urquhart-contract" ], "kind": "employs" }, { "id": "r-p-katz-finacity-ceo", "from": "adrian-katz", "to": "finacity", "role": "Chief executive", "period": "2021 (at the Chapter 11 sale of Finacity)", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-gi-finacity-sale" ], "kind": "directs" }, { "id": "r-p-lex-india-director", "from": "lex-greensill", "to": "greensill-india", "role": "Director", "period": "from 2 August 2020", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-grp-india-directors" ], "kind": "directs" }, { "id": "r-p-eapen-india-director", "from": "divya-eapen", "to": "greensill-india", "role": "Director (appointment ended)", "period": "until 26 April 2021", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-grp-india-directors" ], "kind": "directs" }, { "id": "r-p-maity-india-liquidator", "from": "subrata-maity", "to": "greensill-india", "role": "Liquidator (voluntary liquidation)", "period": "30 March 2022 – 6 July 2022", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-gi-greensill-india-liquidation" ], "kind": "directs" }, { "id": "r-p-shetty-india-liquidator", "from": "purnima-shetty", "to": "greensill-india", "role": "Liquidator; petitioner for dissolution (CP (IB)/930/MB/2022, dismissed by the NCLT Mumbai on 11 June 2024, liquidation suspended)", "period": "from 6 July 2022", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-gi-greensill-india-liquidation", "c-gi-greensill-india-nclt-order" ], "kind": "directs" }, { "id": "r-p-aw-asia-liquidator", "from": "aw-eng-hai", "to": "greensill-asia", "role": "Provisional liquidator (appointed by directors' resolution)", "period": "from 23 March 2021", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-gi-greensill-asia-liquidation" ], "kind": "directs" }, { "id": "r-p-gamtf-gamscf-gp", "from": "gam-trade-finance", "to": "gam-scf", "role": "General partner", "period": "15 July 2016 – 16 December 2024", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-grp-gam-tf-gp", "c-grp-gam-trade-finance" ], "kind": "directs" }, { "id": "r-p-gamtf-gamscf-liquidator", "from": "gam-trade-finance", "to": "gam-scf", "role": "Liquidator (appointed by the fund's shareholders)", "period": "from 7 June 2021", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-gi-gam-scf-fund-liquidation" ], "kind": "directs" }, { "id": "r-p-gamtf-gamscfplus-gp", "from": "gam-trade-finance", "to": "gam-scf-plus", "role": "General partner, and from 16 March 2022 liquidator", "period": "6 December 2016 – 16 December 2024", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-grp-gam-tf-gp", "c-grp-gam-trade-finance" ], "kind": "directs" }, { "id": "r-p-gamtf-gamar-gp", "from": "gam-trade-finance", "to": "gam-ar", "role": "General partner, and from 17 March 2022 liquidator", "period": "17 October 2017 – 16 December 2024", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-grp-gam-tf-gp" ], "kind": "directs" }, { "id": "r-p-kieffer-gamtf-manager", "from": "steve-kieffer", "to": "gam-trade-finance", "role": "Managing director (gérant)", "period": "20 June 2018 – 16 December 2024", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-grp-gam-tf-kieffer" ], "kind": "directs" }, { "id": "r-p-kieffer-gamscf-representative", "from": "steve-kieffer", "to": "gam-scf", "role": "Permanent representative of the liquidator (GAM Trade Finance S.à r.l.)", "period": "from 14 March 2022", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-gi-gam-scf-fund-liquidation" ], "kind": "directs" }, { "id": "r-p-csam-virtuoso-portfolio-manager", "from": "csam", "to": "cs-virtuoso", "role": "Portfolio manager, by delegation from Credit Suisse Fund Management, of the Credit Suisse (Lux) Supply Chain Finance Fund sub-fund of", "period": "dates not stated in [2025] EWHC 2631 (Ch)", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-cs-subfund-management", "c-biz-funding-sources" ], "kind": "other" }, { "id": "r-p-lex-shotwick-director", "from": "lex-greensill", "to": "shotwick-park", "role": "Director", "period": "29 March 2022 – 5 June 2026", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-lex-shotwick-director", "c-lead-lex-appointments-total" ], "kind": "directs" }, { "id": "r-p-peter-cultivar-director", "from": "peter-greensill", "to": "cultivar-uk", "role": "Director", "period": "from 8 February 2022", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "current", "claim_ids": [ "c-lead-peter-cultivar" ], "kind": "directs" }, { "id": "r-p-eadie-fractus-director", "from": "alastair-eadie", "to": "fractus-cfo", "role": "Director", "period": "from 3 November 2025", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "current", "claim_ids": [ "c-lead-eadie-fractus" ], "kind": "directs" }, { "id": "r-p-hanafin-sbf-director", "from": "sean-hanafin", "to": "silver-birch-finance", "role": "Director", "period": "from 28 April 2021", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "current", "claim_ids": [ "c-lead-hanafin-silver-birch", "c-lead-silver-birch-launch-press" ], "kind": "directs" }, { "id": "r-p-hanafin-sbf-cofounder", "from": "sean-hanafin", "to": "silver-birch-finance", "role": "Co-founder (as reported)", "period": "from May 2021 (reported launch)", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-lead-silver-birch-launch-press" ], "kind": "other" }, { "id": "r-p-hanafin-sbf-ceo", "from": "sean-hanafin", "to": "silver-birch-finance", "role": "Chief executive of Silver Birch (as reported)", "period": "May 2025 (trade-press report)", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-lead-silver-birch-tradeteq-press" ], "kind": "directs" }, { "id": "r-p-hanafin-tradeteq-director", "from": "sean-hanafin", "to": "tradeteq", "role": "Director", "period": "from 8 May 2025", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "current", "claim_ids": [ "c-lead-hanafin-tradeteq", "c-lead-silver-birch-tradeteq-press" ], "kind": "directs" }, { "id": "r-p-thompson-caversham-director", "from": "maurice-thompson", "to": "caversham-finance", "role": "Director", "period": "1 November 2014 – 2 June 2018", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-thompson-caversham" ], "kind": "directs" }, { "id": "r-p-ras-pemberton-md", "from": "bart-ras", "to": "pemberton", "role": "Former Managing Director, Working Capital Finance, EMEA (aggregator profile)", "period": "dates not stated", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-ras-pemberton" ], "kind": "employs" }, { "id": "r-p-laverty-gt-uk-member", "from": "chris-laverty", "to": "grant-thornton-uk", "role": "Member (LLP)", "period": "1 February 2019 – 15 April 2025", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-lead-laverty-grant-thornton" ], "kind": "other" }, { "id": "r-p-laverty-gt-advisory-member", "from": "chris-laverty", "to": "grant-thornton-advisory", "role": "Member (LLP)", "period": "from 14 April 2025", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "current", "claim_ids": [ "c-lead-laverty-grant-thornton", "c-adm-administrator-replacement" ], "kind": "other" }, { "id": "r-p-rowley-frp-director", "from": "geoffrey-rowley", "to": "frp-advisory-trading", "role": "Director", "period": "from 14 November 2019", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "current", "claim_ids": [ "c-lead-rowley-frp" ], "kind": "directs" } ], "history": [], "claims": [ { "id": "c-id-incorporation", "kind": "fact", "text": "Greensill Capital (UK) Limited is a private limited company registered at Companies House under number 08126173; it was incorporated on 2 July 2012 under the name Greensill Capital Management Company (UK) Limited and has carried its present name since 18 July 2012.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-001" ], "entity_ids": [ "gcuk" ] }, { "id": "c-id-status-sic", "kind": "fact", "text": "Companies House lists the status of Greensill Capital (UK) Limited (GCUK) as \"In Administration\" and records its nature of business as SIC 64999, financial intermediation not elsewhere classified.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-001" ], "entity_ids": [ "gcuk" ] }, { "id": "c-id-registered-office", "kind": "fact", "text": "The registered office of Greensill Capital (UK) Limited (GCUK) was moved on 22 March 2021 from One Southampton Street, Covent Garden, London WC2R 0LR to 4 Hardman Square, Spinningfields, Manchester M3 3EB, and on 15 November 2021 to 11th Floor Landmark, St Peter's Square, 1 Oxford Street, Manchester M1 4PB; since 20 May 2025 the address has been recorded as care of Grant Thornton UK Advisory & Tax LLP at the same building.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-017", "src-006", "src-001" ], "entity_ids": [ "gcuk", "grant-thornton-advisory" ] }, { "id": "c-id-overdue-filings", "kind": "fact", "text": "Companies House shows the accounts and confirmation statement of Greensill Capital (UK) Limited (GCUK) as overdue: the last accounts filed were made up to 31 December 2019, the accounts to 31 December 2020 were due by 30 September 2021, and the last confirmation statement is dated 2 July 2020, with the next one (statement date 2 July 2021) due by 16 July 2021.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-001" ], "entity_ids": [ "gcuk" ] }, { "id": "c-id-accounts-filings", "kind": "fact", "text": "Greensill Capital (UK) Limited (GCUK) filed full accounts at Companies House for the year to 31 December 2017 on 6 July 2018, for the year to 31 December 2018 on 9 October 2019, and for the year to 31 December 2019 on 13 January 2021.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-081", "src-017" ], "entity_ids": [ "gcuk" ] }, { "id": "c-id-articles-2020-2021", "kind": "fact", "text": "Greensill Capital (UK) Limited (GCUK) changed its constitution three times in the months before its administration: Companies House records a resolution adopting articles of association with a statement of the company's objects on 9 November 2020, a resolution altering the articles with new memorandum and articles on 18 November 2020, and a further resolution altering the articles, with new memorandum and articles and a statement of objects, on 5 March 2021.", "qualification": "The source is the Companies House filing index; the content of the resolutions and articles was not reviewed, so what was changed is not stated here.", "response": "", "outcome": "", "source_ids": [ "src-017", "src-035" ], "entity_ids": [ "gcuk" ] }, { "id": "c-id-director-terminations-2021", "kind": "fact", "text": "On 16 March 2021, after the administration had begun, forms TM01 were filed for Greensill Capital (UK) Limited (GCUK) terminating the directorships of William Crothers with effect from 4 February 2021 and of Sean Denis Robson-Hanafin, Bartholomeus Gerardus Joannes Ras, Neil Albert Garrod, Divya Sara Eapen and Alastair Kenneth Eadie with effect from 12 February 2021. A second-filed TM01 for Sean Denis Robson-Hanafin was registered on 26 March 2024, and the officer list now gives 20 December 2020 as the end of that directorship.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-017", "src-006", "src-003", "src-035" ], "entity_ids": [ "gcuk", "bill-crothers", "sean-hanafin", "bart-ras", "neil-garrod", "divya-eapen", "alastair-eadie" ] }, { "id": "c-id-director-termination-2026", "kind": "fact", "text": "On 25 June 2026 a form TM01 was filed for Greensill Capital (UK) Limited (GCUK) terminating the appointment of Alexander David Greensill as a director with effect from 17 June 2026.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-006" ], "entity_ids": [ "gcuk", "lex-greensill" ] }, { "id": "c-id-officers-ended", "kind": "fact", "text": "The Companies House officer list of Greensill Capital (UK) Limited (GCUK) records 20 officers and 20 resignations, so no director or secretary of the company is shown as currently appointed.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-003" ], "entity_ids": [ "gcuk" ] }, { "id": "c-id-admin-filings-2021", "kind": "fact", "text": "During its administration Greensill Capital (UK) Limited (GCUK) filed a statement of affairs (form AM02) on 11 June 2021, notice of the establishment of a creditors' committee (form COM1) on 3 August 2021 and the result of a meeting of creditors (form AM07) on 28 August 2021.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-006" ], "entity_ids": [ "gcuk" ] }, { "id": "c-id-admin-extensions", "kind": "fact", "text": "The administrations of Greensill Capital (UK) Limited (GCUK) and Greensill Capital Management Company (UK) Limited (GCMC) were extended repeatedly after their first year: according to the administrators' progress report filed on 10 October 2026, the period was extended by creditors' consent to 7 March 2023, then by the court for 24 months to 7 March 2025 and, by order of 18 March 2025, for 18 months to 7 September 2026; GCUK filed the corresponding notices of extension (form AM19) on 17 February 2022, 17 March 2023 and 19 March 2025.", "qualification": "", "response": "", "outcome": "The administrations did not end on 7 September 2026: according to the same progress report, the High Court extended them on 4 September 2026 for a further 24 months to 7 September 2028, and GCUK filed a further notice of extension (form AM19) on 16 September 2026.", "source_ids": [ "src-006", "src-015" ], "entity_ids": [ "gcuk", "gcmc" ] }, { "id": "c-id-lei", "kind": "fact", "text": "The Global Legal Entity Identifier Foundation (GLEIF) record for Greensill Capital (UK) Limited (GCUK) gives legal entity identifier 2138004D9J9DZUANAI93, first registered on 16 October 2014 and validated against Companies House number 08126173, with the previous legal name Greensill Capital Management Company (UK) Limited. The registration status is \"LAPSED\": the renewal due on 28 March 2025 was not made. In place of parent relationship records, the record shows reporting exceptions for the direct and ultimate parent.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-103" ], "entity_ids": [ "gcuk" ] }, { "id": "c-id-sra-register", "kind": "fact", "text": "The Solicitors Regulation Authority's register lists \"Greensill Capital (UK) Limited (in administration)\", head office in Manchester (SRA organisation number 605096), as an organisation where an SRA-regulated solicitor works, marked \"Not regulated by an approved regulator for legal services\"; the company appears there as a workplace of an in-house solicitor, not as a regulated law firm.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-069" ], "entity_ids": [ "gcuk" ] }, { "id": "c-id-fca-annex1", "kind": "fact", "text": "In a letter of 4 May 2021 to the chair of the House of Commons Treasury Committee, the Financial Conduct Authority stated that Greensill Capital (UK) Limited (GCUK) had been registered since 6 May 2014 as an \"Annex 1\" firm under the Money Laundering Regulations, so that the FCA supervised it only for compliance with anti-money laundering rules; that registration regime is different from authorisation under the Financial Services and Markets Act, and GCUK's wider activities, including supply chain finance origination and employer salary advance schemes, were not regulated by the FCA. After GCUK entered administration, the FCA decided, for the time being, not to cancel the registration.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-016", "src-004" ], "entity_ids": [ "gcuk" ] }, { "id": "c-grp-parent", "kind": "fact", "text": "Greensill Capital (UK) Limited (GCUK) is a wholly owned subsidiary of Greensill Capital Pty Limited (GCPty), a proprietary company incorporated in Queensland, Australia, and the parent company of the Greensill group; GCUK's 2019 accounts describe GCUK as the main trading entity among the subsidiaries that make up the group.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018", "src-029", "src-005", "src-035" ], "entity_ids": [ "gcuk", "gcpty" ] }, { "id": "c-grp-gcpty-holding", "kind": "fact", "text": "In Credit Suisse Virtuoso SICAV-SIF v SoftBank Group Corp ([2025] EWHC 2631 (Ch)), the High Court described Greensill Capital Pty Limited (GCPty) as a non-trading holding company that raised debt and equity, including from the SoftBank Group.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "gcpty", "softbank" ] }, { "id": "c-grp-share-capital", "kind": "fact", "text": "The statement of affairs of Greensill Capital (UK) Limited (GCUK) lists Greensill Capital Pty Limited, care of accountants in Bundaberg, Queensland, as GCUK's only shareholder, holding 1,347,865 ordinary shares of $0.01 each (called up $13,479) and one ordinary share of £1; the 2018 accounts give the same issued share capital.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-007", "src-097" ], "entity_ids": [ "gcuk", "gcpty" ] }, { "id": "c-grp-consolidation", "kind": "fact", "text": "Greensill Capital (UK) Limited (GCUK) did not prepare consolidated accounts, relying on the exemption in section 401 of the Companies Act 2006: its results were included in the consolidated financial statements of its parent, Greensill Capital Pty Limited, which the accounts said were available from an address in Bundaberg, Queensland.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018" ], "entity_ids": [ "gcuk", "gcpty" ] }, { "id": "c-grp-controlling-party", "kind": "fact", "text": "In its accounts for 2017, 2018 and 2019, Greensill Capital (UK) Limited (GCUK) named Greensill Capital Pty Limited as its immediate and ultimate parent company, and its directors stated that they considered Alexander Greensill to be the ultimate controlling party.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-082", "src-097", "src-018" ], "entity_ids": [ "gcuk", "gcpty", "lex-greensill" ] }, { "id": "c-grp-psc-gcuk", "kind": "fact", "text": "Since 6 April 2016 the register of persons with significant control of Greensill Capital (UK) Limited (GCUK) has listed one person, Alexander David Greensill (Lex Greensill), whose nature of control is recorded as significant influence or control over the trustees of a trust.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-002" ], "entity_ids": [ "gcuk", "lex-greensill" ] }, { "id": "c-grp-nao-shareholders", "kind": "attributed", "text": "The National Audit Office's report of 7 July 2021 states that Greensill's Australian parent company, Greensill Capital Pty Limited, was 64.55% owned by its founder, staff and directors, including 28.06% held by a trust associated with Lex Greensill; 25.11% by the SoftBank Vision Fund; and 10.34% by General Atlantic, a US private equity investor.", "qualification": "The NAO report gives these percentages without a date or a source; the share register of Greensill Capital Pty Limited is not in the record, so the figures have not been checked against it.", "response": "", "outcome": "", "source_ids": [ "src-077" ], "entity_ids": [ "gcpty", "lex-greensill", "lex-family-trust", "svf1", "general-atlantic" ] }, { "id": "c-grp-strategic-decisions", "kind": "attributed", "text": "In a letter of 9 July 2021 to the chair of the Treasury Committee, the joint administrators of Greensill Capital (UK) Limited (GCUK) and Greensill Capital Management Company (UK) Limited (GCMC) wrote that the strategic decisions affecting the wider Greensill group appeared to have been taken largely at the level of the Australian parent, Greensill Capital Pty Limited.", "qualification": "This is the administrators' own assessment (\"it appears\"); they were not appointed over Greensill Capital Pty Limited, which is in liquidation under the control of other insolvency practitioners, and the letter does not set out the evidence for it.", "response": "", "outcome": "", "source_ids": [ "src-004" ], "entity_ids": [ "gcuk", "gcmc", "gcpty" ] }, { "id": "c-grp-gcuk-role", "kind": "fact", "text": "The High Court's judgment in [2025] EWHC 2631 (Ch) records that the Greensill group was founded by Mr Greensill and focused on supply chain financing; that Greensill Capital (UK) Limited (GCUK) was the main operating and trading company of the group in the UK and provided financial support and management for the wider group; and that GCUK performed a central treasury function for the group.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "gcuk", "lex-greensill" ] }, { "id": "c-grp-gcmc-identity", "kind": "fact", "text": "Greensill Capital Management Company (UK) Limited (GCMC, Companies House 08037769) is a separate company from Greensill Capital (UK) Limited (GCUK), although GCUK used that name from 2 to 18 July 2012. GCMC was incorporated in England and Wales on 19 April 2012, is wholly owned by Greensill Capital Pty Limited, which holds its single ordinary share, and has been in administration since 8 March 2021 (High Court case 000436 of 2021). The administrators' progress report for the six months to 7 September 2026, which covers both GCUK and GCMC, names Chris Laverty, Will Stagg and Russell Simpson as joint administrators of the two companies.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-015", "src-029", "src-001", "src-013" ], "entity_ids": [ "gcmc", "gcuk", "gcpty", "chris-laverty", "will-stagg", "russell-simpson" ] }, { "id": "c-grp-psc-gcmc", "kind": "fact", "text": "The register of persons with significant control of Greensill Capital Management Company (UK) Limited (GCMC) has, since 6 April 2016, listed Alexander David Greensill (Lex Greensill), with the same nature of control as at Greensill Capital (UK) Limited: significant influence or control over the trustees of a trust.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-013", "src-002" ], "entity_ids": [ "gcmc", "lex-greensill", "gcuk" ] }, { "id": "c-grp-gcmc-employer", "kind": "fact", "text": "Greensill Capital (UK) Limited (GCUK) had no staff of its own apart from its directors; the group's UK employees were employed by Greensill Capital Management Company (UK) Limited (GCMC), which provided staff and management services to GCUK under an intercompany support services agreement, recharged the costs to GCUK and relied on GCUK for its funding. According to the administrators, GCMC employed about 580 people for GCUK before the administration, and it had 569 employees at the date of their appointment, when GCUK had none.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018", "src-015", "src-029" ], "entity_ids": [ "gcuk", "gcmc" ] }, { "id": "c-grp-gcmc-holding", "kind": "fact", "text": "According to the administrators' proposals, Greensill Capital Management Company (UK) Limited (GCMC) was the group's principal intermediate holding company, owning the entire share capital of 12 subsidiaries in the UK and abroad, most of them special purpose vehicles set up to originate transactions for Greensill Capital (UK) Limited (GCUK); its subsidiaries included Greensill Capital Inc., a Delaware corporation and parent of Finacity Corporation, and Earnd (UK) Limited.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029" ], "entity_ids": [ "gcmc", "gcuk", "greensill-inc", "finacity", "earnd-uk" ] }, { "id": "c-grp-gcmc-uae", "kind": "fact", "text": "Greensill Capital Management Company (UK) Limited (GCMC) was the 100% shareholder of a United Arab Emirates subsidiary that was being set up to originate business in the Middle East; according to the administrators' proposals, that entity's main asset was about $400,000 of cash and it had entered a local winding-up.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029" ], "entity_ids": [ "gcmc" ] }, { "id": "c-grp-gcmc-intercompany", "kind": "fact", "text": "According to the administrators' proposals, Greensill Capital Management Company (UK) Limited (GCMC) was owed $28.4 million by other group companies, including about $13.6 million by Greensill Capital (UK) Limited (GCUK), of which the directors estimated in the statement of affairs that about $2.7 million would be recovered, and about $14.5 million by Earnd (UK) Limited.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029" ], "entity_ids": [ "gcmc", "gcuk", "earnd-uk" ] }, { "id": "c-grp-greensill-inc", "kind": "fact", "text": "According to the papers in its Chapter 11 case (21-10561 (MEW), Southern District of New York), Greensill Capital Inc. was a direct wholly owned subsidiary of Greensill Capital Management Company (UK) Limited (GCMC), itself directly wholly owned by Greensill Capital Pty Limited, and Greensill Capital Inc. owned 100% of Finacity Corporation, which had wholly owned subsidiaries of its own.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-057", "src-042" ], "entity_ids": [ "greensill-inc", "gcmc", "gcpty", "finacity" ] }, { "id": "c-grp-acquisitions-2019", "kind": "fact", "text": "The 2019 accounts of Greensill Capital (UK) Limited (GCUK) list Greensill Bank AG, Finacity Corporation, a US receivables securitisation business, and Earnd (UK) Limited among the group's other trading companies, the last two acquired in 2019; Earnd (UK) Limited (formerly Freeup Finance Limited), a developer of technology that lets workers be paid earned but unpaid wages early, joined the group in October 2019.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018" ], "entity_ids": [ "gcuk", "greensill-bank", "finacity", "earnd-uk" ] }, { "id": "c-grp-earnd-registry", "kind": "fact", "text": "Earnd (UK) Limited (Companies House 11391391) was incorporated on 31 May 2018 as Freeup Finance Ltd, took its present name on 28 April 2020 and was dissolved on 8 August 2025.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-101" ], "entity_ids": [ "earnd-uk" ] }, { "id": "c-grp-gbag-2017", "kind": "fact", "text": "At 31 December 2017 Greensill Capital (UK) Limited (GCUK) held 100% of the shares and voting power of Greensill Bank AG, a German bank; the carrying value of GCUK's investments in subsidiaries was $58,986 thousand at the end of 2017 and $54,256 thousand at the end of 2016.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-082" ], "entity_ids": [ "gcuk", "greensill-bank" ] }, { "id": "c-grp-gbag-transfer", "kind": "fact", "text": "During 2018 Greensill Capital (UK) Limited (GCUK) subscribed for a further 497,512 shares in Greensill Bank AG at €40.20 per share, and on 14 December 2018 it transferred its investment in the bank to Greensill Capital Pty Limited for €40.20 per share. GCUK kept contingent convertible loan notes issued by the bank, which its 2018 accounts describe as a former subsidiary sold to Greensill Capital Pty Limited during the year; the High Court's judgment of 18 March 2026 ([2026] EWHC 639 (Ch)) describes Greensill Bank AG as another subsidiary of Greensill Capital Pty Limited.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-097", "src-005" ], "entity_ids": [ "gcuk", "greensill-bank", "gcpty" ] }, { "id": "c-grp-subsidiaries-2017", "kind": "fact", "text": "At 31 December 2017 the subsidiaries of Greensill Capital (UK) Limited (GCUK) were Greensill Bank AG (Germany, banking) and Greensill Capital Securities Limited, each 100% owned, and three Luxembourg partnerships in which GCUK held 100% of the voting power but only a small ownership interest: GAM Greensill Supply Chain Finance Fund SCSp (0.01%), GAM Greensill Supply Chain Finance Plus Fund SCSp (0.003%) and GAM Greensill Absolute Return SCF Fund SCSp (0.002%).", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-082" ], "entity_ids": [ "gcuk", "greensill-bank", "gcsl", "gam-scf", "gam-scf-plus", "gam-ar" ] }, { "id": "c-grp-subsidiaries-2018", "kind": "fact", "text": "At 31 December 2018 the subsidiaries of Greensill Capital (UK) Limited (GCUK) were Greensill Capital Securities Limited (financing), Greensill Capital Investments Limited and Greensill Limited (both dormant), each 100% owned, and GAM Greensill Supply Chain Finance Fund SCSp, in which GCUK held 100% of the voting power and a 0.004% ownership interest; Greensill Bank AG and the two other GAM Greensill funds were no longer listed.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-097", "src-082" ], "entity_ids": [ "gcuk", "gcsl", "gc-investments", "greensill-limited", "gam-scf", "greensill-bank", "gam-scf-plus", "gam-ar" ] }, { "id": "c-grp-subsidiaries-2019", "kind": "fact", "text": "At 31 December 2019 Greensill Capital (UK) Limited (GCUK) owned 100% of Greensill Capital Securities Limited (09595415, arrangement of securities), Greensill Capital Investments Limited (10489840), Greensill Limited (11344883), Greensill Trading Limited (12329861), Greensill Trading 2 Limited (12354521), Greensill Trading 3 Limited (12365031) and Greensill Trading 4 Limited (12373206), all financing companies, as well as Greensill GmbH (Frankfurt am Main, HRB 114964, management services) and Greensill Capital Securities (Malta) Limited (C91376, arrangement of securities). It also listed GAM Greensill Supply Chain Finance Fund SCSp (Luxembourg, B207546) as a subsidiary, with 100% of the voting power but a 0.172% ownership interest.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018" ], "entity_ids": [ "gcuk", "gcsl", "gc-investments", "greensill-limited", "greensill-trading", "greensill-trading-2", "greensill-trading-3", "greensill-trading-4", "greensill-gmbh", "gcs-malta", "gam-scf" ] }, { "id": "c-grp-greensill-limited", "kind": "fact", "text": "Greensill Limited (Companies House 11344883), an English special purpose vehicle, has had Greensill Capital (UK) Limited (GCUK) registered as its person with significant control since 3 May 2018, holding 75% or more of the shares and voting rights and the right to appoint and remove directors. In [2025] EWHC 2631 (Ch) the High Court described it as wholly owned by GCUK, without employees of its own, and as delegating its management and administration entirely to GCUK under a Participation Agreement.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-012", "src-005", "src-035" ], "entity_ids": [ "greensill-limited", "gcuk" ] }, { "id": "c-grp-greensill-limited-control", "kind": "fact", "text": "According to the High Court in [2025] EWHC 2631 (Ch), the directors of Greensill Limited at all material times were Alexander (Lex) Greensill and Alastair Eadie, both also directors of Greensill Capital (UK) Limited (GCUK), and Greensill Limited's annual report for 2019 named Mr Greensill as its ultimate controlling party in the directors' opinion.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "greensill-limited", "lex-greensill", "alastair-eadie", "gcuk" ] }, { "id": "c-grp-trading-spvs", "kind": "fact", "text": "Greensill Capital (UK) Limited (GCUK) is the registered person with significant control, holding 75% or more of the shares, of four financing subsidiaries: Greensill Trading Limited (12329861) since 22 November 2019, Greensill Trading 2 Limited (12354521) since 9 December 2019, Greensill Trading 3 Limited (12365031) since 16 December 2019 and Greensill Trading 4 Limited (12373206) since 20 December 2019; for the last two the register also records 75% or more of the voting rights and the right to appoint and remove directors.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-050", "src-065", "src-066", "src-067", "src-018" ], "entity_ids": [ "gcuk", "greensill-trading", "greensill-trading-2", "greensill-trading-3", "greensill-trading-4" ] }, { "id": "c-grp-greensill-trading-status", "kind": "fact", "text": "Greensill Trading Limited (Companies House 12329861), incorporated on 22 November 2019, was dissolved on 23 November 2024.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-049" ], "entity_ids": [ "greensill-trading" ] }, { "id": "c-grp-gc-investments-status", "kind": "fact", "text": "Greensill Capital Investments Limited (Companies House 10489840), incorporated on 21 November 2016, filed its last accounts for the year to 31 December 2021 and was dissolved on 31 October 2024.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-038" ], "entity_ids": [ "gc-investments" ] }, { "id": "c-grp-global-trading-status", "kind": "fact", "text": "Greensill Global Trading Limited (Companies House 12680973), a private limited company incorporated on 18 June 2020, was dissolved on 21 November 2024.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-102" ], "entity_ids": [ "greensill-global-trading" ] }, { "id": "c-grp-gc-trading-status", "kind": "fact", "text": "Greensill Capital Trading Limited (Companies House 09268343) was incorporated on 17 October 2014 as Greensill Capital Management Company (Ireland) Limited, changed its name on 19 April 2016 and was dissolved on 23 November 2024.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-090" ], "entity_ids": [ "gc-trading" ] }, { "id": "c-grp-gmbh", "kind": "fact", "text": "Greensill GmbH, a wholly owned subsidiary of Greensill Capital (UK) Limited (GCUK) registered at the Frankfurt am Main district court under HRB 114964, was registered on 28 March 2019 with share capital of €25,000, according to a company-data aggregator summarising the commercial register; its purpose was to provide services, in particular management services, to companies of the Greensill group.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018", "src-024" ], "entity_ids": [ "greensill-gmbh", "gcuk" ] }, { "id": "c-grp-investments-2021", "kind": "fact", "text": "According to the administrators' proposals, at the date of their appointment in March 2021 the book value of the investments of Greensill Capital (UK) Limited (GCUK) was about $8.5 million, relating mainly to subsidiaries in China and Germany and an investment in GAM Investments, and the book value of its investments in group undertakings was about $14.4 million, on which the directors estimated a full recovery; the German subsidiary, Greensill GmbH, had seven employees, provided services to GCUK and had no realisable assets.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029" ], "entity_ids": [ "gcuk", "greensill-gmbh" ] }, { "id": "c-grp-shenzhen", "kind": "fact", "text": "Greensill Capital (UK) Limited (GCUK) was the sole shareholder of Shenzhen Greensill Commercial Factoring Limited, which was set up in 2020 to originate business in China; according to the administrators' proposals, it employed eight people but had not begun trading, and its main assets were about $6 million of cash and a local banking licence.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029" ], "entity_ids": [ "gcuk", "shenzhen-factoring" ] }, { "id": "c-grp-malta", "kind": "fact", "text": "Greensill Capital Securities (Malta) Limited (registration C 91376), registered at 171 Old Bakery Street, Valletta, is listed in the 2019 accounts of Greensill Capital (UK) Limited (GCUK) as a wholly owned subsidiary arranging securities. A company-data aggregator summarising the Malta register in September 2020 gives 4 April 2019 as its date of establishment and lists GCUK as the shareholder of its 1,300 issued shares (EUR 1,300).", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018", "src-068" ], "entity_ids": [ "gcs-malta", "gcuk" ] }, { "id": "c-grp-malta-directors", "kind": "fact", "text": "A company-data aggregator summarising the Malta register in September 2020 lists the directors of Greensill Capital Securities (Malta) Limited as Adam De Domenico, Steven Michael Hollands, Wasif Islam Raza and Ludwig Clemens Sels.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-068" ], "entity_ids": [ "gcs-malta", "adam-de-domenico", "steven-hollands", "wasif-raza", "ludwig-sels" ] }, { "id": "c-grp-asia", "kind": "fact", "text": "Greensill Asia Pte. Limited (Singapore registration 201825907W) was created on 30 July 2018 according to its GLEIF record (a company-data aggregator gives 29 July 2018); its legal entity identifier 9845000ACC9C90VH8A22 was first registered on 11 December 2020 and has lapsed, with renewal due since 11 December 2022.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-116", "src-056" ], "entity_ids": [ "greensill-asia" ] }, { "id": "c-grp-india-ownership", "kind": "fact", "text": "According to the National Company Law Tribunal, Mumbai Bench, when the liquidation of Greensill India Finance Private Limited (corporate identity number U65999MH2020FTC343142) began on 30 March 2022, its shareholders were Greensill Asia Pte Ltd, with 19,999,999 shares (99.99%), and Greensill Capital Management Company (UK) Limited (GCMC), with one share (0.01%); the administrators of Greensill Capital (UK) Limited described Greensill Asia as its immediate parent.", "qualification": "", "response": "", "outcome": "On 11 June 2024 the tribunal dismissed the liquidator's petition for the company's dissolution through voluntary liquidation and suspended the liquidation process, while leaving the company free to explore other routes to liquidation, dissolution or winding up.", "source_ids": [ "src-112", "src-029" ], "entity_ids": [ "greensill-india", "greensill-asia", "gcmc", "gcuk" ] }, { "id": "c-grp-india-directors", "kind": "fact", "text": "Company-data aggregators summarising Indian Ministry of Corporate Affairs records list Alexander David Greensill as a director of Greensill India Finance Private Limited from 2 August 2020, and Divya Sara Eapen as a former director whose appointment ended on 26 April 2021.", "qualification": "The board composition comes from two aggregators, not from the primary MCA record, and the two disagree about a third director, so the list is not complete or verified.", "response": "", "outcome": "", "source_ids": [ "src-055" ], "entity_ids": [ "greensill-india", "lex-greensill", "divya-eapen" ] }, { "id": "c-grp-gam-scf-registry", "kind": "fact", "text": "GAM Greensill Supply Chain Finance Fund SCSp is a Luxembourg special limited partnership (société en commandite spéciale, RCS B207546) registered at 25 Grand-Rue, Luxembourg; a company-data aggregator summarising the Luxembourg register gives 15 July 2016 as its date of formation and records it as dissolved on 15 December 2022.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-088", "src-018" ], "entity_ids": [ "gam-scf" ] }, { "id": "c-grp-gam-plus-registry", "kind": "fact", "text": "The GLEIF record of GAM Greensill Supply Chain Finance Plus Fund SCSp (Luxembourg RCS B210763, care of GAM (Luxembourg) S.A.) gives a creation date of 15 November 2016; its legal entity identifier 5493009TYYUD7Y2CEC23 has lapsed, with renewal due since 28 June 2023, and the record still shows the entity as active, with no liquidation event recorded.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-119" ], "entity_ids": [ "gam-scf-plus", "gam-lux" ] }, { "id": "c-grp-gam-ar-registry", "kind": "fact", "text": "The GLEIF record of GAM Greensill Absolute Return SCF Fund SCSp (Luxembourg RCS B218565, care of GAM (Luxembourg) S.A.) gives a creation date of 17 October 2017 and records a liquidation that started with effect from 10 February 2022 and was completed with effect from 30 June 2024; the entity is shown as inactive and its legal entity identifier 54930068MF2HD5ZCWW60 as retired.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-117" ], "entity_ids": [ "gam-ar", "gam-lux" ] }, { "id": "c-grp-gam-trade-finance", "kind": "fact", "text": "GAM Trade Finance S.à r.l. (Luxembourg RCS B204853) was registered on 14 March 2016 with capital of €12,500, with GAM (Luxembourg) SA as its shareholder at registration, according to a company-data aggregator summarising the Luxembourg register. Its stated purpose was to acquire, hold and manage interests in GAM Greensill Supply Chain Finance Fund SCSp and GAM Greensill Supply Chain Finance Plus Fund SCSp, and it could act as their general partner and manager.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-099" ], "entity_ids": [ "gam-trade-finance", "gam-lux", "gam-scf", "gam-scf-plus" ] }, { "id": "c-grp-gam-tf-gp", "kind": "fact", "text": "According to a company-data aggregator summarising Luxembourg register publications, GAM Trade Finance S.à r.l. was registered as general partner of GAM Greensill Supply Chain Finance Fund SCSp on 15 July 2016, of GAM Greensill Supply Chain Finance Plus Fund SCSp on 6 December 2016 and of GAM Greensill Absolute Return SCF Fund SCSp on 17 October 2017, and in March 2022 as liquidator of the Plus Fund (16 March) and of the Absolute Return Fund (17 March); its own registration was terminated on 16 December 2024.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-099" ], "entity_ids": [ "gam-trade-finance", "gam-scf", "gam-scf-plus", "gam-ar" ] }, { "id": "c-grp-gam-tf-kieffer", "kind": "fact", "text": "Steve Kieffer, a manager of GAM (Luxembourg) SA, was a managing director of GAM Trade Finance S.à r.l., the general partner of the GAM Greensill funds, from 20 June 2018 to 16 December 2024, alongside other managing directors, according to a company-data aggregator summarising the Luxembourg register.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-099", "src-107" ], "entity_ids": [ "steve-kieffer", "gam-trade-finance", "gam-lux" ] }, { "id": "c-lead-lex-gcuk-director", "kind": "fact", "text": "Companies House records Alexander David Greensill as a director of Greensill Capital (UK) Limited from 2 July 2012 to 17 June 2026.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-003" ], "entity_ids": [ "lex-greensill", "gcuk" ] }, { "id": "c-lead-peter-gcuk-director", "kind": "fact", "text": "Companies House records Peter Edward Greensill as a director of Greensill Capital (UK) Limited from 2 July 2012 to 22 January 2018; that officer record lists three appointments, all in Greensill group companies.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-003", "src-014" ], "entity_ids": [ "peter-greensill", "gcuk" ] }, { "id": "c-lead-austin-gcuk", "kind": "fact", "text": "Companies House records Jason Richard Alexander Austin as a director of Greensill Capital (UK) Limited from 2 July 2012 to 21 June 2019 and as its company secretary from 2 July 2012 to 16 September 2015.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-003" ], "entity_ids": [ "jason-austin", "gcuk" ] }, { "id": "c-lead-thompson-gcuk", "kind": "fact", "text": "Companies House records Maurice Nicholas Beech Thompson as a director of Greensill Capital (UK) Limited from 25 September 2014 to 22 January 2018.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-003" ], "entity_ids": [ "maurice-thompson", "gcuk" ] }, { "id": "c-lead-brierwood-gcuk", "kind": "fact", "text": "Companies House records David Campbell Brierwood as a director of Greensill Capital (UK) Limited from 1 January 2015 to 22 January 2018.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-003" ], "entity_ids": [ "david-brierwood", "gcuk" ] }, { "id": "c-lead-hartley-urquhart-gcuk", "kind": "fact", "text": "Companies House records William Roland Hartley-Urquhart as a director of Greensill Capital (UK) Limited from 20 May 2015 to 22 January 2018; the officer record shows no other appointment.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-003", "src-027" ], "entity_ids": [ "roland-hartley-urquhart", "gcuk" ] }, { "id": "c-lead-allin-gcuk", "kind": "fact", "text": "Companies House records Patrick Joseph Allin as a director of Greensill Capital (UK) Limited from 8 February 2016 to 22 January 2018.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-003" ], "entity_ids": [ "patrick-allin", "gcuk" ] }, { "id": "c-lead-crothers-gcuk", "kind": "fact", "text": "Companies House records William Crothers as a director of Greensill Capital (UK) Limited from 1 August 2016 to 4 February 2021.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-003" ], "entity_ids": [ "bill-crothers", "gcuk" ] }, { "id": "c-lead-lane-gcuk", "kind": "fact", "text": "Companies House records Jonathan Edward Myott Lane as company secretary of Greensill Capital (UK) Limited from 16 September 2015 to 30 June 2020 and as one of its directors from 14 December 2018 to 24 July 2019.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-003" ], "entity_ids": [ "jonathan-lane", "gcuk" ] }, { "id": "c-lead-bates-gcuk", "kind": "fact", "text": "Companies House records Christopher William Bates as a director of Greensill Capital (UK) Limited from 14 December 2018 to 9 January 2019.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-003" ], "entity_ids": [ "christopher-bates", "gcuk" ] }, { "id": "c-lead-donnelly-gcuk", "kind": "fact", "text": "Companies House records Rachel Justine Donnelly as company secretary of Greensill Capital (UK) Limited from 19 February 2019 to 11 December 2019; the officer record shows no other appointment.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-003", "src-073" ], "entity_ids": [ "rachel-donnelly", "gcuk" ] }, { "id": "c-lead-eadie-gcuk", "kind": "fact", "text": "Companies House records Alastair Kenneth Eadie as a director of Greensill Capital (UK) Limited from 19 February 2019 to 12 February 2021.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-003" ], "entity_ids": [ "alastair-eadie", "gcuk" ] }, { "id": "c-lead-ras-gcuk", "kind": "fact", "text": "Companies House records Bartholomeus Gerardus Joannes Ras as a director of Greensill Capital (UK) Limited from 19 February 2019 to 12 February 2021; the officer record shows no other appointment.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-003", "src-023" ], "entity_ids": [ "bart-ras", "gcuk" ] }, { "id": "c-lead-garrod-gcuk", "kind": "fact", "text": "Companies House records Neil Albert Garrod as a director of Greensill Capital (UK) Limited from 24 July 2019 to 12 February 2021.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-003" ], "entity_ids": [ "neil-garrod", "gcuk" ] }, { "id": "c-lead-hanafin-gcuk", "kind": "fact", "text": "Companies House records Sean Denis Robson-Hanafin as a director of Greensill Capital (UK) Limited from 24 July 2019 to 20 December 2020.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-003" ], "entity_ids": [ "sean-hanafin", "gcuk" ] }, { "id": "c-lead-james-gcuk", "kind": "fact", "text": "Companies House records Hayley Louise James as company secretary of Greensill Capital (UK) Limited from 30 June 2020 to 21 October 2021.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-003", "src-074" ], "entity_ids": [ "hayley-james", "gcuk" ] }, { "id": "c-lead-eapen-gcuk", "kind": "fact", "text": "Companies House records Divya Sara Eapen as a director of Greensill Capital (UK) Limited from 13 July 2020 to 12 February 2021.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-003" ], "entity_ids": [ "divya-eapen", "gcuk" ] }, { "id": "c-lead-gans-gcuk", "kind": "fact", "text": "Companies House records Bradley Jay Gans as a director of Greensill Capital (UK) Limited from 15 December 2020 to 28 December 2020; the officer record shows no other appointment.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-003", "src-028" ], "entity_ids": [ "bradley-gans", "gcuk" ] }, { "id": "c-lead-board-2017", "kind": "fact", "text": "The directors' report in the 2017 annual report of Greensill Capital (UK) Limited lists Alexander Greensill, Peter Greensill, Jason Austin, Maurice Thompson, Roland Hartley-Urquhart, David Brierwood, Patrick Allin and William Crothers as directors during the year and up to signature, and records that Peter Greensill, Maurice Thompson, Roland Hartley-Urquhart, David Brierwood and Patrick Allin resigned on 22 January 2018.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-082" ], "entity_ids": [ "gcuk", "lex-greensill", "peter-greensill", "jason-austin", "maurice-thompson", "roland-hartley-urquhart", "david-brierwood", "patrick-allin", "bill-crothers" ] }, { "id": "c-lead-board-2019", "kind": "fact", "text": "The 2019 annual report of Greensill Capital (UK) Limited names Alexander Greensill, William Crothers, Alastair Eadie, Bartholomeus Ras, Neil Garrod and Sean Robson-Hanafin as its directors and Jonathan Lane as company secretary.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018" ], "entity_ids": [ "gcuk", "lex-greensill", "bill-crothers", "alastair-eadie", "bart-ras", "neil-garrod", "sean-hanafin", "jonathan-lane" ] }, { "id": "c-lead-lex-role-2019", "kind": "fact", "text": "The 2019 annual report of Greensill Capital (UK) Limited describes Lex (Alexander) Greensill as co-founder and CEO of the Greensill Group, who before starting Greensill was Managing Director and Head of Supply Chain Finance for Europe, Middle East and Africa at Citibank and established Morgan Stanley's global supply chain finance business. The report also states that Lex Greensill is a solicitor of the Supreme Court of England and Wales and of the Supreme Court of Queensland and was awarded the CBE for services to the UK economy in 2017.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018" ], "entity_ids": [ "lex-greensill", "gcuk" ] }, { "id": "c-lead-crothers-role-2019", "kind": "fact", "text": "The 2019 annual report of Greensill Capital (UK) Limited describes William (Bill) Crothers as Vice Chairman Public Sector and a member of the Group Audit Committee; according to the report, William Crothers was a senior civil servant for eight years, most recently the UK Government's Chief Commercial Officer, founded and chaired the Crown Commercial Service as its first executive chairman, and earlier spent 21 years at Accenture.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018" ], "entity_ids": [ "bill-crothers", "gcuk" ] }, { "id": "c-lead-garrod-role-2019", "kind": "fact", "text": "The 2019 annual report of Greensill Capital (UK) Limited describes Neil Garrod as the Greensill Group's Chief Financial Officer, who previously spent 18 years at Vodafone, 10 of them as Global Group Treasurer.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018" ], "entity_ids": [ "neil-garrod", "gcuk" ] }, { "id": "c-lead-hanafin-role-2019", "kind": "fact", "text": "The 2019 annual report of Greensill Capital (UK) Limited describes Sean Robson-Hanafin as President of the Greensill Group, previously Head of Corporate Banking for UK and Europe at Standard Chartered, with 14 years at Citigroup as a Managing Director and service as a Senior Advisor to the UK Government's Cabinet Office on capital markets and corporate finance.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018" ], "entity_ids": [ "sean-hanafin", "gcuk", "standard-chartered" ] }, { "id": "c-lead-eadie-role-2019", "kind": "fact", "text": "The 2019 annual report of Greensill Capital (UK) Limited describes Alastair (Al) Eadie as Group Finance Director, with over 30 years' experience in roles at MSCI, Aviva, UBS, EY and Accenture, and as a fellow chartered accountant and qualified treasurer.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018" ], "entity_ids": [ "alastair-eadie", "gcuk" ] }, { "id": "c-lead-ras-role-2019", "kind": "fact", "text": "The 2019 annual report of Greensill Capital (UK) Limited describes Bartholomeus (Bart) Ras as UK Managing Director of the Greensill Group and Global Head of its Innovation and Incubator team, who earlier was CFO of Philips Supply Management and Purchasing, EMEA Head of Supply Chain Finance at Citi and Global Head of Business Development for HSBC Global Trade and Receivable Finance.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018" ], "entity_ids": [ "bart-ras", "gcuk" ] }, { "id": "c-lead-lex-ceo-fca", "kind": "fact", "text": "In a letter of 4 May 2021 to Mel Stride MP, the Financial Conduct Authority referred to Lex Greensill as CEO of Greensill and reported two formal meetings between FCA staff and Lex Greensill: on 12 September 2019, a discussion of Greensill's activities in the UK held at Greensill's request, and on 9 December 2020, as part of the evidence gathering for the Woolard Review into the future of unsecured credit.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-016" ], "entity_ids": [ "lex-greensill" ] }, { "id": "c-lead-thompson-chair-fca", "kind": "fact", "text": "The Financial Conduct Authority's letter of 4 May 2021 described Maurice Thompson as Chair of Greensill and reported an unplanned meeting with Maurice Thompson in February 2020 at which Greensill's employer salary advance scheme was briefly discussed.", "qualification": "The letter does not say which Greensill company Maurice Thompson chaired; Companies House records the directorship of Maurice Thompson at Greensill Capital (UK) Limited as having ended on 22 January 2018.", "response": "", "outcome": "", "source_ids": [ "src-016", "src-003" ], "entity_ids": [ "maurice-thompson", "gcuk" ] }, { "id": "c-lead-lex-director-three-companies", "kind": "fact", "text": "The High Court in [2026] EWHC 639 (Ch) and the Insolvency Service in its announcement of 4 June 2026 both state that Lex Greensill was a director of Greensill Capital (UK) Limited, Greensill Limited and the Australian parent company Greensill Capital Pty Limited.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-005", "src-008" ], "entity_ids": [ "lex-greensill", "gcuk", "greensill-limited", "gcpty" ] }, { "id": "c-lead-eapen-cro", "kind": "fact", "text": "In [2025] EWHC 2631 (Ch) the High Court describes Divya Eapen as the Chief Risk Officer of the Greensill Group at the time of a video meeting on 27 January 2021 with the Chief Risk Officer of SBIA, the manager of the SoftBank Vision Funds.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "divya-eapen", "svf1", "svf2" ] }, { "id": "c-lead-lane-group-lawyer", "kind": "fact", "text": "In [2025] EWHC 2631 (Ch) the High Court describes Jonathan Lane as the Greensill group's senior internal lawyer and records that on 14 October 2020 Lex Greensill forwarded internally to Jonathan Lane, among others, the proposal under which SoftBank Group would buy the outstanding Katerra notes.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "jonathan-lane", "lex-greensill", "softbank", "katerra" ] }, { "id": "c-lead-board-resignations-feb-2021", "kind": "attributed", "text": "An internal SoftBank email of 4 February 2021, quoted in the High Court judgment [2025] EWHC 2631 (Ch), stated that SBIA, the manager of the SoftBank Vision Funds, had just been informed that \"the chairman, head of BoD risk committee and head of BoD audit committee have resigned\", that this was not public, and that, given SoftBank Group's stance and this development, SBIA had paused the proposed transaction concerning Greensill.", "qualification": "This is a contemporaneous email by an SBIA managing partner quoted in the judgment's account of events; it does not name the people or the Greensill company whose board is meant, and the court made no finding about the resignations.", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "softbank", "svf1", "svf2" ] }, { "id": "c-lead-lex-appointments-total", "kind": "fact", "text": "The Companies House appointments record of Alexander David Greensill lists 15 appointments; apart from a directorship of Shotwick Park Estate Limited, all are in Greensill group companies, including two separate directorships of Greensill Capital Securities Limited.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-010" ], "entity_ids": [ "lex-greensill", "shotwick-park", "gcsl" ] }, { "id": "c-lead-gcmc-directors", "kind": "fact", "text": "Companies House lists as directors of Greensill Capital Management Company (UK) Limited Alexander David Greensill (19 April 2012 to 17 June 2026), Peter Edward Greensill (19 April 2012 to 24 January 2021), Jason Richard Alexander Austin (19 April 2012 to 21 June 2019) and Alastair Kenneth Eadie (21 June 2019 to 21 April 2021).", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-010", "src-014", "src-026", "src-019" ], "entity_ids": [ "gcmc", "lex-greensill", "peter-greensill", "jason-austin", "alastair-eadie" ] }, { "id": "c-lead-gcmc-officers-2021", "kind": "fact", "text": "The joint administrators' proposals list Alexander David Greensill, Jonathan Edward Myott Lane and Alastair Kenneth Eadie as the directors and officers of Greensill Capital Management Company (UK) Limited, none of them holding shares, in the administration that began on 8 March 2021 (High Court, 000436 of 2021).", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029" ], "entity_ids": [ "gcmc", "lex-greensill", "jonathan-lane", "alastair-eadie" ] }, { "id": "c-lead-gl-officers", "kind": "fact", "text": "Companies House lists the officers of Greensill Limited as directors Alexander David Greensill (3 May 2018 to 17 June 2026), Jason Richard Alexander Austin (3 May 2018 to 24 June 2019) and Alastair Kenneth Eadie (24 June 2019 to 2 March 2021), and as company secretaries Jonathan Edward Myott Lane (3 May 2018 to 23 June 2021) and Hayley Louise James (from 23 June 2021, listed as active).", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-010", "src-040" ], "entity_ids": [ "greensill-limited", "lex-greensill", "jason-austin", "alastair-eadie", "jonathan-lane", "hayley-james" ] }, { "id": "c-lead-gc-trading-directors", "kind": "fact", "text": "Companies House lists Alexander David Greensill as a director of Greensill Capital Trading Limited from 17 October 2014, with no resignation recorded before the company was dissolved, Jason Richard Alexander Austin as a director from 17 October 2014 to 24 June 2019 and Peter Edward Greensill as a director from 27 November 2014 to 24 January 2021.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-010", "src-026", "src-014" ], "entity_ids": [ "gc-trading", "lex-greensill", "jason-austin", "peter-greensill" ] }, { "id": "c-lead-gci-directors", "kind": "fact", "text": "Companies House lists Alexander David Greensill as a director of Greensill Capital Investments Limited from 21 November 2016, with no resignation recorded before the company was dissolved, Jason Richard Alexander Austin as a director from 21 November 2016 to 24 June 2019 and Alastair Kenneth Eadie as a director from 24 June 2019 to 2 March 2021.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-010", "src-026", "src-019" ], "entity_ids": [ "gc-investments", "lex-greensill", "jason-austin", "alastair-eadie" ] }, { "id": "c-lead-laufer-directors", "kind": "fact", "text": "Companies House lists Alexander David Greensill as a director of Laufer Limited from 17 October 2016, with no resignation recorded before the company was dissolved, Jason Richard Alexander Austin as a director from 17 October 2016 to 24 June 2019 and Alastair Kenneth Eadie as a director from 24 June 2019 to 2 March 2021.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-010", "src-026", "src-019" ], "entity_ids": [ "laufer", "lex-greensill", "jason-austin", "alastair-eadie" ] }, { "id": "c-lead-trading-spv-officers", "kind": "fact", "text": "Companies House lists Alexander David Greensill and Alastair Kenneth Eadie as directors of Greensill Trading Limited from 22 November 2019, Greensill Trading 2 Limited from 9 December 2019, Greensill Trading 3 Limited from 16 December 2019 and Greensill Trading 4 Limited from 20 December 2019. Alastair Kenneth Eadie resigned from all four on 2 March 2021, while no resignation is recorded for Alexander David Greensill before the companies were dissolved; Jonathan Edward Myott Lane was company secretary of Greensill Trading Limited from 22 November 2019 to 23 September 2021.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-059", "src-010", "src-019" ], "entity_ids": [ "greensill-trading", "greensill-trading-2", "greensill-trading-3", "greensill-trading-4", "lex-greensill", "alastair-eadie", "jonathan-lane" ] }, { "id": "c-lead-earnd-directors", "kind": "fact", "text": "Companies House lists as directors of Earnd (UK) Limited Neil Albert Garrod (30 October 2019 to 4 March 2021), William Crothers (17 April 2020 to 4 February 2021), Sean Denis Robson-Hanafin (17 April 2020 to 20 December 2020), Alastair Kenneth Eadie (17 April 2020 to 4 March 2021) and Alexander David Greensill (from 4 March 2021, with no resignation recorded before the company was dissolved).", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-010", "src-022", "src-021", "src-020", "src-019" ], "entity_ids": [ "earnd-uk", "neil-garrod", "bill-crothers", "sean-hanafin", "alastair-eadie", "lex-greensill" ] }, { "id": "c-lead-ggt-directors", "kind": "fact", "text": "Companies House lists as directors of Greensill Global Trading Limited Alastair Kenneth Eadie (18 June 2020 to 26 April 2021), Sean Denis Robson-Hanafin (18 June 2020 to 20 December 2020) and Alexander David Greensill (from 26 April 2021, with no resignation recorded before the company was dissolved).", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-010", "src-022", "src-019" ], "entity_ids": [ "greensill-global-trading", "alastair-eadie", "sean-hanafin", "lex-greensill" ] }, { "id": "c-lead-gcsl-officers", "kind": "fact", "text": "Companies House records Alexander David Greensill as a director of Greensill Capital Securities Limited from 18 May 2015 to 9 April 2018 and again from 2 December 2019, Wasif Islam Raza as a director from 9 April 2018 to 8 October 2020, Neil Albert Garrod as a director from 2 December 2019 to 1 April 2022, and Hayley Louise James as company secretary from 25 September 2020 to 29 September 2021.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-010", "src-085", "src-021", "src-063" ], "entity_ids": [ "gcsl", "lex-greensill", "wasif-raza", "neil-garrod", "hayley-james" ] }, { "id": "c-lead-sels-gcsl", "kind": "attributed", "text": "A company-data aggregator's summary of Companies House filings records Ludwig Clemens Herbert Sels as appointed a director of Greensill Capital Securities Limited together with Wasif Islam Raza on 9 April 2018, when Alexander Greensill ceased to be a director, and as no longer a director from 29 January 2021.", "qualification": "No Companies House officer page for Ludwig Clemens Herbert Sels is in the record, and the aggregator's dates may be filing dates rather than effective dates. Companies House itself confirms that Wasif Islam Raza was appointed and Alexander David Greensill resigned on 9 April 2018.", "response": "", "outcome": "", "source_ids": [ "src-086", "src-010", "src-085" ], "entity_ids": [ "ludwig-sels", "gcsl", "wasif-raza", "lex-greensill" ] }, { "id": "c-lead-gmbh-managers", "kind": "attributed", "text": "Commercial-register publications for Greensill GmbH, as summarised by company-data aggregators, show Alexander Greensill and Danyon Mayall Lloyd as managing directors from the company's registration on 28 March 2019; a publication of 16 March 2021 records that Danyon Mayall Lloyd was no longer a managing director, and one of 26 May 2023 records the liquidation of the company, Simon Slobbe as liquidator and that Alexander Greensill was no longer a managing director.", "qualification": "The register publications are known from aggregator summaries; the commercial register entries are not themselves in the record, and the dates given are publication dates.", "response": "", "outcome": "", "source_ids": [ "src-036", "src-037" ], "entity_ids": [ "greensill-gmbh", "lex-greensill", "danyon-lloyd", "simon-slobbe" ] }, { "id": "c-lead-gbag-board-2020", "kind": "attributed", "text": "According to a company-data aggregator's copy of a commercial-register announcement of 5 August 2020 for Greensill Bank AG (Amtsgericht Bremen, HRB 4088), Danyon Mayall Lloyd and one other member left the bank's management board (Vorstand), and Ann-Christin Rebekka Rathjen and Ingo Schwartz were entered as management board members, each also holding Prokura (a registered commercial power of attorney).", "qualification": "The announcement is known only from aggregator copies, which show the Bremen entry under the name ARIMA Beteiligungs GmbH, a name the record does not explain; a second aggregator dates the corresponding publication 6 August 2020. The register extract itself is not in the record.", "response": "", "outcome": "", "source_ids": [ "src-120", "src-036" ], "entity_ids": [ "greensill-bank", "danyon-lloyd", "ann-christin-rathjen", "ingo-schwartz" ] }, { "id": "c-lead-gbag-board-2021", "kind": "attributed", "text": "A company-data aggregator's copy of a register announcement of 26 April 2021 for the same Bremen entry records that Markus Antonius Nünnerich and Ann-Christin Rebekka Rathjen left the management board of Greensill Bank AG. The same aggregator's profile lists Ann-Christin Rebekka Rathjen as holder of Prokura at the bank from 14 May 2018 to 4 August 2020 and again from 27 April 2021, and as a management board member from 5 August 2020 to 26 April 2021.", "qualification": "Aggregator data only: the profile lists the periods without labelling each one, and the pairing of periods with roles follows the announcements of 5 August 2020 and 26 April 2021. The register itself is not in the record.", "response": "", "outcome": "", "source_ids": [ "src-123" ], "entity_ids": [ "greensill-bank", "markus-nuennerich", "ann-christin-rathjen" ] }, { "id": "c-lead-lex-shotwick-director", "kind": "fact", "text": "Companies House records Alexander David Greensill as a director of Shotwick Park Estate Limited (14009366) from 29 March 2022 to 5 June 2026.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-010" ], "entity_ids": [ "lex-greensill", "shotwick-park" ] }, { "id": "c-lead-shotwick-psc", "kind": "fact", "text": "The register of persons with significant control of Shotwick Park Estate Limited shows Alexander David Greensill from 29 March 2022 to 5 June 2026 with 75% or more of the shares and voting rights and the right to appoint or remove directors. On 5 June 2026 Peter Edward Greensill was entered with the same controls and removed the same day, and Alexander David Greensill was entered again with 75% or more of the shares, more than 25% but not more than 50% of the voting rights and the right to appoint or remove directors.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-100" ], "entity_ids": [ "shotwick-park", "lex-greensill", "peter-greensill" ] }, { "id": "c-lead-peter-cultivar", "kind": "fact", "text": "A second Companies House officer record for Peter Edward Greensill, with identifying details matching the former director of Greensill Capital (UK) Limited, lists one appointment: director of Cultivar International UK Limited (13901285) since 8 February 2022.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-060" ], "entity_ids": [ "peter-greensill", "cultivar-uk", "gcuk" ] }, { "id": "c-lead-eadie-fractus", "kind": "fact", "text": "Companies House records Alastair Kenneth Eadie as a director of Fractus CFO Ltd (16828244) since 3 November 2025 and, from the same date, as its person with significant control with 75% or more of the shares and voting rights and the right to appoint or remove directors.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-111", "src-019" ], "entity_ids": [ "alastair-eadie", "fractus-cfo" ] }, { "id": "c-lead-hanafin-silver-birch", "kind": "fact", "text": "Companies House records Sean Denis Robson-Hanafin as a director of Silver Birch Finance Limited (13362558) since 28 April 2021 and of other Silver Birch companies, including Silver Birch Finance Holdings Limited (15 to 29 April 2021 and again since 31 July 2024), Silver Birch Trading Holdings Limited (since 20 July 2022) and Silver Birch Technology Limited (since 25 April 2025).", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-022" ], "entity_ids": [ "sean-hanafin", "silver-birch-finance" ] }, { "id": "c-lead-hanafin-tradeteq", "kind": "fact", "text": "Companies House records Sean Denis Robson-Hanafin as a director of Tradeteq Ltd (10234056) and of Tradeteq (Advisors) Ltd (09837868) since 8 May 2025.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-022" ], "entity_ids": [ "sean-hanafin", "tradeteq" ] }, { "id": "c-lead-silver-birch-launch-press", "kind": "attributed", "text": "A press report (May 2021) said that Silver Birch Finance, a new trade finance venture co-founded by Sean Hanafin and joined by other former Greensill colleagues, was about to launch, with its infrastructure funded by seed capital from partners at TDR Capital; it described Sean Hanafin as having worked for 18 months at Greensill, most recently as president and global head of origination for multinational corporates.", "qualification": "This is a press account based on unnamed sources before the launch; the founders, the role of each founder and the funding are not shown in the retained registry records, which record only Sean Robson-Hanafin's directorship of Silver Birch Finance Limited from 28 April 2021.", "response": "The same report said that a spokesman for Silver Birch Finance confirmed it would announce its launch that week, and that people close to the firm said it would not provide supply chain finance of the kind offered by Greensill Capital, its model being based on receivables and inventory finance rather than payables.", "outcome": "", "source_ids": [ "src-047", "src-022" ], "entity_ids": [ "sean-hanafin", "silver-birch-finance" ] }, { "id": "c-lead-silver-birch-tradeteq-press", "kind": "attributed", "text": "A trade-press report (May 2025) said that Silver Birch, a working capital structuring and advisory firm led by chief executive Sean Hanafin and backed by partners at TDR Capital, had acquired the trade finance technology company Tradeteq, and that Silver Birch said the deal raised its outstanding working capital volumes by 50% to US$1.5bn.", "qualification": "The acquisition terms and the volume figure are the company's statements as reported by the press; no transaction document is in the record. Companies House records Sean Robson-Hanafin as a director of Tradeteq Ltd from 8 May 2025.", "response": "", "outcome": "", "source_ids": [ "src-048", "src-022" ], "entity_ids": [ "sean-hanafin", "silver-birch-finance", "tradeteq" ] }, { "id": "c-lead-ras-pemberton", "kind": "attributed", "text": "A company-data aggregator's executive profile lists Bartholomeus Gerardus Joannes Ras as a former Managing Director, Working Capital Finance, EMEA, of Pemberton Capital Advisors LLP.", "qualification": "The profile gives no dates and is not confirmed by a register record or company statement in the retained sources; when the role was held relative to the directorship of Greensill Capital (UK) Limited is not stated.", "response": "", "outcome": "", "source_ids": [ "src-078", "src-003" ], "entity_ids": [ "bart-ras", "pemberton", "gcuk" ] }, { "id": "c-lead-thompson-caversham", "kind": "fact", "text": "Companies House records Maurice Nicholas Beech Thompson as a director of Caversham Finance Limited (00785922) from 1 November 2014 to 2 June 2018.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-025" ], "entity_ids": [ "maurice-thompson", "caversham-finance" ] }, { "id": "c-lead-gorman-chairman-emeritus", "kind": "attributed", "text": "A company-data aggregator's executive profile, citing the team page of the Greensill website as captured in 2019, describes John Gorman as a co-founder and \"Chairman Emeritus\" of Greensill and an entrepreneur in real estate, financial services, manufacturing and agriculture, and attaches the title to Greensill Capital (UK) Limited.", "qualification": "The description rests only on an aggregator's copy of the former Greensill website. John Gorman does not appear among the 20 officers of Greensill Capital (UK) Limited in the Companies House register, so the title was not a registered office of that company, and the record does not show which Greensill entity, if any, John Gorman held a position in.", "response": "", "outcome": "", "source_ids": [ "src-087", "src-078", "src-003" ], "entity_ids": [ "john-gorman", "gcuk" ] }, { "id": "c-lead-laverty-grant-thornton", "kind": "fact", "text": "Christine Mary Laverty, appointed on 8 March 2021 as one of the joint administrators of Greensill Capital (UK) Limited and Greensill Capital Management Company (UK) Limited, is recorded at Companies House as a member of Grant Thornton UK LLP from 1 February 2019 to 15 April 2025 and as a member of Grant Thornton UK Advisory & Tax LLP since 14 April 2025.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-004", "src-075" ], "entity_ids": [ "chris-laverty", "gcuk", "gcmc", "grant-thornton-uk", "grant-thornton-advisory" ] }, { "id": "c-lead-rowley-frp", "kind": "fact", "text": "Geoffrey Paul Rowley, whom Credit Suisse appointed with Anthony John Wright of FRP Advisory Trading Limited as receivers of a charged account and receivables of Greensill Capital (UK) Limited on 5 March 2021, is recorded at Companies House as a director of FRP Advisory Group plc and FRP Advisory Trading Limited since 14 November 2019 and as a designated member of FRP Advisory Services LLP since 9 December 2019.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029", "src-058" ], "entity_ids": [ "geoffrey-rowley", "anthony-wright", "frp-advisory-trading", "credit-suisse", "gcuk" ] }, { "id": "c-biz-receivables-and-scf", "kind": "fact", "text": "In [2026] EWHC 639 (Ch), a judgment of 18 March 2026, the High Court described the business of Greensill Capital (UK) Limited as extending credit at a discount to customers in return for the assignment of receivables owed by the customers' debtors (accounts receivable financing), and extending discounted credit under supply chain financing, that is, advances that let a customer pay unpaid invoices from its own suppliers. The Commercial Court in [2024] EWHC 3068 (Comm) likewise described GCUK's business as including supply chain financing of a customer's payables and accounts receivable financing in which GCUK purchased receivables.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-005", "src-041" ], "entity_ids": [ "gcuk" ] }, { "id": "c-biz-funding-sources", "kind": "fact", "text": "The High Court in [2026] EWHC 639 (Ch) described Greensill Capital (UK) Limited as funded partly by advances from Greensill Bank AG, a German company that was another subsidiary of Greensill Capital Pty Limited, and partly by securitisation: the receivables and their related rights were assigned to a Luxembourg note-issuing securitisation vehicle, and the notes were bought by third-party investors, many of whom invested through Credit Suisse Virtuoso SICAV-SIF and its sub-fund managed by Credit Suisse Asset Management (Switzerland) AG.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-005" ], "entity_ids": [ "gcuk", "greensill-bank", "gcpty", "cs-virtuoso", "csam" ] }, { "id": "c-biz-origination-distribution", "kind": "fact", "text": "According to the joint administrators' statement of proposals, Greensill Capital (UK) Limited was the group's main trading entity: it arranged supply chain finance and other working capital financing, used bespoke IT platforms to buy working capital and supply chain receivables, and sold the receivables, or notes backed by them, generally within 24 hours to financial institutions, specialist funds and Greensill Bank AG. In direct assignments the receivables were sold outright; for note issues they were transferred to insolvency-remote special purpose vehicles that issued notes secured on them. GCUK also offered accounts receivable financing, instalment payment agreements and purchases of portfolios of supplier irrevocable payment undertakings.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029" ], "entity_ids": [ "gcuk", "greensill-bank" ] }, { "id": "c-biz-transaction-steps", "kind": "fact", "text": "The administrators' proposals, whose diagram the Treasury Committee reproduced in its report of 20 July 2021, set out the cycle of a transaction: a supplier invoiced its customer (the obligor); Greensill Capital (UK) Limited agreed to pay the invoice to the supplier at a discount to its face value; receivables of buyers below investment grade were sold with the benefit of insurance; the assets were sold to investors by direct assignment or as notes backed by the receivables, and GCUK paid the supplier out of the sale proceeds. At maturity the obligor paid GCUK the face value and GCUK repaid the investors, the difference between the discounted price and the face value being profit shared between GCUK and the investor.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029", "src-031" ], "entity_ids": [ "gcuk" ] }, { "id": "c-biz-boe-funding-model", "kind": "attributed", "text": "The Treasury Committee's report 'Lessons from Greensill Capital', published on 20 July 2021, records that the Bank of England described Greensill's funding model as 'complex' and as having 'non-standard features'. According to the report, Greensill, unlike most other UK providers, funded its operations mainly from outside investors: it issued secured commercial paper through a special purpose vehicle registered in Luxembourg, packaging invoices into notes bought by its investors, for example a fund managed by Credit Suisse, while others were bought by Greensill Bank; its reliance on investor funding made it vulnerable to a contraction in that funding.", "qualification": "The description of the model as complex and non-standard and the assessment of its vulnerability are the Bank of England's characterisations in written evidence, as reported by the Committee; they are not findings of a court, and the report speaks of 'Greensill' as a group rather than of Greensill Capital (UK) Limited alone.", "response": "The report also quotes a paper Greensill shared with the Bank of England, in which Greensill described itself as the first to take a traditionally bank-only product and open it up to the capital markets.", "outcome": "", "source_ids": [ "src-031" ], "entity_ids": [ "credit-suisse", "greensill-bank" ] }, { "id": "c-biz-hoffman-maa", "kind": "fact", "text": "To issue securitised notes, Greensill Capital (UK) Limited entered into agreements with Hoffman S.à r.l., a Luxembourg private limited company, and Citibank N.A., London Branch as note trustee. On 21 December 2017 GCUK, Hoffman and Citibank signed a Master Assignment Agreement, an umbrella agreement setting the terms on which GCUK could sell and assign to Hoffman its rights in Payment Obligations and related Additional Rights, while Hoffman, as issuer, was party with Citibank to a Master Trust Deed originally dated 13 October 2017 and supplemented on 21 December 2017, which governed the issue of notes under the Hoffman Note Programme ([2025] EWHC 2631 (Ch)).", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "gcuk", "hoffman", "citibank-london" ] }, { "id": "c-biz-note-trustee-glas", "kind": "fact", "text": "GLAS Trust Corporation Limited, a professional trustee company, was appointed note trustee for the Fairymead Notes issued by Hoffman S.à r.l. on 28 February 2023, replacing Citibank N.A., London Branch, which had acted as note trustee since the first issue of those notes in December 2019; GLAS was the second claimant in [2025] EWHC 2631 (Ch).", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "glas", "citibank-london", "hoffman" ] }, { "id": "c-biz-fairymead-pbb", "kind": "fact", "text": "In the Fairymead multi-obligor programme that financed the Katerra group, Greensill Capital (UK) Limited originated the notes to fund the obligations under the Participation Agreement and the Receivables Purchase Agreement; Greensill Limited granted GCUK security for its obligations by a Security Agreement dated 19 December 2019, and on the same day GCUK notified Hoffman S.à r.l. of a 'PBB Product Schedule' made under the Master Assignment Agreement of 21 December 2017, whose product code PBB was used in Offer Files from at least 14 September 2020 and in each relevant Offer File for the Fairymead Notes ([2025] EWHC 2631 (Ch)).", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "gcuk", "greensill-limited", "hoffman", "katerra" ] }, { "id": "c-biz-csam-funds-fca", "kind": "fact", "text": "In a letter of 4 May 2021 to the Treasury Committee, the FCA stated that Credit Suisse Asset Management operated four supply chain finance sub-funds through fund vehicles in Luxembourg and Liechtenstein, which were qualified-investor alternative investment funds not open to retail investors and were supervised, with their management companies, by the Luxembourg CSSF and the Liechtenstein FMA. Portfolio management for all of them was performed by Credit Suisse Asset Management (Switzerland) AG under FINMA supervision, and the FCA-regulated CSAM Limited and Credit Suisse UK Limited marketed and distributed them to UK investors.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-016" ], "entity_ids": [ "csam" ] }, { "id": "c-biz-gam-funds-fca", "kind": "fact", "text": "The FCA's letter of 4 May 2021 also stated that, until mid-2018, the Swiss GAM AG Group operated sub-funds of its Absolute Return Bond Fund range, Luxembourg alternative investment funds supervised by the CSSF with portfolio management by the FCA-authorised GAM Investment Management Limited, which invested among other things in Greensill supply chain finance assets and included sub-funds named 'GAM Greensill Supply Chain Finance Funds'; on 2 March 2021 GAM announced the liquidation of the last remaining GAM Greensill Supply Chain Finance Fund, which then held $842m in assets.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-016" ], "entity_ids": [ "gam-im" ] }, { "id": "c-biz-gcsl-placement", "kind": "fact", "text": "According to the FCA's letter of 4 May 2021, Greensill Capital Securities Limited (GCSL), part of the Greensill Capital (UK) Limited group, was an appointed representative of the FCA-authorised Mirabella Advisers LLP from 10 August 2017 until Mirabella terminated that status on 5 March 2021. GCSL arranged and distributed Greensill's loan notes to institutional investors, while the structuring of the notes and the provision of supply chain finance were carried out by GCUK; the FCA noted that originating a supply chain finance instrument is not a regulated activity.", "qualification": "", "response": "", "outcome": "On 15 December 2025 the FCA announced that it had closed the investigation, opened on 4 May 2021, into Mirabella's oversight of Greensill Capital Securities Limited as its appointed representative, having identified no breaches by Mirabella requiring further action.", "source_ids": [ "src-016", "src-046" ], "entity_ids": [ "gcsl", "gcuk", "mirabella" ] }, { "id": "c-biz-gcsl-aml", "kind": "fact", "text": "The FCA told the Treasury Committee that Greensill Capital Securities Limited was not among the firms it supervised under the Money Laundering Regulations, but that its parent Greensill Capital (UK) Limited, as an Annex 1 firm under those regulations, was required to ensure that the subsidiary applied the relevant anti-money-laundering policies, controls and procedures to the extent that it did business subject to the regulations.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-016" ], "entity_ids": [ "gcuk", "gcsl" ] }, { "id": "c-biz-eea-mtf-listing", "kind": "fact", "text": "The FCA's letter of 4 May 2021 stated that certain Greensill securities, whose structuring was carried out by Greensill Capital (UK) Limited, were classed as 'officially listed' because they were listed on multilateral trading facilities in the European Economic Area, which allowed them to be distributed to UK investors without being subject to the UK listing regime and its FCA scrutiny; the FCA added that such venues might not have sought recognition as Recognised Overseas Investment Exchanges and cited the case as an example of regulatory arbitrage.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-016" ], "entity_ids": [ "gcuk" ] }, { "id": "c-biz-first-loss-risk", "kind": "fact", "text": "In the strategic report for 2019, Greensill Capital (UK) Limited stated that it originated assets mainly for distribution to third parties or other group companies, that default risk on certain of them was mitigated by credit insurance on which the company took a first loss, and that it was therefore indirectly exposed to default risk on the originated assets although they were mostly not held on its balance sheet; among its key risks it also listed concentration on certain customers, key employees and suppliers after significant revenue growth over the previous two years.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018" ], "entity_ids": [ "gcuk" ] }, { "id": "c-biz-structured-entities", "kind": "fact", "text": "Note 28 to the 2019 accounts of Greensill Capital (UK) Limited states that the company used bankruptcy-remote structured entities, which it sponsored but did not consolidate, to distribute assets to investors: financial assets with a carrying amount of $38.4bn (2018: $28.0bn) were transferred to them during 2019 at a total discount of $495m (2018: $290m), and GCUK covered their administrative expenses of $4,084,000 (2018: $4,965,000). GCUK derecognised the transferred assets but sometimes kept a small interest through first losses under insurance policies, credit default swaps or loss-absorption mechanisms required by the end investors, and kept similar first losses on assets transferred directly to Greensill Bank AG; the note put the maximum exposure to loss from the first losses under the insurance policies at $1,036m (2018: $428m) and the expected credit losses on that exposure at $59.3m (2018: $16.6m).", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018" ], "entity_ids": [ "gcuk", "greensill-bank" ] }, { "id": "c-biz-insurance-loss-payee", "kind": "fact", "text": "Credit Suisse Asset Management's investor Q&A of 15 December 2022 states that insurance for the notes held by its supply chain finance funds was generally bought as described in the fund documents, with the fund named as loss payee on policies under which Greensill entities such as Greensill Bank AG were the insured, and that it was meant to cover both purchases of existing receivables and suppliers' undertakings relating to future services or deliveries; claims had to be submitted by the policyholder, Greensill Bank. At 26 February 2021 insurance had been bought for all obligors and note programmes of the Credit Suisse (Lux) Supply Chain Finance Fund, for more than one-third of the notes of the Credit Suisse Nova (Lux) Supply Chain Finance High Income Fund and, in the two investment grade funds, for obligors rated A- or lower.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-033" ], "entity_ids": [ "csam", "greensill-bank", "cs-lux-scf" ] }, { "id": "c-biz-parallel-policies", "kind": "fact", "text": "In [2024] EWHC 3068 (Comm), a judgment of 3 December 2024, the Commercial Court described Greensill's trade credit insurance as a parallel policy structure: for each insured risk a 'master' policy named Greensill Capital (UK) Limited as insured and a 'parallel' policy named Greensill Bank AG. GCUK acted as servicer for the bank, originating the financings, arranging and paying for the cover and making disclosures and representations to insurers; it paid the substantive premium, the bank's policy requiring only a nominal $1, and was responsible for paying back to the insurer a sum equal to any deductible on a claim, the bank's policy having no deductible.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-041" ], "entity_ids": [ "gcuk", "greensill-bank" ] }, { "id": "c-biz-gbag-sla", "kind": "fact", "text": "The service level agreements between Greensill Capital (UK) Limited and Greensill Bank AG, quoted in [2024] EWHC 3068 (Comm), described their working relationship as a long-term business partnership concerned mainly with the bank's refinancing of the supply chain finance business that GCUK acquired with commercial customers, with GCUK providing 'trust holdings' to the bank, and stated an 'at-arms-length principle' under which the two could operate as separate businesses that 'are not a group of companies'.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-041" ], "entity_ids": [ "gcuk", "greensill-bank" ] }, { "id": "c-biz-disclosure-pack", "kind": "fact", "text": "An 'insurance disclosure pack' that Greensill Capital (UK) Limited gave Marsh in September 2020, quoted in [2024] EWHC 3068 (Comm), described GCUK as predominantly the originator of the assets to be insured and the party holding the relationship with Marsh and the insurers, and described Greensill Bank AG, together with other parties taking the benefit of the bank's insurances as loss payees, as an investor provided with the insurance that GCUK arranged through Marsh.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-041" ], "entity_ids": [ "gcuk", "greensill-bank", "marsh" ] }, { "id": "c-biz-marsh-broker", "kind": "fact", "text": "From 2014 Marsh Ltd provided insurance broking and other services to Greensill Capital (UK) Limited and Greensill Bank AG under a series of Letters of Engagement addressed to GCUK and signed by a GCUK officer, and most of Marsh's communications and instructions on both the master and the parallel policies were with GCUK ([2024] EWHC 3068 (Comm)). The incorporated Terms of Engagement capped Marsh's liability for broking services at £7.5 million, later raised to £10 million, and gave the English courts exclusive jurisdiction over disputes.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-041" ], "entity_ids": [ "marsh", "gcuk", "greensill-bank" ] }, { "id": "c-biz-it-platforms", "kind": "fact", "text": "The revised intellectual property assignment agreement for Greensill Capital (UK) Limited, filed on 22 October 2021 in the Chapter 11 case of Greensill Capital Inc. (21-10561 (MEW), Southern District of New York), lists ten software items developed for or on behalf of GCUK that Greensill Capital Inc. was to assign to it, among them the Accounts Receivable Module, the Greensill Payments Engine, the New Core System that packaged assets into investor offers and placed them, the Greensill Trading Module for offer and acceptance, a Client File Converter, an Allocation Tool, a Decision Engine, Shared Services, Verdi and Greensill Finance SAP. The Decision Engine, a Python script, recommended which obligors' assets could be sold to which investor, for example Airbus assets to Greensill Bank or Credit Suisse, using current exposure and headroom under insurance, investor and concentration limits.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-062" ], "entity_ids": [ "gcuk", "greensill-inc", "greensill-bank", "credit-suisse" ] }, { "id": "c-biz-purchaser-agent", "kind": "fact", "text": "By a Fourth Omnibus Amendment dated 2 January 2018, filed as Exhibit 10.31 with the US Securities and Exchange Commission, Greensill Capital Inc. assigned to its affiliate Greensill Capital (UK) Limited its role as Purchaser Agent under the Amended and Restated Receivables Purchase Agreement of 22 November 2016, a receivables programme in which Wise Alloys Funding II LLC sold receivables, serviced by Wise Alloys LLC, to Hitachi Capital America Corp. and Intesa Sanpaolo S.p.A., New York Branch, with Constellium Holdco II B.V. as parent. The amendment raised the Facility Amount under the related Receivables Sale Agreement from USD 325,000,000 to USD 375,000,000 and Intesa's commitment from $125,000,000 to $175,000,000, extended the purchase termination date from 24 January 2018 to 24 January 2020, and was signed for both Greensill companies by Jonathan Lane as General Counsel.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-043" ], "entity_ids": [ "gcuk", "greensill-inc", "jonathan-lane" ] }, { "id": "c-biz-future-receivables-figures", "kind": "attributed", "text": "Figures that Lex Greensill gave the Treasury Committee, reproduced in its report of 20 July 2021, put Greensill's total asset flow at $27,263m in 2018, $143,039m in 2019 and $142,937m in 2020, of which future receivables were $470m (2%), $10,615m (7%) and $15,401m (11%); Greensill Bank bought 6%, 7% and 11% of the total flow but 0% of the future receivables in 2018 and 73% in both 2019 and 2020. The Committee noted that as future receivables grew, Greensill switched from selling them mainly to other investors to selling them mainly to Greensill Bank.", "qualification": "The figures were supplied by Lex Greensill and cover Greensill as a whole rather than Greensill Capital (UK) Limited alone; the record contains no independent check of them. The copy of Lex Greensill's written evidence in the record shows 87% instead of 89% for the 2020 share of total flow sold to other investors, while the report's table shows 89%, consistent with the 11% sold to Greensill Bank.", "response": "", "outcome": "", "source_ids": [ "src-031", "src-080" ], "entity_ids": [ "lex-greensill", "greensill-bank" ] }, { "id": "c-biz-future-receivables-term", "kind": "attributed", "text": "In written evidence to the Treasury Committee dated 22 June 2021, Lex Greensill said that the term 'prospective receivables', which Sanjeev Gupta had used in a letter of 7 April 2021 for Greensill's arrangements with its clients, including some GFG Alliance companies, was unknown to Greensill Capital and appeared in no client or investor documentation, and that Greensill Capital offered 'future receivables' programmes whose nature was fully disclosed to investors.", "qualification": "This is Lex Greensill's own account to a parliamentary committee; it was not tested in any proceedings in the record.", "response": "", "outcome": "The Committee reported that Mr Greensill declined to explain precisely what 'future receivables' were or how they differed from Mr Gupta's description, said it was 'left in some doubt' about how they operated, and considered that prospective receivables as Mr Gupta described them would appear to be a significantly riskier form of lending than traditional supply chain finance.", "source_ids": [ "src-080", "src-031" ], "entity_ids": [ "lex-greensill", "sanjeev-gupta", "gfg" ] }, { "id": "c-biz-peps", "kind": "fact", "text": "The Treasury Committee's report of 20 July 2021 states that Greensill provided the financing for the Pharmacy Early Payment Scheme, which let pharmacies receive funding earlier than under the standard government payment schedule. The Chancellor's evidence quoted in the report says the scheme was introduced by the Department of Health and Social Care in 2013 and delivered by Citibank, and that in 2018 Taulia replaced Citibank as provider under a contract with the NHS Business Services Authority made through a Crown Commercial Service framework and contracted Greensill to provide the financing, HM Treasury having no record of involvement in that process.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-031" ], "entity_ids": [ "taulia" ] }, { "id": "c-acc-2017", "kind": "fact", "text": "The audited accounts of Greensill Capital (UK) Limited (GCUK) for 2017 report revenue of $115.9 million (2016: $42.1 million), of which $103.8 million came from supply chain finance products, an operating profit of $34.5 million (2016: an operating loss of $57.4 million) and a profit after tax of $31.9 million (2016: a loss of $54.4 million). At 31 December 2017 total assets were $368.9 million (2016: $152.6 million), total liabilities $270.1 million (2016: $117.7 million) and net assets $98.8 million (2016: $34.9 million); no dividend was paid.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-082", "src-097" ], "entity_ids": [ "gcuk" ] }, { "id": "c-acc-2016-impairments", "kind": "attributed", "text": "In the strategic report for 2017, the directors of Greensill Capital (UK) Limited (GCUK) explained that the 2016 administrative expenses of $99.5 million (2017: $86.1 million) included one-off impairments on historic loans; they said that after a strategic decision in early 2016 to improve the quality of the portfolio, the large losses of 2016 were not expected to recur.", "qualification": "This is the directors' own explanation in the strategic report; the retained accounts do not itemise the impairments or identify the loans concerned.", "response": "", "outcome": "", "source_ids": [ "src-082" ], "entity_ids": [ "gcuk" ] }, { "id": "c-acc-2018", "kind": "fact", "text": "For 2018, Greensill Capital (UK) Limited (GCUK) reported revenue of $233.6 million, 101% more than in 2017, made up of $112.5 million from supply chain finance products and $121.1 million of other income; administrative expenses of $193.5 million; an impairment charge of $13.3 million after the adoption of IFRS 9; and a profit after tax of $33.3 million. At 31 December 2018 total assets were $277.7 million, total liabilities $148.7 million and equity $129.1 million; no dividend was paid.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-097" ], "entity_ids": [ "gcuk" ] }, { "id": "c-acc-2019", "kind": "fact", "text": "For 2019, Greensill Capital (UK) Limited (GCUK) reported revenue of $419.6 million (2018: $233.6 million), an operating profit of $37.5 million after impairment expenses of $47.3 million, and a profit after tax of $31.8 million. At 31 December 2019 its total assets were $682.3 million, including $251.1 million of cash and $281.7 million of financial assets; total liabilities were $527.0 million and net assets $155.3 million.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018" ], "entity_ids": [ "gcuk" ] }, { "id": "c-acc-2019-regions", "kind": "fact", "text": "Greensill Capital (UK) Limited (GCUK) reported its 2019 revenue by region as $209.8 million from Europe, the Middle East and Africa (2018: $77.1 million), $176.2 million from the Americas (2018: $102.8 million) and $33.6 million from Asia Pacific (2018: $53.7 million).", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018" ], "entity_ids": [ "gcuk" ] }, { "id": "c-acc-2019-payables", "kind": "fact", "text": "At 31 December 2019 the trade and other payables of Greensill Capital (UK) Limited (GCUK) were $448.8 million, including $219.5 million owed to fellow group undertakings and $197.3 million of accruals; the chief executive's statement in the accounts attributed the rise in current liabilities from $149 million to $513 million mainly to increases of $189 million in amounts due to fellow group undertakings and $168 million in accruals.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018" ], "entity_ids": [ "gcuk" ] }, { "id": "c-acc-auditor", "kind": "fact", "text": "Saffery Champness LLP audited the accounts of Greensill Capital (UK) Limited (GCUK) for 2017, 2018 and 2019 and reported each year that they gave a true and fair view of the company's affairs and of its profit for the year. Its report on the 2018 accounts is dated 1 July 2019, and its report on the 2019 accounts is dated 26 May 2020, four days after the directors signed their report for that year on 22 May 2020.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018", "src-082", "src-097" ], "entity_ids": [ "gcuk", "saffery-champness" ] }, { "id": "c-acc-no-employees", "kind": "fact", "text": "Greensill Capital (UK) Limited (GCUK) reported no employees other than its directors in 2017, 2018 and 2019; according to the 2019 accounts, the directors were paid by another group company.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018", "src-082", "src-097" ], "entity_ids": [ "gcuk" ] }, { "id": "c-acc-share-issues", "kind": "fact", "text": "Greensill Capital (UK) Limited (GCUK) raised equity by issuing shares for $37.8 million in 2016 and $32.0 million in 2017, including 320,000 ordinary dollar shares of $0.01 each issued at $100 per share on 29 September 2017; its share premium account stood at $134.8 million from the end of 2017 to the end of 2019.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-082", "src-018" ], "entity_ids": [ "gcuk" ] }, { "id": "c-acc-kmp-pay", "kind": "fact", "text": "Key management personnel of Greensill Capital (UK) Limited (GCUK), including all directors, received $1,994,705 in 2016, $3,815,171 in 2017, $1,929,131 in 2018 and $14,643,229 in 2019 for their services to the company; most of this was paid by a fellow group company and recharged to GCUK as a management fee. The 2019 accounts attribute the increase to a doubling of the size of the executive team, the granting of share options and the outstanding performance of the business.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-082", "src-018" ], "entity_ids": [ "gcuk" ] }, { "id": "c-acc-kmp-loan", "kind": "fact", "text": "During 2019 a member of the key management personnel of Greensill Capital (UK) Limited (GCUK) lent the company $25,000,000; the loan was fully repaid during the year.", "qualification": "The accounts do not identify the lender or state the purpose, terms or interest of the loan.", "response": "", "outcome": "", "source_ids": [ "src-018" ], "entity_ids": [ "gcuk" ] }, { "id": "c-acc-ebt", "kind": "fact", "text": "In 2019 Greensill Capital (UK) Limited (GCUK) contributed $5,326,000 to the Greensill Capital Employee Benefit Trust; the contribution was recognised as a distribution directly in reserves and shown as a financing cash outflow.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018" ], "entity_ids": [ "gcuk" ] }, { "id": "c-acc-related-2017", "kind": "fact", "text": "At 31 December 2017 Greensill Capital Pty Limited, the parent, owed Greensill Capital (UK) Limited (GCUK) $136,396,264, whereas a year earlier GCUK had owed the parent $16,256,362; GCUK owed $238,881,818 to the parent's other subsidiaries. In 2017 those fellow subsidiaries charged GCUK management fees of $29,070,698, mainly for salaries, bonuses, travel and accommodation, the parent charged $1,967,300, and GCUK charged the parent $4,724,977 in interest.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-082" ], "entity_ids": [ "gcuk", "gcpty" ] }, { "id": "c-acc-related-2018", "kind": "fact", "text": "In 2018 the fellow subsidiaries of Greensill Capital Pty Limited charged Greensill Capital (UK) Limited (GCUK) management fees of $58,731,997, mainly for employee costs, the parent charged $5,122,945 and GCUK's own subsidiaries $210,000, while GCUK charged interest of $2,266,310 to the parent. At 31 December 2018 the parent owed GCUK $50,553,731 and GCUK owed $30,452,731 to fellow subsidiaries.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-097" ], "entity_ids": [ "gcuk", "gcpty" ] }, { "id": "c-acc-related-2019", "kind": "fact", "text": "In 2019 group undertakings charged Greensill Capital (UK) Limited (GCUK) management fees of $212.7 million (2018: $67.1 million). At 31 December 2019 group undertakings owed GCUK $12.7 million (2018: $50.7 million), GCUK owed them $219.5 million (2018: $30.5 million) plus $15.1 million of accrued fees. The accounts also record $9,000 of property rent paid to a member of key management personnel, $78,000 of revenue from an entity under common control of a member of key management personnel and $369,000 of administration services bought from an entity under common control.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018" ], "entity_ids": [ "gcuk" ] }, { "id": "c-acc-gam-c-shares", "kind": "fact", "text": "In 2017 Greensill Capital (UK) Limited (GCUK) acquired 11,936,000 C shares in \"GAM Greensill SCF SCSp\" (GAM Greensill Supply Chain Finance Fund SCSp) in exchange for assuming a matching payment obligation of $1,207,438,000; the shares and the obligation were offset under IAS 32, so that their net carrying value was nil.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-082" ], "entity_ids": [ "gcuk", "gam-scf" ] }, { "id": "c-acc-gam-2019", "kind": "fact", "text": "In 2019 Greensill Capital (UK) Limited (GCUK) subscribed a further $681,000 on 13 May and $25,000,000 on 19 June in GAM Greensill Supply Chain Finance Fund SCSp; the $25,000,000 was redeemed on 17 December 2019, leaving investments in subsidiaries of $793 thousand at the year end.", "qualification": "", "response": "", "outcome": "Notices published in Luxembourg's electronic register of companies and associations (RESA) on 21 March 2022 record that the shareholders of GAM Greensill Supply Chain Finance Fund SCSp decided on 2 March 2021 to put it into voluntary liquidation; a company-data aggregator summarising the Luxembourg register records the partnership as dissolved on 15 December 2022.", "source_ids": [ "src-018", "src-093", "src-088" ], "entity_ids": [ "gcuk", "gam-scf" ] }, { "id": "c-acc-gbag-instruments", "kind": "fact", "text": "After selling its shareholding in Greensill Bank AG to Greensill Capital Pty Limited in 2018, Greensill Capital (UK) Limited (GCUK) held contingent convertible loan notes issued by the bank worth $3,965 thousand at the end of 2018; at the end of 2019 it held contingent convertible loan notes and silent participations in the bank, a related party, worth $13,404 thousand, after a revaluation gain of $2,035,000 in 2019.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018", "src-097" ], "entity_ids": [ "gcuk", "greensill-bank", "gcpty" ] }, { "id": "c-acc-derivatives", "kind": "fact", "text": "At the end of 2018 Greensill Capital (UK) Limited (GCUK) held derivatives valued at $25,000 thousand, consisting of a warrant over the shares of another company valued with a model; at the end of 2019 it held derivatives of $51,561 thousand, relating to an equity warrant and foreign exchange forward contracts, and trading assets of $213,318 thousand held for a short time before distribution to investors.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018", "src-097" ], "entity_ids": [ "gcuk" ] }, { "id": "c-acc-continuing-involvement", "kind": "fact", "text": "The cost to Greensill Capital (UK) Limited (GCUK) of its continuing involvement in assets transferred to unconsolidated structured entities, made up of the cost of providing insurance and credit default swaps for the end investors and the charge for expected credit losses on those assets, was $55.3 million in 2019 (2018: $18.7 million) and $71.8 million cumulatively; GCUK had no contractual obligation to repurchase any of the transferred assets.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018" ], "entity_ids": [ "gcuk" ] }, { "id": "c-acc-nao-group", "kind": "attributed", "text": "According to the National Audit Office's July 2021 report, Greensill reported that the Greensill group provided $143 billion of financing in 2019 to more than eight million customers and suppliers in more than 170 countries, and that for the year to 31 December 2019 the group had global revenues of over $475 million, an operating profit of more than $52 million, total assets of more than $5.3 billion and net assets of $440 million.", "qualification": "These are Greensill's own figures as relayed by the NAO, which did not audit them; the consolidated accounts of Greensill Capital Pty Limited are not in the record.", "response": "", "outcome": "", "source_ids": [ "src-077" ], "entity_ids": [ "gcpty" ] }, { "id": "c-cs-four-funds-nav", "kind": "fact", "text": "Credit Suisse Asset Management's investor Q&A of 15 December 2022 identifies four Credit Suisse supply chain finance funds and gives their net asset values at 26 February 2021: the Credit Suisse (Lux) Supply Chain Finance Fund, a sub-fund of Credit Suisse Virtuoso SICAV-SIF, USD 7,253 mn; the Credit Suisse Nova (Lux) Supply Chain Finance High Income Fund USD 1,834 mn; the Credit Suisse Nova (Lux) Supply Chain Finance Investment Grade Fund USD 260 mn; and the Liechtenstein-domiciled Credit Suisse Supply Chain Finance Investment Grade Fund USD 669 mn, a total of USD 10,016 mn.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-033" ], "entity_ids": [ "csam", "cs-lux-scf", "cs-virtuoso" ] }, { "id": "c-cs-suspension", "kind": "fact", "text": "On 1 March 2021 the boards of the four Credit Suisse supply chain finance funds suspended redemptions and subscriptions and then approved the start of their liquidation. Credit Suisse Asset Management's December 2022 Q&A gives as reasons the considerable uncertainty about the valuation of some of the funds' assets and the reduced availability of insurance cover for new investments, which made it unachievable for the funds to stay invested in line with their investment policies; management fees were waived.", "qualification": "", "response": "Lex Greensill told the Treasury Committee that Greensill failed because its principal insurance provider decided not to renew its cover and, ultimately, Credit Suisse determined that it would no longer fund Greensill's business, roughly a week before the administration; Lex Greensill attributed the failure to that withdrawal of insurance capacity.", "outcome": "Credit Suisse Asset Management reported that by 30 November 2022 about USD 6.78 bn had been returned to the funds' investors in seven instalments and that, with the cash still held, the funds' cash position equalled about USD 7.4 bn, or 74% of their assets under management at suspension.", "source_ids": [ "src-033", "src-031" ], "entity_ids": [ "csam" ] }, { "id": "c-cs-subfund-management", "kind": "fact", "text": "Credit Suisse Virtuoso SICAV-SIF is a Luxembourg investment company with an umbrella structure of sub-funds holding segregated assets and liabilities; its Credit Suisse (Lux) Supply Chain Finance Fund held the beneficial interests in the Fairymead Notes, which had a principal face value of $439,999,710. Its alternative investment fund manager for that sub-fund was originally Credit Suisse Fund Management, which delegated portfolio management to Credit Suisse Asset Management (Schweiz) AG ([2025] EWHC 2631 (Ch)).", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "cs-virtuoso", "cs-lux-scf", "csam" ] }, { "id": "c-cs-am-personnel", "kind": "fact", "text": "According to the uncontentious facts recorded in [2025] EWHC 2631 (Ch), Eric Varvel was Credit Suisse's Global Head of Asset Management between late 2019 and mid-2021, and Michel Degen, head of the Swiss and EMEA asset management divisions, reported to Varvel; Degen's team included Luc Mathys, head of fixed income asset management, and Lukas Haas, a portfolio manager at Credit Suisse Asset Management.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "credit-suisse", "csam" ] }, { "id": "c-cs-csam-established-2017", "kind": "attributed", "text": "A press report (March 2017) of a Credit Suisse announcement said that Credit Suisse AG was transferring its Swiss asset management business to a new legal entity, Credit Suisse Asset Management (Schweiz) AG, which, subject to FINMA approval, would start operating at the end of March 2017 under its own licence as a manager of collective investment schemes, as part of a new holding structure jointly owned by Credit Suisse (Schweiz) AG and Credit Suisse AG; Michel Degen was named its chief executive, remaining under Eric Varvel as global head of asset management. The GLEIF record of the company gives February 2017 as its creation date.", "qualification": "The account of the transfer and appointments comes from a press report of the bank's announcement; the Swiss commercial register entry itself is not in the record.", "response": "", "outcome": "Credit Suisse Asset Management (Schweiz) AG was deregistered from the commercial register of the Canton of Zurich on 30 August 2024, UBS Asset Management Switzerland AG having succeeded to its rights and obligations ([2025] EWHC 2631 (Ch)).", "source_ids": [ "src-121", "src-113", "src-035" ], "entity_ids": [ "credit-suisse", "csam" ] }, { "id": "c-cs-softbank-fund-investment", "kind": "fact", "text": "On 24 March 2020, after the Covid-19 market decline had affected Greensill's liquidity, SoftBank Group Corp. invested $1.5 billion in the Credit Suisse (Lux) Supply Chain Finance Fund; an internal SoftBank presentation gave the purpose as supporting the operations of Greensill Capital, whose supply chain deals the fund financed, and a side letter required the fund to acquire only notes from the Greensill group's supply chain finance programme while the investment lasted. The investment, agreed to run until 18 May 2020 and extended at the request of Greensill Capital Pty Limited, was fully redeemed and the side letter terminated by 16 July 2020 ([2025] EWHC 2631 (Ch)).", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "softbank", "cs-lux-scf", "gcpty" ] }, { "id": "c-cs-concentration-july-2020", "kind": "fact", "text": "Credit Suisse Asset Management agreed new concentration limits with the Greensill group in 2020: on 3 July 2020 Lex Greensill, Adam Milenkovic, Chief Risk Officer of Credit Suisse's asset management division, and Luc Mathys signed an agreement limiting the Credit Suisse (Lux) Supply Chain Finance Fund's exposure to multi-obligor programmes to 5% by 31 December 2020 and its exposure to SoftBank Vision Fund-related companies to 7% in total and 3% per programme; on 22 July 2020 two Credit Suisse executives recorded that Lex Greensill was 'okay by year end' with bringing Vision Fund-backed companies down to 5% ([2025] EWHC 2631 (Ch)).", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "csam", "lex-greensill", "cs-lux-scf" ] }, { "id": "c-cs-ib-fundraising", "kind": "fact", "text": "Credit Suisse's investment bank also worked on the Greensill group's capital raising: a Credit Suisse presentation of September 2020 addressed a potential initial public offering, the group engaged Credit Suisse's investment banking department for its fundraising, Credit Suisse attended the board meeting of Greensill Capital Pty Limited on 10 November 2020 to report on the debt and equity private placements, and documents showed the department hoped to earn $40-50 million in fees over the next 12-18 months. By December 2020 TDR Capital was the main prospective equity investor, with a $350M order subject to Lex Greensill personally investing $25M ([2025] EWHC 2631 (Ch)).", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "credit-suisse", "gcpty", "lex-greensill" ] }, { "id": "c-cs-limits-december-2020", "kind": "fact", "text": "Exchanges in December 2020 concerned compliance with the limits: on 11 December a Greensill group employee told Lex Greensill that meeting the 3% per-programme and 5% overall SoftBank-sponsor limits required Katerra to be zeroed out, and Lex Greensill replied that Katerra should be excluded from the calculation because Credit Suisse had not reported it to the regulator as part of the exposure, it being a multi-obligor programme; on 21 December 2020 Lukas Haas of Credit Suisse Asset Management wrote that the 5% limit for single and multi-obligor programmes 'agreed between Lex and CS senior management earlier this year' had to be kept, with 'absolutly [sic] no room to deviate' ([2025] EWHC 2631 (Ch)).", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "lex-greensill", "csam", "katerra" ] }, { "id": "c-cs-secondary-trade", "kind": "fact", "text": "On 31 December 2020 the Greensill group arranged a trade with Credit Suisse Virtuoso SICAV-SIF, the 'Secondary Trade', under which Greensill Capital (UK) Limited, via Greensill Bank AG, was to buy all the outstanding Fairymead Notes, with a total notional value of $439,999,710, for settlement on 14 January 2021; the notes held by the Credit Suisse (Lux) Supply Chain Finance Fund were due mainly on 15 March 2021, with the balance on 17 May 2021 ([2025] EWHC 2631 (Ch)).", "qualification": "", "response": "", "outcome": "It was common ground in the proceedings that the trade was cancelled on 7 January 2021, with internal Greensill and Credit Suisse confirmations of the cancellation on 11 and 12 January 2021; the court found that the Greensill group lacked the resources to perform the trade at any point up to the settlement date, and the Fairymead Notes all defaulted on maturity in March and May 2021.", "source_ids": [ "src-035" ], "entity_ids": [ "gcuk", "greensill-bank", "cs-virtuoso", "cs-lux-scf" ] }, { "id": "c-cs-january-2021-proposal", "kind": "attributed", "text": "On 4 January 2021 Lex Greensill wrote to Eric Varvel of Credit Suisse that the supply chain finance funds' concentrations at 31 December 2020 exceeded the year-end targets for SoftBank Vision Fund companies and for GFG, and made proposals that Lex Greensill acknowledged were 'counter to the agreement struck in the summer of 2020': no further purchases from Vision Fund companies until the target was met, early repurchase of all Katerra notes when the Greensill equity raise closed, and GFG reductions matching a plan being agreed with BaFin for Greensill Bank AG, of $200mm in January 2021, $100mm by 31 March 2021 and $150mm by 30 June 2021. The email described all GFG assets as 100% insured and cited more than EUR700mm of government-guaranteed COVID loans for which GFG was eligible and an IPO of GFG's Australian subsidiary LibertyOneSteel.", "qualification": "These are Lex Greensill's proposals and descriptions of the exposures and refinancing options, as quoted in [2025] EWHC 2631 (Ch) as part of the documentary record; the record does not establish that the stated insurance cover or refinancing sources existed as described.", "response": "Eric Varvel replied the same day that the right approach was to complete the trades that had been confirmed, keeping both sides on-side with the Credit Suisse board and FINMA, and that breaking confirmed trades was not the right direction.", "outcome": "In [2025] EWHC 2631 (Ch) it was common ground that the Secondary Trade was cancelled on 7 January 2021; instead it was agreed that the remaining Fairymead Notes would be redeemed over a longer period, on terms that Michel Degen sent on 7 January 2021 and Lex Greensill accepted the same evening.", "source_ids": [ "src-035" ], "entity_ids": [ "lex-greensill", "credit-suisse", "gfg", "greensill-bank", "katerra" ] }, { "id": "c-cs-trades-dispute", "kind": "attributed", "text": "On 5 January 2021 Eric Varvel recorded that Lex Greensill maintained that the trades bringing Credit Suisse's exposure down from 15% to 5% had been put in the market by Credit Suisse and then accepted by the Greensill team, said that Lex Greensill claimed to have confirmed this with legal counsel, and noted that Lex Greensill continued to push for three more months.", "qualification": "This is Lex Greensill's position as reported by a Credit Suisse executive in an internal email quoted in [2025] EWHC 2631 (Ch).", "response": "Michel Degen of Credit Suisse annotated the email 'THIS IS NOT TRUE', writing that the trades had been agreed and that Greensill's middle office had simply not instructed them, and told Lex Greensill directly that the trades had been agreed.", "outcome": "In [2025] EWHC 2631 (Ch) it was common ground that the Secondary Trade was entered into on 31 December 2020, and the court found on the evidence that it had been orally agreed by Lex Greensill and Michel Degen on 30 December 2020.", "source_ids": [ "src-035" ], "entity_ids": [ "lex-greensill", "credit-suisse" ] }, { "id": "c-cs-terms-7-january-2021", "kind": "fact", "text": "On 7 January 2021 Michel Degen sent Lex Greensill terms 'discussed and agreed with our CEO and EXB', to be confirmed before Credit Suisse informed FINMA of an extension of its new guidelines to 31 March 2021: the notes of the Katerra multi-obligor programme (438mn) were to mature on 15 or 31 March 2021 or be bought back by Greensill by 31 March 2021, with no roll-over of maturities before that date, and Vision Fund-related notes were to be at or below 5% of each supply chain finance fund by 31 March 2021; Lex Greensill replied 'We accept those terms' ([2025] EWHC 2631 (Ch)).", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "credit-suisse", "lex-greensill", "katerra" ] }, { "id": "c-cs-gcpl-minutes-gfg-conditions", "kind": "attributed", "text": "Minutes of the board of Greensill Capital Pty Limited on 7 January 2021 record Lex Greensill reporting that the implementation of Credit Suisse's concentration limits meant its supply chain finance fund was no longer buying GFG and SoftBank portfolio company assets, with a potential impact on the liquidity of Greensill Capital (UK) Limited, and that Credit Suisse had agreed to suspend its new rules until the end of March and resume buying GFG assets on conditions: a $100m reduction in GFG assets by the end of January (an aggregate $200m reduction for January), a GFG seller concentration limit of 9% by the end of March and 5% by 30 June 2021, a $150m buy-back of SoftBank portfolio company assets when the equity raise closed, and a 12-month option for Credit Suisse to buy $150m of shares at the equity-raise valuation.", "qualification": "The conditions are as Lex Greensill reported them to the board and as its minutes record them, quoted in [2025] EWHC 2631 (Ch); Credit Suisse's own email of the same day, also quoted there, sets out only the Vision Fund and Katerra terms.", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "gcpty", "lex-greensill", "credit-suisse", "gfg", "gcuk" ] }, { "id": "c-cs-finma-call-8-january-2021", "kind": "attributed", "text": "A Credit Suisse note of a call with FINMA on 8 January 2021, quoted in [2025] EWHC 2631 (Ch), records that Credit Suisse's head of risk Lara Warner and Eric Varvel informed FINMA that the concentration risk to SoftBank Vision Fund-sponsored papers had been reduced to 16% by year-end, missing the internal 5% target set by the Group CEO because Greensill had flagged very late that it needed more time; that no regulatory breach was associated with this internal guideline breach; and that Greensill had been told Credit Suisse would not renew its programmes and would run down the funds, targeting a run-off exposure of 7 per cent by mid-March.", "qualification": "This is Credit Suisse's own record of what it told FINMA. In its February 2023 conclusions FINMA found that the bank had made partly false and overly positive statements to it about the claims selection process and the funds' exposure to certain debtors.", "response": "", "outcome": "", "source_ids": [ "src-035", "src-032" ], "entity_ids": [ "credit-suisse", "csam" ] }, { "id": "c-cs-view-glass-condition", "kind": "attributed", "text": "On 29 January 2021 Lex Greensill told SoftBank executives that Credit Suisse had agreed to drop its 31 January reduction requirements for Vision Fund and GFG exposures and to raise the available GFG limit, freeing about $125mm of operating cash for Greensill, on the sole condition that View Glass notes of $270mm notional, covered by the SoftBank-Greensill credit default swap, were repurchased and settled by 5 February 2021, and asked SoftBank to buy them back.", "qualification": "This is Lex Greensill's account of Credit Suisse's position in an email to SoftBank quoted in [2025] EWHC 2631 (Ch).", "response": "", "outcome": "On 4 February 2021 a SoftBank Group email recorded that Masayoshi Son and Rajeev Misra had concluded that SoftBank Group and SoftBank Vision Fund 2 should not act, and SoftBank Investment Advisers paused the transaction the same day.", "source_ids": [ "src-035" ], "entity_ids": [ "lex-greensill", "credit-suisse", "softbank", "svf2", "masayoshi-son", "gfg" ] }, { "id": "c-cs-gfg-underwrite-plan", "kind": "attributed", "text": "On 24 February 2021 Lex Greensill told SoftBank Investment Advisers that Credit Suisse had sketched out a plan, to go to its board for in-principle support, for 'a committed underwrite of the entire GFG book'; on 26 February 2021 Lex Greensill wrote that the SoftBank Vision Fund 2 investment committee had declined a proposed co-purchase of $300mm of insured GFG paper, of which Credit Suisse was to take $150mm and SoftBank Vision Fund 2 $150mm.", "qualification": "This is Lex Greensill's description of Credit Suisse's plan in emails quoted in [2025] EWHC 2631 (Ch); no Credit Suisse statement about the plan was found in the record.", "response": "", "outcome": "On 1 March 2021 the boards of the four Credit Suisse supply chain finance funds suspended redemptions and subscriptions and then approved the start of the funds' liquidation, according to Credit Suisse Asset Management's investor Q&A of 15 December 2022.", "source_ids": [ "src-035", "src-033" ], "entity_ids": [ "lex-greensill", "credit-suisse", "svf2", "gfg" ] }, { "id": "c-cs-principal-liquidity", "kind": "fact", "text": "In [2025] EWHC 2631 (Ch) the court found that Lex Greensill thought, at the time of Katerra's financial difficulties around October 2020, that a default on the Fairymead Notes would have been existential for Greensill; in evidence Lex Greensill described the Credit Suisse supply chain finance funds as the principal source of the group's liquidity, saying they had provided over $10 billion of funding.", "qualification": "The description of the funds as the principal source of liquidity and the figure of over $10 billion are Lex Greensill's evidence, not findings of the court.", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "lex-greensill", "credit-suisse", "katerra" ] }, { "id": "c-cs-q1-2021-outflows", "kind": "fact", "text": "A slide deck for the board meeting of Greensill Capital Pty Limited on 26 January 2021, quoted in [2025] EWHC 2631 (Ch), listed among the 'Must Haves Q1 2021' the key outflows of Greensill Capital (UK) Limited: USD 140m to repay the Credit Suisse bridge loan and USD 125m of insurance collateral at the end of February, USD 400m for the Katerra repurchase in mid-March and a USD 40m Katerra balance at the end of March.", "qualification": "", "response": "", "outcome": "The Treasury Committee's report of 20 July 2021 states that on 4 March 2021 Credit Suisse accelerated a $140 million loan to Greensill's holding company and demanded immediate payment from Greensill Capital (UK) Limited as guarantor, which it was unable to make; on 8 March 2021 the High Court ([2021] EWHC 700 (Ch)) found that US$140 million was immediately due and payable by GCUK as guarantor on a facility from Credit Suisse AG to its holding company.", "source_ids": [ "src-035", "src-031", "src-052" ], "entity_ids": [ "gcpty", "gcuk", "credit-suisse", "katerra" ] }, { "id": "c-cs-deductible-note", "kind": "attributed", "text": "Notes taken by a SoftBank Investment Advisers observer at the board meeting of Greensill Capital Pty Limited on 26 January 2021, quoted in [2025] EWHC 2631 (Ch), recorded that the Katerra notes were all held by Credit Suisse Virtuoso, with $400M maturing in March and $40M in May, and that if Greensill ceased to be a going concern Credit Suisse could still claim under the Greensill Bank insurance policy, Greensill would need to pay $100M under the deductible, and 'TBCC' would effectively become another creditor of Greensill Capital (UK) Limited.", "qualification": "These are an observer's notes of a board discussion, not a statement of agreed terms; the judgment quotes them as part of the record and makes no finding on the deductible arrangement.", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "gcpty", "cs-virtuoso", "credit-suisse", "greensill-bank", "gcuk" ] }, { "id": "c-cs-finma-bridge-loan", "kind": "fact", "text": "FINMA's press release of 28 February 2023 states that Greensill told Credit Suisse it was planning an initial public offering with the bank and first needed a bridging loan; the Credit Suisse risk manager responsible for the loan identified a number of risks in Greensill's business model and recommended internally that it not be granted, but a senior manager overruled the recommendation.", "qualification": "This is FINMA's account in its proceedings against Credit Suisse; the release does not name the borrowing company, the amount or the date of the loan.", "response": "", "outcome": "", "source_ids": [ "src-032" ], "entity_ids": [ "credit-suisse" ], "adverse_subject_ids": [ "credit-suisse" ] }, { "id": "c-cs-asic-bridge-loan", "kind": "attributed", "text": "In its answer QoN026-01 to the Australian Parliamentary Joint Committee on Corporations and Financial Services, ASIC stated that elements of Credit Suisse's relationship with the Greensill group were managed by Credit Suisse in Australia and that there had been reports that this included the booking of 50% of a USD140mil bridging loan and involvement in a potential private placement or initial public offering that never took place; ASIC said it was engaging with Credit Suisse on these matters.", "qualification": "ASIC relayed reports and did not state the booking as established; no response from Credit Suisse on the point was found in the record.", "response": "", "outcome": "", "source_ids": [ "src-034" ], "entity_ids": [ "credit-suisse" ] }, { "id": "c-cs-asic-gcpty-review", "kind": "fact", "text": "In its answer QoN026-01 to the Australian Parliamentary Joint Committee on Corporations and Financial Services, ASIC stated that Greensill Capital Pty Limited, the Australian parent of the group, which went into liquidation by resolution of its creditors on 22 April 2021 with Grant Thornton Australia as liquidator, was a major creditor of its UK subsidiary Greensill Capital (UK) Limited, and that ASIC was considering whether the parent's financial reports for 2018 and 2019 complied with the Australian Accounting Standards and whether the audits of those accounts complied with the Australian Auditing Standards.", "qualification": "ASIC described a review in progress; no outcome of it was found in the record.", "response": "", "outcome": "", "source_ids": [ "src-034" ], "entity_ids": [ "gcpty", "gcuk" ], "adverse_subject_ids": [ "gcpty" ] }, { "id": "c-cs-finma-fund-structure", "kind": "fact", "text": "In its press release of 28 February 2023 concluding enforcement proceedings, FINMA stated that Credit Suisse launched the first of four supply chain finance funds with Greensill in 2017, Greensill acting as financing company, securitising the claims and transferring the securities to the funds, with specific insurance meant to secure most claims against buyer default. FINMA found that Credit Suisse's asset management company had little knowledge and control over the specific claims, which Greensill rather than Credit Suisse selected and reviewed, and that Credit Suisse left Greensill to arrange the insurance in its own name; the funds were distributed to qualified investors with their risk shown as low, and around ten billion US dollars was invested when Credit Suisse closed them at short notice in March 2021.", "qualification": "These are FINMA's findings about Credit Suisse in supervisory proceedings against the bank; no Greensill company was a party, and they are not determinations about Greensill Capital (UK) Limited.", "response": "", "outcome": "", "source_ids": [ "src-032" ], "entity_ids": [ "credit-suisse", "csam" ], "adverse_subject_ids": [ "credit-suisse" ] }, { "id": "c-cs-finma-future-claims", "kind": "fact", "text": "FINMA also found that the funds' risk character changed decisively over time: in some instances Greensill transferred to them future claims that had not yet arisen and so financed some companies whose creditworthiness was doubtful, while Credit Suisse did not at first realise the consequences, had no knowledge or control over how many claims were actually contractually owed, and relied on the insurance cover organised by Greensill (FINMA press release, 28 February 2023).", "qualification": "A regulator's finding about Credit Suisse's conduct as asset manager; it describes Greensill's transfers only as seen in FINMA's proceedings against the bank and is not a finding against a Greensill company.", "response": "", "outcome": "", "source_ids": [ "src-032" ], "entity_ids": [ "credit-suisse" ], "adverse_subject_ids": [ "credit-suisse" ] }, { "id": "c-cs-finma-conclusion", "kind": "fact", "text": "On 28 February 2023 FINMA concluded its enforcement proceedings against Credit Suisse over its business relationship with Lex Greensill and the Greensill companies, finding that over a period of years the bank had seriously breached its supervisory obligations on risk management and appropriate organisational structures and had not sufficiently fulfilled its supervisory duties as an asset manager, and that it had made partly false and overly positive statements to FINMA about the claims selection process and the funds' exposure to certain debtors. FINMA ordered remedial measures, including periodic executive-board review of about 500 key business relationships, a responsibility document for about 600 senior managers and an audit mandatary to check compliance, and opened four enforcement proceedings against former Credit Suisse managers.", "qualification": "A regulator's finding about Credit Suisse, not about Greensill Capital (UK) Limited; FINMA said it would not comment on the proceedings against individuals or their identities.", "response": "FINMA recorded that Credit Suisse had adopted a wide range of organisational measures based on its own investigation, revising governance structures and strengthening control processes, which FINMA supported.", "outcome": "", "source_ids": [ "src-032" ], "entity_ids": [ "credit-suisse", "lex-greensill" ], "adverse_subject_ids": [ "credit-suisse" ] }, { "id": "c-cs-press-finma-report-funds", "kind": "attributed", "text": "A press report (June 2025) on the full FINMA report, compiled in December 2022 and released during the trial of Credit Suisse Virtuoso's claim against SoftBank under a London court order, quoted the report as stating that the investments of large Greensill investors such as General Atlantic and SoftBank 'were primarily used to pay out private investors and to provide Greensill Bank, which was increasingly coming under regulatory scrutiny, with additional capital', and that under Lex Greensill's management the company had its own fleet of business jets.", "qualification": "Only the press report's quotations of the FINMA report are in the record; the report itself was not reviewed. It was produced in FINMA's supervisory proceedings against Credit Suisse, to which no Greensill company was a party, it is not a court finding, and the quoted passage does not say which Greensill company received or used the funds.", "response": "The press report said that a representative of Lex Greensill declined to comment, and that UBS called it a legacy Credit Suisse matter whose conduct pre-dated UBS's acquisition of Credit Suisse.", "outcome": "", "source_ids": [ "src-045" ], "entity_ids": [ "general-atlantic", "softbank", "greensill-bank", "lex-greensill", "cs-virtuoso" ] }, { "id": "c-cs-press-finma-warnings", "kind": "attributed", "text": "A press report (June 2025) said the full FINMA report showed that senior Credit Suisse managers received anonymous messages from 2018 questioning their 'character judgment' in choosing Greensill Capital as a partner and in giving it discretion over clients' money, and raising concern that a 'large proportion' of the loans went to companies in Sanjeev Gupta's steel businesses; according to the report, warnings continued until at least June 2019, and one senior manager forwarded the 2018 tip-off to Lex Greensill.", "qualification": "This is a press account of the FINMA report, which is not itself in the record. FINMA's own February 2023 release states that the closure of another provider's Greensill-related fund led to enquiries at Credit Suisse in 2018 and that media and FINMA repeatedly put critical questions to the bank, but does not quote the messages.", "response": "UBS told the press report that this was a legacy Credit Suisse matter that pre-dated its acquisition of Credit Suisse.", "outcome": "", "source_ids": [ "src-045", "src-032" ], "entity_ids": [ "credit-suisse", "sanjeev-gupta", "lex-greensill", "gfg" ], "adverse_subject_ids": [ "credit-suisse" ] }, { "id": "c-cs-admin-hearing", "kind": "fact", "text": "At the hearing on 8 March 2021 at which the High Court made administration orders for Greensill Capital (UK) Limited and Greensill Capital Management Company (UK) Limited ([2021] EWHC 700 (Ch)), counsel appeared for Credit Suisse Asset Management as noteholder, described by the judge as the beneficial owner of receivables whose funds had invested some $6.2 billion in them; Credit Suisse Asset Management did not oppose the orders, and Credit Suisse, as one of the lenders to the group, consented to them, as did the Peter Greensill Family Trust.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-052" ], "entity_ids": [ "csam", "credit-suisse", "gcuk", "gcmc", "pgft" ] }, { "id": "c-cs-recoveries-2022", "kind": "fact", "text": "Credit Suisse Asset Management reported that by 30 November 2022 about USD 6.78 bn had been returned to investors in the four supply chain finance funds in seven instalments and that, with the cash still held, the funds' cash position equalled about USD 7.4 bn, or 74% of their assets under management at suspension; recovery efforts focused on programmes totalling USD 2.3 bn at 26 February 2021, essentially related to GFG Alliance, Katerra and Bluestone.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-033" ], "entity_ids": [ "csam", "gfg", "katerra", "bluestone" ] }, { "id": "c-cs-payouts", "kind": "fact", "text": "By the sixth payout on 15 December 2021 the four funds had distributed 68% of their combined net asset value of 26 February 2021: 64.8% for the Credit Suisse (Lux) Supply Chain Finance Fund, 63.4% for the Nova High Income fund, 95.4% for the Nova Investment Grade fund and 99.7% for the Liechtenstein investment grade fund, whose final payment of about USD 31.3 mn on 11 November 2022 brought its total returned to about USD 667 mn, 99.7% of its NAV at suspension. At 30 November 2022 the GFG, Katerra and Bluestone notes made up 76.8% of the remaining notional note exposure of the Credit Suisse (Lux) Supply Chain Finance Fund (CSAM Q&A, 15 December 2022).", "qualification": "The Q&A gives 99.7% for the Liechtenstein fund both as its cumulative distribution at 15 December 2021 and as the total returned after its final payment of November 2022, without explaining the identical figures.", "response": "", "outcome": "", "source_ids": [ "src-033" ], "entity_ids": [ "cs-lux-scf", "csam", "gfg", "katerra", "bluestone" ] }, { "id": "c-cs-gfg-recovery", "kind": "fact", "text": "In October 2021 Credit Suisse Asset Management agreed with GFG Alliance the full repayment, without a haircut, of the funds' exposure to GFG's Australian operations: an initial AUD 129 mn (about USD 96 mn), received in October 2021, and the remaining principal of AUD 240 mn (about USD 178 mn) with interest by mid-2023; by November 2022 about AUD 319 mn had come back from the Australian entities, AUD 152 mn to the Credit Suisse (Lux) Supply Chain Finance Fund and AUD 168 mn to the Nova High Income fund. The remaining GFG exposure outside Australia was allocated in June 2022 as USD 651 mn to the Lux fund and USD 236 mn to the Nova High Income fund, and in November 2022 CSAM signed a non-binding term sheet with GFG and other creditors on a debt restructuring.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-033" ], "entity_ids": [ "csam", "gfg", "cs-lux-scf" ] }, { "id": "c-cs-bluestone-standstill", "kind": "fact", "text": "In June 2022 Credit Suisse Asset Management agreed with Bluestone and its shareholders a two-year standstill with recurring payments of up to USD 320 mn to all noteholders, calculated on Bluestone's operating performance, and a sharing of the proceeds of any sale of the Bluestone entities; about USD 11.5 mn had been received by 30 November 2022. Of the original Bluestone exposure of USD 850 mn, USD 690 mn related to the Credit Suisse supply chain finance funds and was allocated in June 2022 as USD 595 mn to the Credit Suisse (Lux) Supply Chain Finance Fund and USD 95 mn to the Nova High Income fund.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-033" ], "entity_ids": [ "csam", "bluestone", "cs-lux-scf" ] }, { "id": "c-cs-insurance-claims", "kind": "fact", "text": "Credit Suisse Asset Management reported in December 2022 that it had claimed for all insurable losses within the relevant limitation period: 17 insurance claims for the Credit Suisse (Lux) Supply Chain Finance Fund covering USD 1,723 mn of exposure, of which 9 claims for USD 1,405 mn concerned GFG- and Bluestone-related entities, and 4 claims for the Nova High Income fund covering USD 469 mn, making 18 claims across the two funds for about USD 2.2 bn because one claim can cover both funds; all were claims under notes that included future receivables.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-033" ], "entity_ids": [ "csam", "cs-lux-scf", "gfg", "bluestone" ] }, { "id": "c-cs-catfoss-litigation", "kind": "attributed", "text": "On 22 February 2022 Credit Suisse Asset Management began proceedings in the Federal Court of Australia in New South Wales over the funds' Catfoss Renewables exposure, in order to be joined to insurance cases already before the court under the same policy; CSAM said it expected the insurer to challenge the validity of the relevant policies across most, perhaps all, of its insurance claims, while its own firm position was that the policies were valid and the insurers' claims unfounded.", "qualification": "The commencement and the positions are as stated by CSAM in its December 2022 investor Q&A; the insurer's defence is described only as CSAM anticipated it.", "response": "According to the High Court in [2025] EWHC 1380 (Ch), the insurers' defences in the Australian proceedings included a general defence that the Parallel Policy was invalid, alleging that the Greensill group made misrepresentations and non-disclosures when it procured cover for counterparties including the Catfoss group; in [2026] EWHC 639 (Ch) the court described the contention that misrepresentations relating to Catfoss resulted in policies providing cover of about US$4.6 billion being void as a defence raised by insurers in the Australian litigation.", "outcome": "On 25 September 2026 Insurance Australia Group announced that Insurance Australia Limited had agreed to settle the proceedings brought by Credit Suisse entities against it and other parties in the Federal Court of Australia, on confidential terms; the claimed amounts had an aggregate face value of about A$2.8 billion plus interest.", "source_ids": [ "src-033", "src-030", "src-054", "src-005" ], "entity_ids": [ "csam", "catfoss-renewables", "ial" ], "adverse_subject_ids": [ "ial" ] }, { "id": "c-cs-recovery-costs", "kind": "fact", "text": "The four funds had provisioned about USD 308 mn, adjusted for the closure of the liquidated Liechtenstein fund, for estimated external recovery costs from 2021 to 2026, covering among other things the operating expenses of the supply chain finance infrastructure, such as Greensill Capital (UK) Limited and Citi/TMF, for administration, recovery, insurance and trustee services, with Credit Suisse absorbing internal costs; USD 249 mn was provisioned in the Credit Suisse (Lux) Supply Chain Finance Fund, USD 58 mn in the Nova High Income fund and USD 1 mn in the Nova Investment Grade fund, and the main cost categories were legal advice excluding insurance (47%), insurance advisers (21%) and Greensill servicing costs (21%) (CSAM Q&A, 15 December 2022).", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-033" ], "entity_ids": [ "csam", "cs-lux-scf", "gcuk" ] }, { "id": "c-cs-katerra-recovery", "kind": "fact", "text": "For the Katerra exposure, disclosed by Credit Suisse as 'Fairymead' in the Credit Suisse (Lux) Supply Chain Finance Fund, Credit Suisse Asset Management chose litigation as its route to recovery, while pursuing insurance claims for GFG and Bluestone: on 23 December 2021 Credit Suisse filed two applications for document discovery in federal courts in California and Arizona, and on 3 August 2022 a preliminary application in the English courts for proposed proceedings against entities affiliated with SoftBank Group Corp.", "qualification": "", "response": "In the English proceedings the SoftBank defendants denied that the claimants had any entitlement to relief against them under section 423 of the Insolvency Act 1986, contending that the transactions were part of a linked set intended to put the Greensill group in funds ([2025] EWHC 2631 (Ch)).", "outcome": "CSAM reported that at a hearing on 7 December 2022 the English court gave permission to bring the claim against SoftBank; the claim, decided as [2025] EWHC 2631 (Ch), was dismissed on 15 October 2025.", "source_ids": [ "src-033", "src-035" ], "entity_ids": [ "credit-suisse", "csam", "cs-lux-scf", "katerra", "softbank", "gfg", "bluestone" ], "adverse_subject_ids": [ "softbank" ] }, { "id": "c-cs-csam-ubs-merger", "kind": "fact", "text": "Credit Suisse Asset Management (Schweiz) AG of Zurich (CHE-427.360.640) was deregistered from the commercial register of the Canton of Zurich on 30 August 2024, UBS Asset Management Switzerland AG having succeeded to its rights and obligations, and Credit Suisse Fund Management was deregistered on 1 October 2024, UBS Asset Management (Europe) SA having succeeded to it ([2025] EWHC 2631 (Ch)). The GLEIF record of the asset manager's LEI 529900QDWOQDW46HBC70 shows the entity as inactive following a merger and acquisition event recorded with effect from 29 August 2024 22:00 UTC, with successor LEI 254900SFTV4L52IHCW98.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-113", "src-035" ], "entity_ids": [ "csam", "ubs-am-ch", "ubs-am-eu" ] }, { "id": "c-cs-ag-ubs-merger", "kind": "fact", "text": "Credit Suisse AG of Zurich (CHE-106.831.974) was deleted from the Swiss commercial register on 31 May 2024, its assets and liabilities passing by merger to UBS AG of Zurich and Basel (CHE-101.329.561), as published in the Swiss Official Gazette of Commerce; the GLEIF record of Credit Suisse AG (LEI ANGGYXNX0JLX3X63JN86) shows it as inactive after a merger effective 31 May 2024, with successor LEI BFM8T61CT2L1QCEMIK50.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-061", "src-114" ], "entity_ids": [ "credit-suisse", "ubs" ] }, { "id": "c-cs-lux-fund-gleif", "kind": "fact", "text": "The GLEIF record of the Credit Suisse (Lux) Supply Chain Finance Fund (LEI 549300TIGSPHR48XV551), in the golden copy of 21 October 2026, lists it as an active Luxembourg sub-fund, first registered on 21 April 2017, with its address care of UBS Asset Management (Europe) S.A. at 33A avenue J.F. Kennedy, Luxembourg, and with relationship links to an umbrella fund and a fund manager.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-104" ], "entity_ids": [ "cs-lux-scf", "ubs-am-eu" ] }, { "id": "c-sb-svf1-may-2019", "kind": "fact", "text": "In May 2019 SoftBank Vision Fund L.P. (SVF1) invested about $800 million in Greensill Capital Pty Limited (GCPL), the Greensill group parent: about $527 million as convertible loan notes and the rest as common equity, which took SVF1's equity ownership of GCPL to 9.9%, below the 10% level that would have triggered regulatory consequences for equity control of Greensill Bank AG, as recorded by the High Court in [2025] EWHC 2631 (Ch).", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "svf1", "gcpty", "greensill-bank" ] }, { "id": "c-sb-svf-wyatt-2019", "kind": "fact", "text": "SoftBank Vision Fund L.P. (SVF1) made further investments in Greensill Capital Pty Limited (GCPL) in September and October 2019 through SVF Wyatt (Singapore) Pte Ltd: a convertible loan note of about $180 million issued on or around 23 September 2019, and conditional share purchase agreements of 18 October 2019 (about $444 million for 186,136 G Class shares and about $16 million for 7,152 G Class shares) and 6 November 2019 (about $30 million for 12,675 G Class shares), each share transfer being subject to BaFin approval.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "svf1", "svf-wyatt", "gcpty" ] }, { "id": "c-sb-2019-accounts-total", "kind": "fact", "text": "The annual report of Greensill Capital (UK) Limited (GCUK) for the year ended 31 December 2019 states that during 2019 SoftBank invested an aggregate $1.46 billion in the group parent company, Greensill Capital Pty Limited, and became a significant shareholder of the group.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018" ], "entity_ids": [ "gcuk", "softbank", "gcpty" ] }, { "id": "c-sb-press-valuation-2019", "kind": "attributed", "text": "A press report (May 2019) stated that the SoftBank Vision Fund's $800 million investment would double Greensill's valuation to about $3.5 billion and give the fund a stake of between 15 and 20 per cent, and that General Atlantic had invested $250 million less than a year earlier at a valuation of $1.64 billion.", "qualification": "The report attributed the valuation and stake figures to unnamed people close to the deal; they are not established by the official record. The High Court recorded in [2025] EWHC 2631 (Ch) that the May 2019 investment took the equity ownership of SoftBank Vision Fund L.P. in the group parent to 9.9%, with about $527 million of the $800 million invested as convertible loan notes.", "response": "", "outcome": "", "source_ids": [ "src-091", "src-035", "src-098" ], "entity_ids": [ "svf1", "gcpty", "general-atlantic" ] }, { "id": "c-sb-cep", "kind": "fact", "text": "Under a Credit Enhancement Programme, SoftBank Group Corp. (SBG) provided credit support for certain financings by Greensill Capital (UK) Limited (GCUK) of Vision Fund portfolio companies through credit default swaps underwriting their bankruptcy risk, with the Greensill group absorbing any shortfall up to $100 million in any year (the 'Greensill First Loss'); by October 2019 GCUK had agreed such swaps with Cayman Project 2 Limited, an SBG subsidiary, for its facilities to View, Inc., Fair Financial Corp, Guazi Limited and OYO Hospitality UK Limited, in each of which SoftBank Vision Fund L.P. had invested.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "softbank", "gcuk", "cayman-project-2", "svf1" ] }, { "id": "c-sb-cep-jv", "kind": "fact", "text": "A draft application to the credit committee of Greensill Capital Pty Limited (GCPL) dated 29 September 2019 described a revised Credit Enhancement Programme as a joint venture between a special purpose vehicle of SoftBank Group Corp. (SBG) and Greensill Capital (UK) Limited (GCUK); on 2 October 2020 SBG informed Greensill that it was terminating the process for establishing that joint venture.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "gcpty", "softbank", "gcuk" ] }, { "id": "c-sb-katerra-guarantee-dispute", "kind": "fact", "text": "SoftBank Group Corp. (SBG) gave the Greensill group no written guarantee or credit default swap for the funding provided to the Katerra group under the December 2019 receivables purchase agreement; the High Court found that the Greensill group and SBG differed over whether SBG had committed to credit support for the Katerra facility, Lex Greensill contending, including in emails of 19 December 2019 and 11 October 2020, that Masayoshi Son had given a personal commitment and SBG contending that there was no binding agreement, and Lex Greensill accepted in evidence that there was no written agreement.", "qualification": "", "response": "Lex Greensill explained in evidence that the Greensill group was naturally advancing the strongest position it could in the continuing negotiations over the Credit Enhancement Programme.", "outcome": "The court found that the parties compromised this dispute in the November 2020 agreements, which were primarily driven by the need to rescue Katerra and salvage the Greensill fundraising.", "source_ids": [ "src-035" ], "entity_ids": [ "softbank", "katerra", "lex-greensill", "masayoshi-son" ] }, { "id": "c-sb-redemption-terms-2020", "kind": "attributed", "text": "When Greensill Capital Pty Limited (GCPL) sought extensions in 2020 of the redemption timetable for the investment of SoftBank Group Corp. (SBG) in the Credit Suisse supply chain finance subfund, SBG asked in exchange for shares in GCPL and for GCPL to sell its corporate jets and be audited by a Big 4 firm; in an internal email of June 2020 quoted in the judgment, Rajeev Misra of SoftBank questioned Lex Greensill's reliability and proposed a high penalty of 3% extra GCPL equity unless the auditor was upgraded by November, all aircraft were sold within four months and the December quarter-end audit was done by a Big 4 firm, and on 6 August 2020 Masayoshi Son emailed Lex Greensill urging cost cuts because the group's funding was still fragile.", "qualification": "The requests made in exchange for the delayed redemption are recorded by the court as uncontentious facts; Mr Misra's email and Mr Son's email are internal and bilateral communications quoted in [2025] EWHC 2631 (Ch), and the court treated Mr Misra's email as written in frustration rather than as a settled SoftBank view.", "response": "In terms Lex Greensill proposed on 14 October 2020, Greensill would sell the private jets before its IPO rather than by December 2020; at the trial, Lex Greensill's evidence that the SoftBank defendants had imposed very tough terms concerned the personal obligations relating to private jets and a personal guarantee that Lex Greensill had had to concede.", "outcome": "By 16 July 2020 the investment of SoftBank Group Corp. in the Credit Suisse sub-fund had been fully redeemed and its side letter terminated. Among the agreements of 10 November 2020, an amendment deed cut to $1,974.75 from $2,385.10 the strike price of GCPL shares due under GCPL's September 2019 convertible loan note to a SoftBank Vision Fund vehicle, in consideration for SoftBank Group Corp. agreeing to submit its redemption requests on a delayed timetable, and GCPL and Lex Greensill gave a letter of undertaking that GCPL would sell its corporate jets, failing which a SoftBank fund would receive shares in GCPL. In [2025] EWHC 2631 (Ch) the court found that Mr Misra wrote the June 2020 email in frustration at the repeated extension requests and did not consider that there was a consistent or settled view within the SoftBank group that Lex Greensill was not to be trusted.", "source_ids": [ "src-035" ], "entity_ids": [ "gcpty", "softbank", "cs-lux-scf", "lex-greensill", "masayoshi-son" ] }, { "id": "c-sb-oct2020-proposal", "kind": "fact", "text": "On 13 and 14 October 2020 Tom Cheung of SoftBank Investment Advisers and Lex Greensill exchanged proposed terms under which SoftBank Group Corp. would repurchase the Fairymead (Katerra) notes at par, $440 million, in return for warrants over shares in Greensill Capital Pty Limited (GCPL); the proposal evolved into a $440 million injection into GCPL, and the High Court found that it was Lex Greensill who sought to persuade the SoftBank defendants to inject the $440 million to prevent a default under the Katerra receivables purchase agreement and to salvage the Greensill fundraising, rejecting the case that SoftBank had imposed the terms ('There was no take-it-or-leave-it moment').", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "lex-greensill", "softbank", "gcpty", "katerra" ] }, { "id": "c-sb-negotiation-driver", "kind": "fact", "text": "The High Court found that, in the negotiations leading to the November 2020 agreements, SoftBank Group Corp. and the Greensill group compromised their continuing dispute over the Credit Enhancement Programme, but that the negotiations were primarily driven by the pressing need to rescue Katerra from collapse and to salvage the Greensill fundraising, which required Katerra's indebtedness under the receivables purchase agreement to be addressed.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "softbank", "katerra" ] }, { "id": "c-sb-lg-draft-email", "kind": "fact", "text": "In a draft email of 3 November 2020 prepared for Masayoshi Son and quoted in the judgment, Lex Greensill wrote that SoftBank Group Corp. and SoftBank Vision Fund 2 should ensure the agreements were executed and the funds transferred to Greensill by Friday 6 November 2020, so that the group would not have 'a disclosure issue' with its incoming equity and debt investors and, 'more importantly', with its insurers covering the Katerra, Fair, View and OYO transactions.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "lex-greensill", "masayoshi-son", "softbank", "svf2", "katerra" ] }, { "id": "c-sb-katerra-terms-letter", "kind": "fact", "text": "A letter titled 'Katerra Inc. – Summary of Terms' dated 2 November 2020, signed on behalf of Commonwealth Real Estate LP, Katerra Inc. (Cayman Islands) and a SoftBank Vision Fund investment vehicle, made it a pre-closing condition of a proposed investment in Katerra that the indebtedness of Katerra and certain subsidiaries to Greensill Limited, about $440,000,000, be fully discharged for no more than $176,000,000, with releases of claims by Katerra and Greensill.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "katerra", "greensill-limited", "svf1" ] }, { "id": "c-sb-sbia-ic-5nov", "kind": "fact", "text": "On 5 November 2020 the investment committee of SoftBank Vision Fund 2 approved a $440 million investment in convertible loan notes of Greensill Capital Pty Limited (GCPL) on the terms of a SoftBank Investment Advisers memo, which stated that Greensill anticipated using the proceeds to buy from external investors the notes that had funded the Katerra facility and to manage that risk internally, and that Greensill had hired Credit Suisse and Citibank to arrange a pre-IPO round targeting about $1 billion (about $600 million of equity and $400 million of debt); the same day SoftBank Vision Fund L.P.'s committee approved a further $200 million investment in Katerra.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "svf2", "gcpty", "katerra", "credit-suisse", "svf1" ] }, { "id": "c-sb-nov10-agreements", "kind": "fact", "text": "On 10 November 2020 SVF II Wyatt Subco (Singapore) Pte. Ltd., an investment vehicle of SoftBank Vision Fund 2, subscribed for $440 million of convertible loan notes issued by Greensill Capital Pty Limited (GCPL); the same day an Omnibus Deed was concluded between GCPL, Greensill Capital (UK) Limited (GCUK), SoftBank Group Corp. (SBG), Lex Greensill and SVF II Holdings (Singapore) Pte. Ltd., and under a sale and purchase deed (the 'LG Fair Loss SPA') GCPL, as trustee for the Lex Greensill family trust, sold shares in GCPL to SBG.", "qualification": "", "response": "", "outcome": "An amended and restated LG Fair Loss SPA of 8 December 2020 gave SBG a longer timeframe for absorbing an additional $50 million first loss and extended the crystallisation date to 15 May 2021.", "source_ids": [ "src-035" ], "entity_ids": [ "svf2-wyatt", "svf2", "gcpty", "gcuk", "softbank", "lex-greensill", "lex-family-trust" ] }, { "id": "c-sb-cln-terms", "kind": "fact", "text": "The $440 million notes of Greensill Capital Pty Limited (GCPL) were unsecured and convertible into 86,713 new F shares of GCPL, subject to a German regulatory condition, and the Omnibus Deed recited that, as part of the consideration for them, GCPL would assume any and all losses in respect of the Katerra notes and the Katerra programme.", "qualification": "", "response": "", "outcome": "By an amendment deed of 23 December 2020 between SVF II Wyatt Subco (Singapore) Pte. Ltd., SVF Wyatt (Singapore) Pte Ltd and GCPL, the conversion entitlement was increased to 141,218 new F Class shares.", "source_ids": [ "src-035" ], "entity_ids": [ "gcpty", "svf2-wyatt", "svf-wyatt", "katerra" ] }, { "id": "c-sb-omnibus-release", "kind": "fact", "text": "Under clause 2.1 of the Omnibus Deed, Lex Greensill, Greensill Capital Pty Limited (GCPL) and Greensill Capital (UK) Limited (GCUK) released SoftBank Group Corp. (SBG), Vision Fund II and related parties from claims relating to the Katerra programme, the Katerra notes, any credit default swap, guarantee or other credit enhancement for Katerra (or the failure to provide one), and the joint venture, occasionally referred to as Credition Global Limited, that SBG and GCUK had discussed forming to guarantee financings by GCUK and its affiliates of SoftBank portfolio companies.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "lex-greensill", "gcpty", "gcuk", "softbank", "svf2", "katerra" ] }, { "id": "c-sb-first-loss-waiver", "kind": "fact", "text": "By clause 4.2 of the Omnibus Deed, SoftBank Group Corp. waived the 'CDS Greensill First Loss 2020-2021', defined as the annual first loss of US$100,000,000 payable by Greensill Capital (UK) Limited (GCUK) under the Credit Enhancement Programme on or before 8 October 2021; the deed defined the 'Katerra Notes' as the notes issued by Hoffman S.à r.l., compartment MZ, backed by payment obligations originated under the Katerra programme.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "softbank", "gcuk", "hoffman", "katerra" ] }, { "id": "c-sb-omnibus-recovery", "kind": "fact", "text": "Clause 3 of the Omnibus Deed obliged Greensill Capital Pty Limited (GCPL) and Greensill Capital (UK) Limited (GCUK) to account to Vision Fund II for any amounts recovered on the Katerra notes or the Katerra programme, to use best endeavours to recover such amounts, and to recover and remit to Vision Fund II at least US$176,000,000 by 31 December 2020; clause 11.1 required the parties to keep the deed, its existence and the transactions it contemplated confidential.", "qualification": "", "response": "", "outcome": "On 4 December 2020 the GCPL board approved a variation removing the obligation to recover and remit $176 million, and the Amended Omnibus Deed entered into on 23 December 2020 by GCPL, GCUK, SoftBank Group Corp., Lex Greensill and SVF II Holdings replaced clause 3 with an obligation to remit to Vision Fund II any Katerra recoveries from parties other than the SoftBank entities and any Katerra equity received.", "source_ids": [ "src-035" ], "entity_ids": [ "gcpty", "gcuk", "svf2", "katerra", "softbank", "lex-greensill" ] }, { "id": "c-sb-440m-into-gcuk", "kind": "fact", "text": "The $440 million paid under the convertible loan notes was credited to the general account of Greensill Capital (UK) Limited (GCUK) on or around 10 November 2020, and Greensill Capital Pty Limited (GCPL) did not use it to repurchase or redeem the Fairymead notes; internal Greensill emails quoted in the judgment recorded on 18 November 2020 that the cash was 'being used for other stuff', including paying off a Credit Suisse loan, and on 27 November 2020 that the group seemed 'to have gone through all the $440m intended for Katerra having only paid $70m toward it'.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "gcuk", "gcpty", "credit-suisse" ] }, { "id": "c-sb-440m-ao-summary", "kind": "attributed", "text": "According to an April 2021 email from Allen & Overy, counsel to the Greensill group, quoted in the judgment, $250 million of the $440 million was paid to Greensill Bank AG to be held as collateral in respect of GFG positions, and the balance was used as transient asset-purchase liquidity, for example $70 million used on 25 November 2020 to buy assets onto the balance sheet of Greensill Capital (UK) Limited (GCUK) until 16 December 2020, and as operating liquidity for GCUK, whose monthly operating costs were about $35 million, until the administration.", "qualification": "This is a later summary by the Greensill group's own lawyers, quoted by the court among the documents; the court did not itself determine how each part of the $440 million was used, beyond finding that it was not used to repurchase or redeem the Fairymead notes.", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "greensill-bank", "gcuk", "gfg" ] }, { "id": "c-sb-440m-eapen-notes", "kind": "attributed", "text": "Notes by SoftBank Investment Advisers' chief risk officer of a meeting on 27 January 2021 with Divya Eapen, chief risk officer of the Greensill group, quoted in the judgment, recorded that part of the $440 million had been placed as cash collateral at Greensill Bank AG and part used by Greensill Capital (UK) Limited (GCUK) to buy Liberty notes that could not be sold, itemised as $30 million of insured notes (receivables from Liberty Commodities), $110 million of other Liberty receivables (Rehbein and Seaview), $250 million of cash collateral at Greensill Bank and $80 million of unrestricted cash at GCUK.", "qualification": "These are a counterparty's notes of what the Greensill group's risk officer said at a meeting; the four amounts listed together exceed the $440 million, and the court made no finding on the breakdown.", "response": "The same notes recorded that legal counsel and Lex Greensill believed GCUK could use the cash until the maturity of the notes held by Credit Suisse Virtuoso.", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "divya-eapen", "greensill-bank", "gcuk", "liberty-commodities", "lex-greensill", "cs-virtuoso" ] }, { "id": "c-sb-bafin-blocks-250m", "kind": "fact", "text": "On 5 January 2021 BaFin, the German financial regulator, blocked withdrawals by the Greensill group from Greensill Bank AG, which affected the $250 million deposited with the bank in November 2020 out of the $440 million provided under the convertible loan notes on about 10 November 2020.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "greensill-bank" ], "adverse_subject_ids": [ "greensill-bank" ] }, { "id": "c-sb-svf-katerra-investment", "kind": "fact", "text": "SoftBank Vision Fund L.P. (SVF1) was a major shareholder of Katerra: by September 2019 its vehicle SVF Abode (Cayman) Limited had invested about $1.75 billion in the Katerra group, and when SVF1's investment committee approved a further investment on 5 November 2020, SVF1 owned 47.4% of the equity of Katerra Inc. (Cayman Islands), the group parent.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "svf1", "svf-abode", "katerra" ] }, { "id": "c-sb-clt-release", "kind": "fact", "text": "On 28 November 2020 SoftBank Investment Advisers told the Greensill group's counsel that its principals had confirmed that Greensill would release its security interest over Katerra's CLT facility, pledged under the Greensill–Katerra facility, so that a SoftBank Vision Fund vehicle could fund Katerra on a secured basis; on 1 December 2020 Katerra Inc. (Cayman Islands) issued a $25,000,000 bridge note to SVF Abode (Cayman) Limited, and Greensill Limited agreed with the Katerra sellers to release all liens on their assets under the receivables purchase agreement other than liens on the purchased receivables.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "katerra", "svf-abode", "greensill-limited" ] }, { "id": "c-sb-29nov-proposal", "kind": "fact", "text": "On 29 November 2020 SoftBank Investment Advisers proposed revised steps to the Greensill group: amending the $440 million convertible loan note to increase the number of F class shares into which it converts, cancelling Greensill's obligation to pay over $176 million of Katerra recoveries, Greensill forgiving and terminating its $440 million facility to Katerra, and Katerra issuing to Greensill warrants for 5% of its fully diluted equity, to be transferred to SoftBank Vision Fund 2; Jonathan Lane, the group's counsel, replied that this fitted the group's understanding save for the warrant pass-through, to which there was no objection in principle, but that external counsel was needed on fraudulent conveyance risk.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "svf2", "katerra", "jonathan-lane" ] }, { "id": "c-sb-december-steps", "kind": "fact", "text": "On 11 December 2020 the Greensill group delivered the signature pages of Lex Greensill, Greensill Capital (UK) Limited (GCUK) and Greensill Capital Pty Limited (GCPL) to the Amended Omnibus Deed into escrow with Allen & Overy, pending SoftBank Investment Advisers' consent to release the Vision Funds' pages; US antitrust (HSR) approval for the investment by SoftBank Vision Fund L.P. in Katerra was given on 22 December 2020, and on 23 December 2020 SoftBank Investment Advisers consented to release its signature pages on the Amended Omnibus Deed and the amended convertible loan note.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "lex-greensill", "gcuk", "gcpty", "svf1", "katerra" ] }, { "id": "c-sb-katerra-settlement-terms", "kind": "fact", "text": "On 12 December 2020 Katerra, SVF Abode (Cayman) Limited and Wolff Principal Holdings LP signed indicative terms for settling claims under Katerra's construction contracts, conditional on SVF Abode investing $175 million in cash and extinguishing $25 million owed to it under a 1 December 2020 promissory note, and on the extinguishment of $440 million principal of indebtedness of Katerra and certain subsidiaries to Greensill Limited in exchange for preferred shares equal to 5% of the fully diluted equity.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "katerra", "svf-abode", "greensill-limited" ] }, { "id": "c-sb-cea", "kind": "fact", "text": "On 30 December 2020 Greensill Limited (GL), Katerra Inc. (Cayman Islands), its Delaware intermediate holding company and the other Katerra sellers entered into a Contribution and Exchange Agreement (CEA) under which GL contributed its claims under the receivables purchase agreement in exchange for 762,144 Series A preferred shares of Katerra Inc. (Cayman Islands); all obligations under the Greensill finance documents were deemed paid and discharged in full, the documents were terminated, and all security held by GL was released.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "greensill-limited", "katerra" ] }, { "id": "c-sb-ta", "kind": "fact", "text": "On 30 December 2020, by a Share Transfer Agreement (TA), Greensill Limited (GL) transferred the 762,144 Series A preferred shares of Katerra Inc. (Cayman Islands) that it had received under the Contribution and Exchange Agreement (CEA) that day to SVF II Abode (Cayman) Limited, an investment vehicle of SoftBank Vision Fund 2; by 6 July 2021 the Vision Funds' vehicles held 99.6% of Katerra's equity, SVF II Abode's block amounting to 6.25%.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "greensill-limited", "svf2-abode", "svf2", "katerra" ] }, { "id": "c-sb-pspa", "kind": "fact", "text": "Also on 30 December 2020 SVF Abode (Cayman) Limited, for SoftBank Vision Fund L.P. (SVF1), subscribed for 11,416,921 Series A preferred shares of Katerra Inc. (Cayman Islands) for $174,922,250 in cash and the contribution of the $25,000,000 owed under the December 2020 bridge note; the High Court found that these shares were worth the $200 million price.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "svf-abode", "svf1", "katerra" ] }, { "id": "c-sb-bridge-request", "kind": "fact", "text": "After TDR Capital, the lead investor in Greensill's pre-IPO equity raise, indicated by 23 December 2020 that it would not proceed with its planned investment, Lex Greensill asked SoftBank on 23 December 2020 for a $1.5 billion bridge facility; minutes of the board of Greensill Capital Pty Limited (GCPL) of 31 December 2020 record that SoftBank declined to provide a bridge facility but would consider an equity investment of up to $250 million alongside other investors, noting that crossing a 50% equity threshold would require it to consolidate Greensill Bank AG, 'a red line'.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "lex-greensill", "softbank", "gcpty", "greensill-bank" ] }, { "id": "c-sb-fairymead-structure", "kind": "fact", "text": "The Credit Suisse (Lux) Supply Chain Finance Fund, a sub-fund of Credit Suisse Virtuoso SICAV-SIF, invested in notes originated and administered in England by Greensill Capital (UK) Limited (GCUK) and issued by Hoffman S.à r.l. through its Compartment MZ under the Fairymead Multi-Obligor Programme; their intended security was participations granted to GCUK by its subsidiary Greensill Limited under a Participation Agreement of 19 December 2019, assigned by GCUK to Hoffman and then to Citibank N.A., London Branch as note trustee, over receivables sold or purportedly sold to Greensill Limited by Katerra group companies under a receivables purchase agreement of 9 December 2019, and the sub-fund's notes, with a face value of about $440 million, all defaulted when they matured or fell due in March 2021.", "qualification": "The High Court judgment [2025] EWHC 2631 (Ch) also states, in another passage, that the Fairymead Notes all defaulted on maturity in March and May 2021.", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "cs-lux-scf", "cs-virtuoso", "gcuk", "hoffman", "greensill-limited", "citibank-london", "katerra" ] }, { "id": "c-sb-proceedings", "kind": "fact", "text": "Credit Suisse Virtuoso SICAV-SIF, for its Credit Suisse (Lux) Supply Chain Finance Fund, and GLAS Trust Corporation Limited, as note trustee, sued SoftBank Group Corp., SVF II Abode (Cayman) Limited, SVF Abode (Cayman) Limited, SVF Habitat (Cayman) Limited, SoftBank Vision Fund L.P., SoftBank Vision Fund II-2 L.P. and Greensill Limited (in liquidation) in the High Court, Financial List (case FL-2022-000014), under section 423 of the Insolvency Act 1986, under which a court may make orders restoring the position after a transaction at an undervalue entered into for the purpose of putting assets beyond the reach of creditors or otherwise prejudicing their interests, in respect of the Contribution and Exchange Agreement (CEA) and Share Transfer Agreement (TA) of 30 December 2020, by which Greensill Limited released its Katerra receivables rights and security and passed the Katerra shares it received to a SoftBank Vision Fund 2 vehicle; Lord Justice Miles heard the case in June and July 2025 and gave judgment on 15 October 2025 in [2025] EWHC 2631 (Ch).", "qualification": "Greensill Limited, acting by its liquidators, took a mostly neutral position, and the claimants sought no substantive relief against it.", "response": "The SoftBank defendants denied that the claimants had any entitlement to relief against them under section 423.", "outcome": "The court dismissed the claim: it held that the Contribution and Exchange Agreement was a transaction at an undervalue and that Greensill Limited entered into the transactions for the purpose of prejudicing the noteholders, but that the SoftBank defendants did not know or suspect that purpose, and it made no order against them. No appeal against the judgment was found in the sources reviewed.", "source_ids": [ "src-035" ], "entity_ids": [ "cs-virtuoso", "cs-lux-scf", "glas", "softbank", "svf2-abode", "svf-abode", "svf1", "svf2", "greensill-limited" ], "adverse_subject_ids": [ "softbank", "svf2-abode", "svf-abode", "svf1", "svf2" ] }, { "id": "c-sb-parties-positions", "kind": "attributed", "text": "The claimants contended that the Contribution and Exchange Agreement (CEA) and Share Transfer Agreement (TA) of 30 December 2020 left Greensill Limited with effectively no assets, rendered the intended security for the Fairymead notes valueless and benefited the SoftBank defendants, who they said were culpably involved; the SoftBank defendants contended that the transactions were part of a linked set intended to put the Greensill group in funds to repurchase or repay the notes, that the $440 million was provided in November 2020 on that understanding, that they only discovered after 30 December 2020 that it had not been so used, and that their only benefit, shares in Katerra, became valueless when the Katerra group entered bankruptcy in June 2021.", "qualification": "These were the parties' cases at trial. The court found that Greensill Limited had the purpose required by section 423 and that the transaction was at an undervalue, but that the SoftBank defendants did not know of or share that purpose, and it dismissed the claim.", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "cs-virtuoso", "glas", "softbank", "greensill-limited", "katerra" ], "adverse_subject_ids": [ "softbank" ] }, { "id": "c-sb-gl-spv-finding", "kind": "fact", "text": "The High Court found that Greensill Limited (GL) was a link in the securitisation chain: Katerra was a secured borrower from GL, GL had to pay participation amounts equal to Katerra's payments to its parent Greensill Capital (UK) Limited (GCUK), and those obligations were assigned to Hoffman S.à r.l. so that they would fall outside GL's insolvency estate in any insolvency of the Greensill group; GL had no assets other than its claims against Katerra and no employees, and Lex Greensill, a trained solicitor, appreciated these facts.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "greensill-limited", "gcuk", "hoffman", "katerra", "lex-greensill" ] }, { "id": "c-sb-lane-advice", "kind": "fact", "text": "The court found that Lex Greensill understood that the Contribution and Exchange Agreement (CEA) of 30 December 2020 would break the securitisation chain: Lex Greensill accepted in evidence that Jonathan Lane, the group's senior internal lawyer, had said at the time that by writing off the debt Greensill Limited was effectively killing off the assets underpinning the notes, an asset effectively held by Credit Suisse Virtuoso, and that this could not be done without speaking to the beneficial owner; Lex Greensill said that conversation took place after the $440 million had been received.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "lex-greensill", "jonathan-lane", "greensill-limited", "cs-virtuoso" ] }, { "id": "c-sb-undervalue", "kind": "fact", "text": "The court held that the Contribution and Exchange Agreement (CEA) of 30 December 2020 was a transaction at an undervalue: by releasing its rights under the receivables purchase agreement, Greensill Limited (GL) gave up valuable assets, its rights over the purchased receivables and related security, whose value would otherwise have passed to the noteholders, and obtained no consideration in money or money's worth, any notional relief from paying participation amounts being offset by GL's liability for breaching its undertaking in the Participation Agreement not to agree amendments or waivers without the participation holders' prior written consent, which it was common ground had not been given.", "qualification": "", "response": "The SoftBank defendants argued that the release left Greensill Limited in no worse position because it also relieved Greensill Limited of its obligation to pay participation amounts, and that the arrangement for the $440 million to be used to buy or redeem the Fairymead notes was itself consideration to Greensill Limited; the court rejected both arguments. Greensill Limited, acting by its liquidators, took a mostly neutral position in the claim.", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "greensill-limited", "katerra" ], "adverse_subject_ids": [ "greensill-limited" ] }, { "id": "c-sb-valuation", "kind": "fact", "text": "The court valued the rights of Greensill Limited under the receivables purchase agreement at 30 December 2020 at $86.2 million: actual receivables with a face value of $250 million and type 1 future receivables with a face value of $10 million at a 22% recovery rate ($57.2 million), plus $29 million of secured collections.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "greensill-limited", "katerra" ] }, { "id": "c-sb-purpose-and-outcome", "kind": "fact", "text": "In [2025] EWHC 2631 (Ch) (15 October 2025) the High Court found that Greensill Limited, through Lex Greensill, entered the Contribution and Exchange Agreement (CEA) and Share Transfer Agreement (TA) on 30 December 2020 with the purpose of prejudicing the noteholders' interests, releasing its only asset in order to keep SoftBank on side while Lex Greensill sought a $1.5 billion loan to meet BaFin's demands concerning Greensill Bank, although Lex Greensill would have preferred to pay the noteholders in full. The court nevertheless made no order against the SoftBank defendants and dismissed the claim: relief could at most have been capped at the $11.3 million value of the Katerra shares received by SoftBank Vision Fund 2, and Katerra's bankruptcy in June 2021, when the shares were cancelled, amounted to 'the extreme case of the value of an asset falling to nil'; there was no independent basis for relief against SoftBank Group Corp.", "qualification": "", "response": "Lex Greensill consistently explained in evidence that the purpose of the $440 million injection was the purchase or redemption of the Fairymead notes, and the SoftBank defendants contended that when Lex Greensill decided on 4 December 2020 to cause the transactions, the intention was that the sub-fund would be made whole; the court did not accept this analysis, holding among other things that the purpose had to be ascertained when the transaction was entered into and that Lex Greensill had authorised Greensill Limited to enter into the agreements on 30 December 2020.", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "greensill-limited", "lex-greensill", "softbank", "svf2", "katerra", "greensill-bank" ], "adverse_subject_ids": [ "greensill-limited", "lex-greensill" ] }, { "id": "c-sb-concealment-finding", "kind": "fact", "text": "The court also found that Lex Greensill knew Credit Suisse would not consent to the release of the receivables purchase agreement, did not ask for its consent and concealed the position from it, giving the misleading impression that the release would take effect only after a buy-back of the Fairymead notes, and it rejected Lex Greensill's evidence that the SoftBank defendants had prevented disclosure by insisting on the Omnibus Deed's confidentiality provisions.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "lex-greensill", "credit-suisse", "softbank" ], "adverse_subject_ids": [ "lex-greensill" ] }, { "id": "c-sb-sbd-good-faith", "kind": "fact", "text": "The court found that the SoftBank defendants did not know or suspect that the Contribution and Exchange Agreement (CEA) and Share Transfer Agreement (TA) of 30 December 2020 were entered into for the purpose of prejudicing the claimants, believed in good faith that the $440 million would be used to pay the Fairymead noteholders, did not share in or know of the purpose of Greensill Limited, and did not orchestrate the transactions, which were commercially negotiated agreements.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "softbank", "svf1", "svf2", "greensill-limited" ] }, { "id": "c-sb-katerra-chapter11", "kind": "fact", "text": "On 6 June 2021 Katerra Inc. (Cayman Islands), its Delaware intermediate holding company and 31 affiliates, including the Katerra sellers, filed for bankruptcy protection under Chapter 11 of the US Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas.", "qualification": "", "response": "", "outcome": "The High Court recorded in [2025] EWHC 2631 (Ch) that the Katerra shares received by the SoftBank defendants in the December 2020 transactions were cancelled in the bankruptcy; at the 2025 trial the claimants submitted that the bankruptcy was ongoing and had not been completed, so that its overall recovery was not known.", "source_ids": [ "src-035" ], "entity_ids": [ "katerra" ], "adverse_subject_ids": [ "katerra" ] }, { "id": "c-sb-sos-katerra-allegations", "kind": "attributed", "text": "In disqualification proceedings issued in March 2024, the Secretary of State for Business and Trade alleged (the 'Katerra Allegations') that in November and December 2020 Lex Greensill caused Greensill Capital (UK) Limited (GCUK) and Greensill Limited to enter into transactions with SoftBank group companies to the detriment of investors in the Katerra notes programme, and caused or allowed GCUK to apply $440 million received in November 2020 otherwise than to redeem the Katerra notes, causing the noteholders losses exceeding that amount.", "qualification": "These were allegations in the Secretary of State's evidence, an affirmation by a chief investigator of the Insolvency Service, in proceedings under the Company Directors Disqualification Act 1986; they were not tried.", "response": "", "outcome": "Lex Greensill's application to strike out the proceedings was dismissed on 18 March 2026 ([2026] EWHC 639 (Ch)); the proceedings ended when the Secretary of State accepted a disqualification undertaking on 2 June 2026, before the six-week trial due to begin on 8 June 2026.", "source_ids": [ "src-005", "src-008" ], "entity_ids": [ "lex-greensill", "gcuk", "greensill-limited", "softbank" ], "adverse_subject_ids": [ "lex-greensill" ] }, { "id": "c-sb-is-katerra-account", "kind": "attributed", "text": "The Insolvency Service's announcement of 4 June 2026 states that in late 2020 Lex Greensill caused Greensill Capital (UK) Limited (GCUK), Greensill Limited and Greensill Capital Pty Limited to enter into transactions that removed the legal protections underpinning the investment of the Credit Suisse (Lux) Supply Chain Finance Fund in Katerra-backed notes, so that the receivables no longer required payment, the security was released and the payment obligations supporting the fund's trade credit insurance were cancelled, without the required written consents, and caused or allowed GCUK to use $440 million received in November 2020 for purposes other than redeeming the notes, which all defaulted with a loss of $440 million to the fund.", "qualification": "This is the account published with Lex Greensill's disqualification undertaking, under which a director does not dispute certain facts for the purposes of the disqualification proceedings only; it is not a court finding. Separately, the High Court recorded in [2025] EWHC 2631 (Ch) that it was common ground that the prior written consent required under the Participation Agreement had not been given.", "response": "", "outcome": "", "source_ids": [ "src-008", "src-035" ], "entity_ids": [ "lex-greensill", "gcuk", "greensill-limited", "gcpty", "cs-lux-scf", "katerra" ], "adverse_subject_ids": [ "lex-greensill" ] }, { "id": "c-sb-lg-strikeout-cs-docs", "kind": "attributed", "text": "In an application to strike out the disqualification proceedings, Lex Greensill contended that the Secretary of State should have obtained documents and witness evidence from Credit Suisse, that documents referred to in the Credit Suisse v SoftBank proceedings tended to support Lex Greensill's case that Credit Suisse was aware of the implications of the Katerra restructuring, and that emails with Credit Suisse employees, not available to the court, tended to suggest that Lex Greensill had not lied to Credit Suisse as the Secretary of State alleged.", "qualification": "These were contentions in a strike-out application, not findings. In the separate Credit Suisse v SoftBank proceedings, to which the Secretary of State was not a party, the High Court found that Lex Greensill's communications concealed the true position from the Credit Suisse claimants.", "response": "", "outcome": "Mr Justice Trower dismissed the strike-out application on 18 March 2026 ([2026] EWHC 639 (Ch)), holding that questions about potentially exculpatory material were a matter for trial; the proceedings ended with a disqualification undertaking accepted on 2 June 2026, without a trial.", "source_ids": [ "src-005", "src-035", "src-008" ], "entity_ids": [ "lex-greensill", "credit-suisse" ], "adverse_subject_ids": [ "lex-greensill" ] }, { "id": "c-gfg-definition", "kind": "fact", "text": "GFG Alliance (the Gupta Family Group Alliance) is, as the House of Commons Treasury Committee described it in July 2021, a collection of global businesses and investments owned by Sanjeev Gupta and the Gupta family that includes the LIBERTY Steel Group; the joint administrators of Greensill Capital (UK) Limited (GCUK) define the 'GFG Group' as the entities of the Gupta Family Group under the control of Sanjeev Gupta, and the Committee identified the relationship with GFG Alliance as one particular concentration of risk for Greensill.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-015", "src-031" ], "entity_ids": [ "gfg", "sanjeev-gupta", "liberty-steel", "gcuk" ] }, { "id": "c-gfg-is-investigation-scope", "kind": "fact", "text": "On 4 May 2022 the Insolvency Service told Lex Greensill's solicitors that its investigation of Greensill Capital (UK) Limited (GCUK), Greensill Capital Management Company (UK) Limited and Greensill Limited, then in a scoping phase, was likely to cover, among other matters, the controls in place to limit the risk of funding receivables based on invoices which may not have been accurate, particularly in relation to the Gupta Family Group of companies (GFG).", "qualification": "This was a list of matters likely to be investigated, recorded in [2026] EWHC 639 (Ch); it is not a finding. The allegations eventually made in the disqualification proceedings fell into three areas, concerning Katerra, Catfoss and insurance non-disclosure.", "response": "", "outcome": "", "source_ids": [ "src-005" ], "entity_ids": [ "gcuk", "gcmc", "greensill-limited", "lex-greensill", "gfg" ] }, { "id": "c-gfg-wilson-exposure-allegation", "kind": "attributed", "text": "In evidence for the Secretary of State in the disqualification proceedings, the Insolvency Service's chief investigator alleged that the inability of Greensill Capital (UK) Limited (GCUK) to manage the 'GFG $7.5 billion exposure risk' was 'ultimately key to the failure and cessation of GCUK's business', and asserted that Lex Greensill kept the GFG relationship closely in Lex Greensill's own hands, with limited involvement at senior level by other directors and management of GCUK.", "qualification": "This is the investigator's affirmation evidence (Wilson1) as summarised in [2026] EWHC 639 (Ch); the $7.5 billion figure is the Insolvency Service's and is not explained or tested in the judgment. The court recorded that it was no part of the Secretary of State's case that Lex Greensill's alleged misconduct caused the insolvencies, the financial position being only context, and the allegations were not tried because the proceedings ended with a disqualification undertaking accepted on 2 June 2026.", "response": "In the strike-out application it was argued for Lex Greensill that this evidence invited adverse inferences about a cause of the insolvencies although no misconduct by Lex Greensill in relation to GFG was alleged; the court noted an instance in the evidence where Lex Greensill expressed agreement with the investigator's view that the inability to manage the GFG exposure risk was a cause of GCUK's failure. Lex Greensill told the Treasury Committee in 2021 that the group's concentrations on insurance and clients were too high and were the principal contributing factor to the failure.", "outcome": "Mr Justice Trower dismissed the strike-out application on 18 March 2026.", "source_ids": [ "src-005", "src-031", "src-008" ], "entity_ids": [ "gcuk", "gfg", "lex-greensill" ], "adverse_subject_ids": [ "lex-greensill" ] }, { "id": "c-gfg-bafin-dec2020", "kind": "fact", "text": "On about 8 December 2020 BaFin, the German financial regulator, required the Greensill group to accelerate the reduction of its exposure to GFG Alliance: minutes of the board of Greensill Capital Pty Limited (GCPL) of 31 December 2020, quoted in [2025] EWHC 2631 (Ch), record that BaFin required that only $25 of every $100 of GFG receivables due to be rolled over be rolled over (a 75% reduction), a requirement the group considered not sustainable, and internal SoftBank Investment Advisers documents recorded that Greensill Bank AG had to reduce its GFG exposure from about $2 billion (stated in a 27 December 2020 update as $2.05 billion) to $600 million by 31 December 2020.", "qualification": "", "response": "Minutes of the board of Greensill Capital Pty Limited of 7 January 2021, quoted in [2025] EWHC 2631 (Ch), record that a seller concentration reduction plan, with a further reduction of the exposure to nil by 31 December 2021, had then been agreed with BaFin, and the House of Commons Treasury Committee recorded that BaFin later agreed to an alternative proposal from Greensill to its December 2020 plan.", "outcome": "On 5 January 2021 BaFin also blocked withdrawals by the Greensill group from Greensill Bank AG, which affected $250 million deposited with the bank in November 2020.", "source_ids": [ "src-035", "src-031" ], "entity_ids": [ "gfg", "gcpty", "greensill-bank" ], "adverse_subject_ids": [ "greensill-bank" ] }, { "id": "c-gfg-bafin-plan-agreed", "kind": "fact", "text": "Minutes of a meeting of the board of Greensill Capital Pty Limited (GCPL) on 7 January 2021, quoted in [2025] EWHC 2631 (Ch), record Lex Greensill reporting that a seller concentration reduction plan had been agreed with BaFin, including a further reduction of the exposure to nil by 31 December 2021; the House of Commons Treasury Committee reported in July 2021 Lex Greensill's evidence that BaFin's December 2020 plan 'was going to be impossible for Greensill to comply with' and that BaFin later agreed to an alternative proposal from Greensill.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035", "src-031" ], "entity_ids": [ "gcpty", "lex-greensill", "greensill-bank", "gfg" ] }, { "id": "c-gfg-soa-creditor", "kind": "fact", "text": "In the statement of affairs of Greensill Capital (UK) Limited (GCUK) as at 8 March 2021, with a creditor schedule dated 28 April 2021, 'GFG', with a Singapore address, is listed among the creditors of GCUK for 12,105,337.92; the statement of affairs form gives creditor amounts in US dollars, while the amount column of the attached schedule is marked in pounds sterling.", "qualification": "The schedule does not say which GFG entity is meant or what the debt is for; at the same time GFG companies owed GCUK much larger amounts (see the administrators' figures).", "response": "", "outcome": "", "source_ids": [ "src-007" ], "entity_ids": [ "gcuk", "gfg" ] }, { "id": "c-gfg-am03-solutions", "kind": "fact", "text": "The joint administrators of Greensill Capital (UK) Limited (GCUK) reported in their proposals, covering 8 March to 16 April 2021, that from the end of 2020 GCUK and Greensill Capital Pty Limited sought further debt or equity to reduce the group's exposure to GFG and meet insurance collateral requirements, by mandating investment banks for an equity raise, seeking bridge financing from existing shareholders and engaging an investment bank to arrange a structured finance facility through a special purpose securitisation vehicle issuing notes backed by insured receivables from the GFG supply chain finance programmes, but that none of these solutions could be implemented.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029" ], "entity_ids": [ "gcuk", "gcpty", "gfg" ] }, { "id": "c-gfg-am03-exposure", "kind": "unresolved", "text": "The administrators' proposals give two different figures for the GFG exposure on the balance sheet of Greensill Capital (UK) Limited (GCUK) at the start of the administration: in the section on trade assets, about $355 million owed by GFG company obligors out of trade assets of about $490 million (the rest, about $135 million, owed by other obligors); and in the section on the administrators' independence, about $230 million of GFG-related receivables held on GCUK's own balance sheet, besides notes secured on GFG companies' obligations that GCUK had sold to investors, principally five.", "qualification": "Both figures appear in the same report without reconciliation, and the report does not say whether they are measured on different bases. The administrators' later progress report to 7 September 2026 gives a third, higher figure: about $587.2 million outstanding from GFG across 33 balance sheet items at March 2021 exchange rates.", "response": "", "outcome": "", "source_ids": [ "src-029", "src-015" ], "entity_ids": [ "gcuk", "gfg" ] }, { "id": "c-gfg-am10-debt", "kind": "fact", "text": "In their progress report for the six months to 7 September 2026, the joint administrators of Greensill Capital (UK) Limited (GCUK) reported that about $587.2 million (at March 2021 exchange rates) remained outstanding from GFG, across 33 separate balance sheet items, with no recoveries in the period; they said that significant time had passed in numerous unsuccessful negotiations and non-binding term sheets on GFG settlement offers, and that they continued to explore recovery under the security and guarantees granted by GFG in connection with the GFG programmes.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-015" ], "entity_ids": [ "gcuk", "gfg" ] }, { "id": "c-gfg-ib-proceedings", "kind": "fact", "text": "In September 2025 the administrators of Greensill Capital (UK) Limited (GCUK) began proceedings in Australia (the 'IB Proceedings') to determine the validity of GCUK's security over Liberty Holdings Australia Ltd, later extended to its security over Liberty OneSteel (MDR) UK Limited and, between March and September 2026, to security that Liberty Holdings Australia had granted to Liberty Capital (UK) Limited and that was then transferred to Liberty Capital Investment Limited; the substantive hearing, due in early September 2026, was deferred on the application of Liberty Holdings Australia and Liberty OneSteel (MDR) and is to take place in November 2026.", "qualification": "The validity of GCUK's security is the subject of these pending proceedings. The administrators state that the security granted to Liberty Capital (UK) Limited was granted in breach of GCUK's security; that is their position, not a court finding.", "response": "", "outcome": "", "source_ids": [ "src-015" ], "entity_ids": [ "gcuk", "liberty-holdings-au", "liberty-onesteel-mdr", "liberty-capital-uk", "liberty-capital-investment" ], "adverse_subject_ids": [ "liberty-holdings-au", "liberty-onesteel-mdr", "liberty-capital-uk", "liberty-capital-investment" ] }, { "id": "c-gfg-english-claim-stayed", "kind": "fact", "text": "On 22 September 2025 GFG commenced a Part 7 claim in the Commercial Court in England against Greensill Capital (UK) Limited (GCUK), Greensill Bank AG and UBS, immediately before the administrators of GCUK began proceedings in Australia over the validity of GCUK's security (the 'IB Proceedings'); after an interlocutory hearing on jurisdiction, judgment was given in favour of GCUK on 4 February 2026 that the dispute should be decided by the Australian courts, and the English proceedings are stayed until the outcome of the IB Proceedings.", "qualification": "The administrators state that the English claim was brought in breach of GCUK's statutory moratorium, which was not permitted to be lifted; the judgment of 4 February 2026 is known from the administrators' report and was not found among the sources reviewed.", "response": "", "outcome": "The administrators' progress report for the period to 7 September 2026 states that the English claim remains stayed until the outcome of the IB Proceedings, whose substantive hearing was deferred and is to take place in November 2026, and that the administrators continue to engage with GFG to see whether a suitable settlement can be reached.", "source_ids": [ "src-015" ], "entity_ids": [ "gfg", "gcuk", "greensill-bank", "ubs" ], "adverse_subject_ids": [ "gcuk", "greensill-bank", "ubs" ] }, { "id": "c-gfg-funding-indemnity", "kind": "fact", "text": "In the section of their report on GFG, the administrators of Greensill Capital (UK) Limited (GCUK) stated that legal and diligence work on previously proposed consensual settlements was supported by a funding indemnity, of which GCUK's proportional share came to about $7.2 million, with no further funding expected; the receipts and payments accounts annexed to their report for the period to 7 September 2026 carry, in the US dollar, Australian dollar and euro accounts, a line headed 'Costs being covered by GFG funding'.", "qualification": "The narrative passage does not name the provider of the funding indemnity, and the link to GFG rests on the account headings. The amounts on the GFG funding lines of the scanned accounts cannot be read reliably, so no total of the GFG funding is available.", "response": "", "outcome": "", "source_ids": [ "src-015" ], "entity_ids": [ "gcuk", "gfg" ] }, { "id": "c-gfg-am10-insolvencies", "kind": "fact", "text": "The administrators of Greensill Capital (UK) Limited (GCUK) reported that GFG entities continue to enter insolvency processes in various jurisdictions, that GCUK holds direct or indirect security interests over these entities, and that between March and September 2026 six more entered local insolvency processes, including Liberty Pipes (Hartlepool) Limited and Liberty Capital (UK) Limited in England and Whyalla Ports Pty Ltd in Australia.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-015" ], "entity_ids": [ "gcuk", "gfg", "liberty-pipes", "liberty-capital-uk" ], "adverse_subject_ids": [ "gfg", "liberty-pipes", "liberty-capital-uk" ] }, { "id": "c-gfg-sfo", "kind": "fact", "text": "The Serious Fraud Office opened an investigation in May 2021 into suspected fraud, fraudulent trading and money laundering in relation to the financing and conduct of the business of companies within GFG Alliance, including its financing arrangements with Greensill Capital (UK) Limited (GCUK); the House of Commons Treasury Committee reported the investigation in July 2021 and said that it awaited its outcome.", "qualification": "An investigation is not a finding of wrongdoing; no charge or outcome of the investigation was found in the sources reviewed.", "response": "A press report (February 2024) stated that GFG has consistently denied any wrongdoing.", "outcome": "", "source_ids": [ "src-031", "src-034", "src-110" ], "entity_ids": [ "gfg", "gcuk" ], "adverse_subject_ids": [ "gfg" ] }, { "id": "c-gfg-cameron-evidence", "kind": "attributed", "text": "David Cameron, an adviser to Greensill, told the House of Commons Treasury Committee that throughout David Cameron's time at Greensill the concentration of loans to GFG was an issue for the business, regularly discussed at board meetings from before 2020, and that it was understood to be actively managed with plans to reduce it over time; the Committee also recorded that David Cameron described the relationship between Greensill and GFG Alliance as 'symbiotic'.", "qualification": "This is David Cameron's written response to the Committee dated 18 June 2021 and oral evidence, as quoted in the Committee's report of July 2021; the Committee did not make a finding on how the concentration was managed.", "response": "", "outcome": "", "source_ids": [ "src-031" ], "entity_ids": [ "david-cameron", "gfg" ] }, { "id": "c-gfg-myners-pq", "kind": "attributed", "text": "The House of Commons Treasury Committee recorded, among reputational issues raised in press reporting before the period of Greensill's lobbying covered by its report, a press report (March 2019) on concerns about links between Lex Greensill, Sanjeev Gupta and Tim Haywood of GAM, one of whose funds provided finance to Greensill, and a parliamentary question tabled by Lord Myners in June 2019 asking whether the Government was investigating the management, investment valuations and manager–investee relationships of the GAM Greensill Supply Chain Finance Fund.", "qualification": "The Committee reported these as press concerns and a parliamentary question; they are not findings, and no answer to the question was found in the sources reviewed.", "response": "", "outcome": "", "source_ids": [ "src-031" ], "entity_ids": [ "lex-greensill", "sanjeev-gupta", "gam-holding", "gam-scf" ] }, { "id": "c-gfg-kinlochleven", "kind": "attributed", "text": "An article published on 7 July 2019 by Reuters News & Media Limited, the defendant in a later libel claim, and reproduced in the High Court judgment [2020] EWHC 1325 (QB), reported that a May 2018 update by Greensill to bond investors and brokers stated that the Scottish Government had approved a guarantee relating to the Kinlochleven hydro plant owned by GFG Alliance, against which bonds issued in 2017 on behalf of Sanjeev Gupta were secured, whereas the Scottish Government said no approval had been given; the meaning Reuters contended for in the libel claim added that an April 2017 pre-sale document produced by Greensill Capital (UK) Limited (GCUK) for GAM Holding AG, which bought £220 million of the bonds, stated that such a guarantee would allow GFG to repurchase the bonds early. The article also said that Greensill had helped GFG raise billions of dollars through bond sales, including the 2017 Kinlochleven sale.", "qualification": "This is the account of a news article and of the meaning Reuters contended for in a libel claim brought by GCUK and Lex Greensill over that article; the judgment of 14 May 2020 decided only what the article meant, not whether its allegations were true.", "response": "In the article Greensill said the May 2018 update 'was based upon information provided by GFG' and that it never knowingly issues false statements; GFG said it 'did not mislead anyone' and had never told any party that such guarantees had been put in place; GAM said it did not feel misled by Greensill.", "outcome": "The article reported that the Kinlochleven bonds were sold in early 2019 and that GFG said it had purchased and refinanced them early that year; the libel claim over the article was decided on meaning only on 14 May 2020 and, according to the National Audit Office's chronology, dropped by Greensill on 27 May 2020.", "source_ids": [ "src-098", "src-077" ], "entity_ids": [ "gcuk", "sanjeev-gupta", "gfg", "gam-holding", "reuters", "lex-greensill" ], "adverse_subject_ids": [ "gcuk" ] }, { "id": "c-gfg-zurich-counterclaim", "kind": "attributed", "text": "A press report (February 2024) of court filings stated that Zurich Insurance Company, sued in the High Court by the administrators of Greensill Bank AG in a dispute over trade credit insurance, alleged in a defence and counterclaim dated 26 January 2024 that the claims against it arose out of a 'fraudulent scheme' involving Lex Greensill, Greensill Capital (UK) Limited (GCUK), Sanjeev Gupta and three Liberty businesses of GFG Alliance, including that receivables purportedly sold by Liberty to GCUK were not genuine, that a receivables purchase agreement was a 'sham' and that Zurich had not been told of a German investigation of Greensill Bank or of the true nature of the Greensill–Liberty business; the report put the dispute at $405 million.", "qualification": "These are allegations in an insurer's statement of case as reported by the press; no court ruling on them and no outcome of the proceedings was found in the sources reviewed.", "response": "A spokesperson for Lex Greensill said that Lex Greensill 'wholly rejects' the allegations as without foundation and would address them in a defence and any counterclaims; a GFG Alliance spokesperson said GFG 'was not involved in any insurance arrangements which Greensill had in place'.", "outcome": "", "source_ids": [ "src-110" ], "entity_ids": [ "zurich-company", "greensill-bank", "lex-greensill", "gcuk", "sanjeev-gupta", "gfg" ], "adverse_subject_ids": [ "lex-greensill", "gcuk", "sanjeev-gupta", "gfg" ] }, { "id": "c-gfg-white-oak", "kind": "fact", "text": "The Federal Court of Australia's judgment of 28 April 2026 in White Oak Commercial Finance Europe (Non-Levered) Limited v Insurance Australia Limited (No 3) [2026] FCA 530 refers to proceedings in the United Kingdom brought by White Oak against Marsh Ltd over White Oak's investment in the Greensill Liberty Commodities Limited Receivable Purchase Agreement programme; Liberty Commodities Limited is listed by the National Audit Office among companies with connections to GFG Alliance.", "qualification": "", "response": "", "outcome": "Marsh & McLennan Companies' quarterly report to the SEC for the period ended 30 September 2026 states that White Oak filed the claim against Marsh Ltd. in the High Court in London in June 2023 and that Marsh Ltd. reached a settlement with White Oak in May 2025 to resolve the matter in the United Kingdom; [2026] EWHC 639 (Ch) describes the White Oak trial as having settled after the trial had concluded.", "source_ids": [ "src-095", "src-077", "src-053", "src-005" ], "entity_ids": [ "white-oak", "marsh", "liberty-commodities", "gfg" ], "adverse_subject_ids": [ "marsh" ] }, { "id": "c-gfg-bluestone-introduction", "kind": "attributed", "text": "In a complaint filed in March 2021 in the US District Court for the Southern District of New York against Lex Greensill, Greensill Capital (UK) Limited (GCUK) and Roland Hartley-Urquhart, Bluestone Resources Inc. and related plaintiffs alleged that in January 2020 the defendants introduced them to GFG Alliance, which they understood from Greensill to be an important Greensill client, and strongly encouraged them to supply metallurgical coal to GFG; the complaint says that the first delivery, in June 2020, was given an extended payment period to December 2020, that GFG paid late, and that Roland Hartley-Urquhart at first vouched for GFG.", "qualification": "These are allegations in the plaintiffs' complaint; they were not adjudicated.", "response": "", "outcome": "On 1 July 2022 the court dismissed the action by an order referring to a settlement agreement, and on 2 August 2022 the plaintiffs' voluntary dismissal of all claims against all defendants with prejudice was so ordered; no defendant had filed an answer, and the settlement terms were not found in the sources reviewed.", "source_ids": [ "src-106", "src-105" ], "entity_ids": [ "bluestone", "lex-greensill", "gcuk", "roland-hartley-urquhart", "gfg" ], "adverse_subject_ids": [ "lex-greensill", "gcuk", "roland-hartley-urquhart" ] }, { "id": "c-ins-policies", "kind": "fact", "text": "According to the High Court's account in [2025] EWHC 1380 (Ch), the notes bought by Credit Suisse Virtuoso SICAV-SIF in the securitisation of receivables originated by Greensill Capital (UK) Limited (GCUK) were credit-enhanced by insurance underwritten by Insurance Australia Limited (IAL) through its authorised representative BCC Trade Credit Pty Ltd under two policies: a Master Policy between BCC and GCUK with Greensill Capital Pty Limited, and a Parallel Policy between BCC and Greensill Capital Pty Limited with Greensill Bank AG. Both were first agreed in 2017 and renewed in 2019, are governed by New South Wales law and give the New South Wales courts exclusive jurisdiction; Credit Suisse Virtuoso SICAV-SIF was a loss payee under the Parallel Policy, with an indemnity claim against GCUK if that policy failed to respond because Greensill Capital Pty Limited or Greensill Bank AG had breached it.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-054", "src-005" ], "entity_ids": [ "gcuk", "cs-virtuoso", "ial", "bcc", "gcpty", "greensill-bank" ] }, { "id": "c-ins-recoup-argument", "kind": "attributed", "text": "In Lex Greensill's 2025 application to stay part of the disqualification proceedings, Lex Greensill contended that the Parallel Policy, to which Greensill Capital Pty Limited and Greensill Bank AG were party, carried more limited disclosure obligations than the Master Policy, to which Greensill Capital Pty Limited and Greensill Capital (UK) Limited (GCUK) were party, so that it might respond where the Master Policy would not, and that any losses Insurance Australia Limited or BCC Trade Credit Pty Ltd suffered on a Parallel Policy claim could then be recouped from Greensill Capital Pty Limited and GCUK for breach of the more onerous Master Policy obligations.", "qualification": "This was Lex Greensill's submission as recorded by the High Court in [2025] EWHC 1380 (Ch); the court made no finding on the terms or effect of the policies.", "response": "", "outcome": "The court dismissed the stay application.", "source_ids": [ "src-054" ], "entity_ids": [ "lex-greensill", "gcpty", "greensill-bank", "gcuk", "ial", "bcc" ] }, { "id": "c-ins-dividend-effect", "kind": "attributed", "text": "In the same 2025 stay application, counsel for Lex Greensill submitted that there was evidence that, if the insurers succeeded in their defences in Australia, the resulting increase in the applicants' claims would cut the dividend to unsecured creditors of Greensill Capital (UK) Limited from 16 cents to 6 cents in the dollar; counsel for the Secretary of State did not dispute in general terms that failure of the Australian applicants would reduce that dividend.", "qualification": "These were submissions recorded in [2025] EWHC 1380 (Ch), not findings of the court, which described the argument for a stay on this ground as having very little merit.", "response": "Counsel for the Secretary of State submitted that the evidence did not explain how creditors' interests would be better served by deciding the disqualification proceedings after the Australian proceedings, or why those interests should be preferred.", "outcome": "The Greensill Bank AG and Credit Suisse claims against Insurance Australia Limited were later settled on confidential terms (announced in 2026); the record does not state the effect on the unsecured dividend.", "source_ids": [ "src-054", "src-030" ], "entity_ids": [ "lex-greensill", "gcuk", "ial", "greensill-bank" ] }, { "id": "c-ins-bcc-car", "kind": "attributed", "text": "BCC Trade Credit Pty Ltd told the House of Commons Treasury Committee in a letter of 18 June 2021 that the Greensill policies whose non-renewal Lex Greensill had cited were issued, or purportedly issued, on or around 22 February 2019 by BCC as corporate authorised representative of Insurance Australia Limited (IAL), and were extended, or purportedly extended, to expire on 1 March 2021. It stated that BCC ceased to be IAL's corporate authorised representative on 30 June 2019, wrote policies from 1 July 2019 as corporate authorised representative of Tokio Marine & Nichido Fire Insurance Co., Ltd., and was therefore not authorised to issue renewal terms on behalf of IAL on 1 March 2021.", "qualification": "This is BCC's account to Parliament, given while it said the validity of the policies was under investigation under a full reservation of rights; questions of BCC's authority were later pleaded in the Australian proceedings and were not adjudicated in the record.", "response": "", "outcome": "", "source_ids": [ "src-076" ], "entity_ids": [ "bcc", "lex-greensill", "ial", "tmnf" ] }, { "id": "c-ins-tmma-stake", "kind": "attributed", "text": "BCC Trade Credit Pty Ltd stated in its June 2021 letter to the Treasury Committee that, as a matter of public record, Insurance Australia Limited's interest in BCC was bought by Tokio Marine Management (Australasia) Pty Ltd with effect from 9 April 2019; the Committee's July 2021 report described BCC as the insurance broker owned by Tokio Marine.", "qualification": "Stated by BCC; the transaction documents are not in the record. The High Court in [2025] EWHC 1380 (Ch) describes the 2019 event as an acquisition of IAL by Tokio Marine, which differs from BCC's account of a purchase of IAL's interest in BCC, and the Supreme Court of New South Wales called BCC the relevant underwriting agency rather than a broker.", "response": "", "outcome": "", "source_ids": [ "src-076", "src-031", "src-054", "src-083" ], "entity_ids": [ "ial", "bcc", "tmma" ] }, { "id": "c-ins-notices", "kind": "fact", "text": "The Supreme Court of New South Wales recorded in [2021] NSWSC 167 that Tokio Marine Management (Australasia) Pty Ltd, evidently the agent that wrote the policies, wrote to Greensill's brokers Marsh Limited on 2 July 2020 asserting that a named person had no authority to bind risk on Insurance Australia Limited and that no extensions or new limits would be granted, and on 29 July 2020 that no Greensill policy would be extended or renewed; it reserved the underwriters' rights on 4 August 2020 and on 1 September 2020 gave each Greensill company notice that BCC Trade Credit Pty Ltd did not wish to renew the policies, which would expire on 1 March 2021. BCC's June 2021 letter to the Treasury Committee likewise says it confirmed in writing in July 2020 that renewal terms would not be offered, reiterated by the non-renewal notice of 1 September 2020.", "qualification": "", "response": "Greensill's letter of 27 February 2021 stated that the 1 September 2020 notice was not accepted, arguing that it had not been given 180 days before the end of the policy period, and requested renewal terms ([2021] NSWSC 167).", "outcome": "On 1 March 2021 the Supreme Court of New South Wales refused the Greensill companies' urgent application for an injunction compelling Insurance Australia Limited to provide cover, and the policies expired at midnight ([2021] NSWSC 167).", "source_ids": [ "src-083", "src-076" ], "entity_ids": [ "tmma", "marsh", "ial", "bcc" ] }, { "id": "c-ins-nswsc-refusal", "kind": "fact", "text": "On 1 March 2021 Stevenson J of the Supreme Court of New South Wales (Equity, Commercial List, file 2021/58429) refused an urgent after-hours application by Greensill Capital Pty Ltd, Greensill Capital (UK) Limited and Greensill Bank AG for an interlocutory mandatory injunction compelling Insurance Australia Limited to provide cover under two trade credit insurance policies that expired at midnight; the defendants were BCC Trade Credit Pty Ltd, Tokio Marine Management (Australasia) Pty Ltd and Insurance Australia Limited ([2021] NSWSC 167).", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-083", "src-076", "src-053" ], "entity_ids": [ "gcpty", "gcuk", "greensill-bank", "ial", "bcc", "tmma" ] }, { "id": "c-ins-nswsc-cover", "kind": "fact", "text": "In its reasons in [2021] NSWSC 167 the court recorded that Insurance Australia Limited's two policies covered the Greensill plaintiffs and their funding partners against non-payment by account debtors and by Greensill's clients, that the cover was in the order of US$4.6 billion for some 40 clients, and that it was not disputed that the policies did not renew automatically. Greensill's case, raised apparently for the first time in its letter of 27 February 2021, was that the 1 September 2020 notice fell a day or two short of the 180 days' notice required by clause 4.2; the court assumed the point arguable for the application but did not see it as strong.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-083" ], "entity_ids": [ "ial" ] }, { "id": "c-ins-nswsc-balance", "kind": "fact", "text": "On the balance of convenience, the court in [2021] NSWSC 167 weighed Greensill's evidence of very serious consequences if the policies were not renewed, including its estimate that over 50,000 jobs, more than 7,000 of them in Australia, might be at risk, the risk that Greensill Bank AG would fall below its regulatory capital requirements, and the failure of its broker Marsh to find alternative cover, against the exposure of Insurance Australia Limited, which had not reinsured beyond midnight. It treated Greensill's delay as weighing against relief: the underwriters' position had been clear for about eight months, and by 1 September 2020 at the latest, yet Greensill instructed lawyers in London and Sydney only on 25 and 26 February 2021 and sought relief within hours of the cover expiring.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-083" ], "entity_ids": [ "greensill-bank", "marsh", "ial" ] }, { "id": "c-ins-tmnf-decision", "kind": "attributed", "text": "BCC Trade Credit Pty Ltd told the Treasury Committee that by 1 March 2021 Tokio Marine & Nichido Fire Insurance Co., Ltd. had taken a commercial decision not to let BCC issue new contracts on its behalf to replace the expiring policies, that BCC and Tokio Marine & Nichido had by July 2020 begun to develop particular concerns about Greensill which made them very reluctant to provide any cover and had reserved all rights under the policies since then, and that general market conditions and UK insurance or regulatory requirements were not significant factors in its decision.", "qualification": "This is BCC's account in its letter of 18 June 2021, quoted in the Committee's July 2021 report; the letter does not specify the concerns and says BCC would not divulge the without-prejudice discussions with Greensill.", "response": "", "outcome": "", "source_ids": [ "src-031", "src-076" ], "entity_ids": [ "bcc", "tmnf" ] }, { "id": "c-ins-tc-cause", "kind": "unresolved", "text": "Accounts given to the Treasury Committee differ on why cover was withdrawn: Lex Greensill told the Committee that the loss of insurance cover was the ultimate cause of Greensill's failure and described Covid as a time when many credit insurers needed more capital or had to cut cover; BCC Trade Credit Pty Ltd said general market conditions were not a significant factor; and Sam Woods, Deputy Governor for Prudential Regulation at the Bank of England and chief executive of the Prudential Regulation Authority, said on 23 June 2021 that, as Sam Woods understood it, Tokio Marine looked at what was going on in the Bond and Credit Company in Australia, did not like it and 'pulled the plug'.", "qualification": "Sam Woods added that it had been reported that one of the underwriters exceeded its limits and that Sam Woods had no way of verifying that. The Committee's July 2021 report sets out these accounts and concludes only that the failure of Greensill does not provide particularly strong evidence about procyclicality in the regulation of insurance markets.", "response": "", "outcome": "", "source_ids": [ "src-031" ], "entity_ids": [ "lex-greensill", "bcc", "tmnf" ] }, { "id": "c-ins-admin-cause", "kind": "attributed", "text": "The joint administrators' statutory proposals for Greensill Capital (UK) Limited (GCUK) state that trade credit insurance was critical to GCUK's ability to finance sub-investment-grade clients and that from 1 March 2021, after renewal negotiations broke down partly because GCUK could not meet the insurers' collateral requirements, GCUK lost the benefit of about $4.6 billion of cover (of which $4.1 billion was in use on 8 March 2021) under a policy for newly originated assets, with about $9 billion more due to expire later in 2021. According to the proposals, key investors then said they would stop investing in insured receivables and, with press speculation eroding other investors' confidence, GCUK ceased originating new assets from 2 March 2021.", "qualification": "This is the administrators' explanation of the causes of failure in their April 2021 proposals; BCC's and Lex Greensill's accounts of the non-renewal differ, and the insurers' and the companies' positions on the policies were contested in later litigation.", "response": "BCC Trade Credit Pty Ltd told the Treasury Committee in June 2021 that by July 2020 it and Tokio Marine & Nichido had begun to develop particular concerns about Greensill that made them very reluctant to provide any cover, and that general market conditions and UK insurance or regulatory requirements were not significant factors in its decision.", "outcome": "Greensill Bank AG and Credit Suisse settled their claims under the policies against Insurance Australia Limited and other parties on confidential terms in 2026 and abandoned their indemnity claims; White Oak, the sole remaining applicant, took its claim to trial in October 2026.", "source_ids": [ "src-029", "src-076", "src-030", "src-096" ], "entity_ids": [ "gcuk" ] }, { "id": "c-ins-soa-insurers", "kind": "fact", "text": "The statement of affairs of Greensill Capital (UK) Limited (GCUK) lists BCC Trade Credit Pty Ltd, Chubb European Group SE, Zurich Insurance plc (UK Branch), Swiss Re International SE (including its German branch) and QBE (UK) Ltd together among its unsecured creditors, annotated in the copy attached to the administrators' proposals as 'potential 1st loss claims, dependant on whether assets default and insurance claims are lodged'; Marsh Limited appears separately in the creditor list.", "qualification": "The annotation describes contingent claims; [2024] EWHC 3068 (Comm) records that GCUK was responsible for paying a sum equivalent to any deductible back to the insurer on a claim. The amounts on the scanned copies cannot be reliably attributed to individual insurers.", "response": "", "outcome": "", "source_ids": [ "src-029", "src-007", "src-041" ], "entity_ids": [ "gcuk", "bcc", "chubb", "zurich-uk", "swiss-re", "qbe", "marsh" ] }, { "id": "c-ins-admins-confidentiality", "kind": "fact", "text": "In a letter of 9 July 2021 to the chair of the Treasury Committee, the joint administrators of Greensill Capital (UK) Limited said that the terms of the current credit insurance policies were commercially sensitive and confidential, so that it would not be appropriate to disclose the insurers' identities or the cover provided without the insurers' express consent; they offered to seek that consent if the Committee sent a separate letter of request.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-004" ], "entity_ids": [ "gcuk" ] }, { "id": "c-ins-lex-confidentiality", "kind": "attributed", "text": "In written evidence to the Treasury Committee's 2021 inquiry, Lex Greensill declined to name Greensill Capital's credit insurers or the cover each provided, saying the information was subject to confidentiality agreements with over 20 insurers and that consent would have to be sought from each insurer by Grant Thornton as administrators. BCC Trade Credit Pty Ltd's letter to the Committee cites Lex Greensill's oral evidence that Greensill companies had business dealings with 27 other insurers and says that from July 2020 to February 2021 Greensill and its brokers at Marsh were exploring cover with other insurers.", "qualification": "These are statements of Lex Greensill and of BCC to the Committee; the insurers and agreements are not identified in the record, and the two figures refer to different things (insurers under confidentiality agreements; other insurers with business dealings).", "response": "The joint administrators told the Committee in a letter of 9 July 2021 that it would not be appropriate to disclose the insurers' identities or the cover provided without the insurers' express consent, which they offered to seek if the Committee sent a separate letter of request.", "outcome": "", "source_ids": [ "src-080", "src-076", "src-004" ], "entity_ids": [ "lex-greensill", "grant-thornton-uk", "bcc", "marsh" ] }, { "id": "c-ins-au-proceedings", "kind": "fact", "text": "In the Federal Court of Australia, claims under the Greensill trade credit insurance policies issued between October 2021 and June 2023 were case-managed together: six by Greensill Bank AG and its insolvency administrator Michael Frege against Insurance Australia Limited, BCC Trade Credit Pty Ltd, Greg Brereton and others, three by Credit Suisse Virtuoso SICAV-SIF for its sub-fund Credit Suisse (Lux) Supply Chain Finance Fund (one jointly with a Credit Suisse Nova (Lux) sub-fund), and one by White Oak Commercial Finance Europe (Non-Levered) Limited (NSD 1039 of 2021). By April 2026 an eleventh proceeding, Greensill Bank AG v Marsh Ltd (NSD 344 of 2025), was case-managed with them, under orders dated 30 March 2023, 26 July 2023 and 27 May 2025.", "qualification": "", "response": "Insurance Australia Limited, BCC Trade Credit Pty Ltd and the Tokio Marine companies defended the claims, BCC and the Tokio companies contending in part that the policies were not validly entered into because of fraudulent non-disclosure or misrepresentation by Greensill Capital (UK) Limited and Lex Greensill, among others ([2024] EWHC 2039 (Ch)); in September 2026 Insurance Australia Limited said it continued to defend White Oak's proceedings.", "outcome": "A three-month joint trial was first scheduled for March 2026 and then listed for 3 August 2026 before Thawley J; after the Greensill Bank AG and Credit Suisse claims settled in 2026, White Oak remained the sole applicant and its trial began in October 2026.", "source_ids": [ "src-095", "src-115", "src-054", "src-041", "src-096", "src-079", "src-030" ], "entity_ids": [ "greensill-bank", "michael-frege", "ial", "bcc", "greg-brereton", "cs-virtuoso", "cs-lux-scf", "white-oak", "marsh" ], "adverse_subject_ids": [ "ial", "bcc", "greg-brereton", "marsh" ] }, { "id": "c-ins-au-claim-size", "kind": "unresolved", "text": "Sources give different totals for the Australian insurance claims, each in its own terms: the High Court in [2025] EWHC 1380 (Ch) put the ten claims at in excess of US$4 billion, [2024] EWHC 2039 (Ch) described them as seeking recovery in the region of A$7 billion, the Federal Court of Australia in [2026] FCA 1496 referred to 11 proceedings with claims totalling over $7 billion, and Marsh & McLennan's quarterly report for the period to 30 September 2026 states that the applicants collectively claimed losses of approximately $5 billion plus interest and costs.", "qualification": "The figures differ in currency, date and scope (for example whether interest or the later Marsh proceeding is included), and none is a finding of loss; the claims were settled or untried as of October 2026.", "response": "", "outcome": "", "source_ids": [ "src-096", "src-053", "src-054", "src-079" ], "entity_ids": [] }, { "id": "c-ins-bcc-cross-claims", "kind": "fact", "text": "In each of the jointly managed Australian proceedings BCC Trade Credit Pty Ltd brought a cross-claim in which Greensill Capital (UK) Limited (GCUK) is the first cross-respondent, with Greensill Bank AG and Greensill Capital Pty Limited (in liquidation) as further cross-respondents ([2025] FCA 95; [2026] FCA 530; [2026] FCA 1496). The English High Court recorded in [2024] EWHC 2039 (Ch) that GCUK's administration had been recognised in Australia and that its administrators consented to proceedings against GCUK on the basis that it would be released from filing pleadings or giving disclosure, while not opposing limited disclosure by category.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-115", "src-095", "src-096", "src-079" ], "entity_ids": [ "bcc", "gcuk", "greensill-bank", "gcpty" ], "adverse_subject_ids": [ "gcuk" ] }, { "id": "c-ins-invalidity-defence", "kind": "attributed", "text": "BCC Trade Credit Pty Ltd and the Tokio Marine companies defended the Australian proceedings in part on the contention that the policies were not validly entered into because of fraudulent non-disclosure and/or misrepresentation by Greensill Capital (UK) Limited and by Lex Greensill, among others, particularised in a 53-page Annexure A common to each claim. As summarised in [2025] EWHC 1380 (Ch), the insurers' general invalidity defence alleges misrepresentations and non-disclosures in procuring cover for the Catfoss group (Catfoss Renewables Ltd, Catfoss DBT Ltd, Noviniti Poole Ltd and Noviniti Colchester Ltd), Bluestone Resources and Liberty France Aluminium, made deliberately and dishonestly with Lex Greensill personally responsible, and that these also tainted the 2019 renewal of the Parallel Policy.", "qualification": "These are defences pleaded by the insurers in civil proceedings, as described by the English courts in [2024] EWHC 2039 (Ch) and [2025] EWHC 1380 (Ch); they were not adjudicated in the record. Greensill Bank AG and Credit Suisse settled their claims in 2026 on confidential terms and abandoned their indemnity claims, and White Oak's claim went to trial in October 2026.", "response": "Credit Suisse Asset Management stated in its investor Q&A of 15 December 2022 that it was its firm position that all relevant insurance policies are valid and the insurers' claims unfounded. In the English disqualification proceedings Lex Greensill denied withholding relevant information from BCC's head of trade credit, Greg Brereton, or making misrepresentations to Mr Brereton or BCC ([2026] EWHC 639 (Ch)).", "outcome": "In 2026 Greensill Bank AG and Credit Suisse settled their claims against Insurance Australia Limited and other parties on confidential terms and abandoned their indemnity claims; White Oak, the sole remaining applicant, continued to press its claim, including its non-disclosure and misrepresentation issues, at a trial that began in October 2026 ([2026] FCA 1496).", "source_ids": [ "src-079", "src-054", "src-033", "src-005", "src-030", "src-096" ], "entity_ids": [ "bcc", "tmnf", "tmma", "gcuk", "lex-greensill", "catfoss-renewables", "catfoss-dbt", "bluestone", "csam", "greg-brereton" ], "adverse_subject_ids": [ "gcuk", "lex-greensill" ] }, { "id": "c-ins-authority-defence", "kind": "attributed", "text": "According to the High Court's summary in [2025] EWHC 1380 (Ch), when claims were first asserted Insurance Australia Limited refused to pay on the basis that BCC Trade Credit Pty Ltd and its head of trade credit, Greg Brereton, had acted in excess of their authority, a defence arising from an investigation into the business written through Mr Brereton that followed the 2019 Tokio Marine acquisition. Insurance Australia Group's September 2026 announcement refers to the policies as purportedly issued by BCC on IAL's behalf.", "qualification": "IAL's authority defence was a position in litigation and was not adjudicated in the record; the issues for White Oak's trial from October 2026 still included Mr Brereton's authority ([2026] FCA 1496). The judgment dates the first assertion of claims to about July 2020 and describes the acquisition as one of IAL, whereas BCC's letter to Parliament describes a purchase of IAL's interest in BCC. No response by BCC or Mr Brereton to this defence was found in the record.", "response": "", "outcome": "", "source_ids": [ "src-054", "src-030", "src-096" ], "entity_ids": [ "ial", "bcc", "greg-brereton" ], "adverse_subject_ids": [ "bcc", "greg-brereton" ] }, { "id": "c-ins-brereton-cs-allegation", "kind": "attributed", "text": "In Lex Greensill's 2026 application to strike out the disqualification proceedings, Lex Greensill relied on allegations made by Credit Suisse in the Australian proceedings that BCC's head of trade credit, Greg Brereton, had committed a serious fraud to mislead or misrepresent the status of the insurance policies Mr Brereton had written, arguing that if those allegations were right the decision not to extend the companies' policies in March 2021 and the insurers' refusal of cover resulted from Mr Brereton's conduct rather than Lex Greensill's own; the application also relied on material from Marsh Ltd that emerged in the English White Oak trial.", "qualification": "This is Lex Greensill's account, recorded in [2026] EWHC 639 (Ch), of allegations made by Credit Suisse in litigation; Credit Suisse's pleading is not in the record and the allegations were not adjudicated before the Credit Suisse claims settled in 2026. No response by Mr Brereton was found in the record.", "response": "", "outcome": "The court dismissed the strike-out application on 18 March 2026; the disqualification proceedings then ended with Lex Greensill's undertaking accepted by the Secretary of State on 2 June 2026, so the matter was not tried.", "source_ids": [ "src-005", "src-008" ], "entity_ids": [ "lex-greensill", "greg-brereton", "bcc", "marsh" ], "adverse_subject_ids": [ "greg-brereton" ] }, { "id": "c-ins-dq-catfoss", "kind": "attributed", "text": "The Secretary of State for Business and Trade alleged in the disqualification proceedings against Lex Greensill (the 'Catfoss Allegations') that from September 2018 Lex Greensill made, or caused Greensill Capital (UK) Limited (GCUK) to make, a series of dishonest misrepresentations and non-disclosures to trade credit insurers covering GCUK's finance to Catfoss Renewables Ltd and Catfoss DBT Ltd, exposing GCUK and its investors to the risk that the policies would be avoided and further cover refused; the statement of matters said this risk had eventuated, with insurers declining claims for approximately US$4.6 billion of investor losses.", "qualification": "These were allegations of the Secretary of State in disqualification proceedings (High Court CR-2024-001426) and were not tried. The Insolvency Service's pre-action letter of 15 November 2023 had alleged that the misrepresentations invalidated all cover and led the insurer to decline claims totalling $4.8 billion.", "response": "Lex Greensill denied withholding relevant information from BCC's head of trade credit, Greg Brereton, or making misrepresentations to Mr Brereton or BCC, and contended that the allegations rested on the insurers' defence in Australia rather than an independent investigation.", "outcome": "Lex Greensill's strike-out application was dismissed on 18 March 2026 ([2026] EWHC 639 (Ch)). The proceedings ended when the Secretary of State accepted a nine-year disqualification undertaking on 2 June 2026, running from 23 June 2026, in which directors do not dispute certain facts for the purposes of the proceedings only; the Insolvency Service's announcement describes the conduct by reference to the Katerra transactions and does not mention the Catfoss allegations.", "source_ids": [ "src-005", "src-008", "src-009" ], "entity_ids": [ "lex-greensill", "gcuk", "catfoss-renewables", "catfoss-dbt", "greg-brereton", "bcc" ], "adverse_subject_ids": [ "lex-greensill" ] }, { "id": "c-ins-dq-insurance-nondisclosure", "kind": "attributed", "text": "The Secretary of State also alleged (the 'Insurance non-disclosure Allegations') that from August 2020 Lex Greensill made misrepresentations and non-disclosures to the boards of Greensill Capital (UK) Limited and Greensill Capital Pty Limited about the status of the trade credit insurance, including that the insurers were investigating policies and endorsements worth over US$11.5 billion, had refused to acknowledge that they were on risk and had served notice of non-renewal. The Insolvency Service's pre-action letter of 15 November 2023 had alleged that this failure to tell the boards of the likely non-renewal, with insurers declining claims of $2.19 billion relating to investor losses, prevented the directors from making informed decisions.", "qualification": "These were allegations in disqualification proceedings (High Court CR-2024-001426) and were not tried.", "response": "Lex Greensill said that memos from July to September 2020 showed that, on learning of Mr Brereton's dismissal by BCC, Lex Greensill informed the companies' executive team, which with the approval of the Chairman and the head of the Risk Committee resolved not to circulate the information more widely; Lex Greensill also said the allegation was advanced without investigating the records of the directors said not to have been informed ([2026] EWHC 639 (Ch)).", "outcome": "Lex Greensill's strike-out application was dismissed on 18 March 2026. The proceedings ended with the nine-year disqualification undertaking accepted on 2 June 2026; the Insolvency Service's announcement describes the conduct by reference to the Katerra transactions and does not mention the insurance non-disclosure allegations.", "source_ids": [ "src-005", "src-008" ], "entity_ids": [ "lex-greensill", "gcuk", "gcpty", "greg-brereton", "bcc" ], "adverse_subject_ids": [ "lex-greensill" ] }, { "id": "c-ins-wilson-affirmation", "kind": "fact", "text": "On 18 July 2024 ICC Judge Mullen ([2024] EWHC 2039 (Ch), case CR-2024-001426) allowed an application of 12 April 2024 by BCC Trade Credit Pty Ltd, Tokio Marine Management Australasia Pty Limited and Tokio Marine & Nichido Fire Insurance Company Limited to obtain the affirmation made on 6 March 2024 by Ian Wilson of the Insolvency Service in support of the Secretary of State's disqualification claim against Lex Greensill, for use only on the scope of discovery in the Federal Court of Australia and subject to conditions, including redaction of the names of individuals other than Mr Greensill and Mr Wilson.", "qualification": "", "response": "Lex Greensill opposed the application; the Secretary of State was neutral.", "outcome": "The court also directed that Lex Greensill be told within 14 days which parts of the affirmations the applicants proposed to rely on in the Australian proceedings, so that Lex Greensill could apply there for a non-disclosure order.", "source_ids": [ "src-079" ], "entity_ids": [ "bcc", "tmma", "tmnf", "lex-greensill" ] }, { "id": "c-ins-gcuk-records", "kind": "attributed", "text": "A report by Edward Cowpe, the referee appointed by the Federal Court of Australia on discovery, quoted in [2024] EWHC 2039 (Ch), stated that Greensill Capital (UK) Limited holds some 168 million Microsoft files, 300TB of operational system data, data on several back-up applications, about 77 boxes of hard-copy documents and 836 laptops and 99 mobile phones, and that the administrators had passed data to regulators without carrying out their own privilege review.", "qualification": "Figures from the referee's report as quoted by the English court; the report itself is not in the record.", "response": "According to the same quoted report, the administrators said that no documents had been withheld from the regulators on the basis of privilege; the English court noted that the administrators were concerned to limit their spending on disclosure and the applicants' access to the whole of the records.", "outcome": "", "source_ids": [ "src-079" ], "entity_ids": [ "gcuk" ] }, { "id": "c-ins-marsh-joinder", "kind": "fact", "text": "The Commercial Court recorded in [2024] EWHC 3068 (Comm) that in August 2023 Insurance Australia Limited pleaded, as one of its defences in the Greensill Bank AG proceedings, that Marsh was a concurrent wrongdoer whose responsibility should reduce IAL's liability; that Greensill Bank AG and Marsh entered into a confidential standstill deed on 5 September 2023 to toll limitation periods; and that Marsh was joined as a respondent in the Credit Suisse proceedings on 7 November 2023.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-041" ], "entity_ids": [ "ial", "greensill-bank", "marsh" ] }, { "id": "c-ins-asi", "kind": "fact", "text": "On 3 December 2024 the Commercial Court (Simon Colton KC sitting as a deputy High Court judge, CL-2024-000433, [2024] EWHC 3068 (Comm)) decided to continue, on a narrower basis, the interim anti-suit injunction granted to Marsh Limited by Cockerill J on 30 July 2024, restraining Greensill Bank AG and its insolvency administrator Michael Frege from bringing any claim against Marsh in Australia in relation to the engagement in the 2018 letter of engagement between Greensill Bank AG and Marsh, which ran for 12 months from 1 March 2018 and contained an English exclusive jurisdiction clause. Marsh had sought the injunction fearing that an Australian claim for misleading conduct, with a headline value in the billions of Australian dollars, might escape the liability cap of £7.5 million (later £10 million) in its terms of engagement.", "qualification": "", "response": "Greensill Bank AG and Michael Frege sought to have the interim injunction set aside for non-disclosure, Marsh not having told the court that it relied on documents disclosed in the Australian proceedings in breach of the Harman obligation, and in any event opposed its continuation; they offered no undertaking not to bring a misleading-conduct claim in Australia.", "outcome": "Marsh Ltd, Marsh Pty Ltd and other parties settled with Greensill Bank AG and its insolvency administrator in June 2026, according to Marsh & McLennan's quarterly report for the period to 30 September 2026.", "source_ids": [ "src-041", "src-053" ], "entity_ids": [ "marsh", "greensill-bank", "michael-frege" ], "adverse_subject_ids": [ "greensill-bank", "michael-frege" ] }, { "id": "c-ins-asi-authority", "kind": "fact", "text": "In [2024] EWHC 3068 (Comm) the Commercial Court held that Marsh had not shown to a high degree of probability that Greensill Capital (UK) Limited (GCUK) had actual or ostensible authority to bind Greensill Bank AG to the letters of engagement GCUK signed with Marsh, or that the bank ratified them, and considered, without making a finding of fact at that interim stage, that GCUK more likely than not lacked such authority. It found the involvement of the bank's 2014 chief executive Danyon Lloyd, of Group General Counsel Jonathan Lane, who was not an officer of the bank, and of Jason Austin, described as a co-founder of the Greensill business, a GCUK director and a member of the bank's supervisory board without executive powers, insufficient to infer that authority.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-041" ], "entity_ids": [ "gcuk", "greensill-bank", "marsh", "danyon-lloyd", "jonathan-lane", "jason-austin" ] }, { "id": "c-ins-marsh-harman", "kind": "fact", "text": "In the Australian proceedings Moshinsky J of the Federal Court of Australia held on 12 November 2024, after a hearing on 11 November, that it was proved beyond reasonable doubt that Marsh Ltd and Marsh Pty Ltd had breached their obligation not to use documents discovered in those proceedings for other purposes, a contempt of that court, by relying on them in the without-notice anti-suit application in England; the court released Marsh from the obligation from the date of its order without making the release retrospective ([2024] FCA 1308, as described in [2024] EWHC 3068 (Comm)).", "qualification": "", "response": "Marsh argued in the Australian court that obtaining the anti-suit injunction was for the purposes of the Australian proceedings and not a collateral purpose, or alternatively that the obligation yielded to its duty of full and frank disclosure on the without-notice application; according to [2024] EWHC 3068 (Comm), Marsh and its lawyers later apologised for the admitted breach while Marsh wished to challenge the correctness of the Australian decision.", "outcome": "In [2024] EWHC 3068 (Comm) the English Commercial Court found Marsh's failure to disclose the breach at the without-notice hearing a serious and substantial breach of its duties to that court, but declined to set aside the anti-suit injunction and said the breach should be reflected in costs. Marsh's involvement in the Australian proceedings ended with its settlements with Greensill Bank AG (June 2026) and Credit Suisse (September 2026).", "source_ids": [ "src-041", "src-053", "src-115" ], "entity_ids": [ "marsh" ], "adverse_subject_ids": [ "marsh" ] }, { "id": "c-ins-recusal", "kind": "fact", "text": "On 20 February 2025 Moore J of the Federal Court of Australia ([2025] FCA 95) allowed the application of Greensill Bank AG and its insolvency administrator Michael Frege, dated 31 January 2025, seeking the judge's disqualification for apprehended bias from the ten jointly managed Greensill proceedings, because before appointment to the court on 18 December 2024 Moore J had appeared as senior counsel for Marsh Limited and Marsh Pty Limited on the Harman application and some of the submissions made there suggested a particular outcome on issues for the trial; the proceedings were referred for reallocation to another judge, with no order as to costs. The court identified as a key issue whether the Greensill Bank AG parties were bound by Marsh's terms of engagement, including exclusive jurisdiction and liability-limitation clauses, in letters of engagement executed by Greensill Bank AG for 2018–2019 and by Greensill Capital (UK) Limited for other periods.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-115" ], "entity_ids": [ "greensill-bank", "michael-frege", "marsh", "gcuk" ] }, { "id": "c-ins-marsh-white-oak-uk", "kind": "fact", "text": "Marsh & McLennan's quarterly report for the period to 30 September 2026 states that a claim filed in the High Court in London in June 2023 by White Oak, a loss payee, against Marsh Ltd, the broker that placed a number of Greensill's trade credit insurance policies, over White Oak's purchase of receivables from Greensill was settled in May 2025, the settlement being recovered through Marsh's errors-and-omissions insurance. [2026] EWHC 639 (Ch) likewise refers to the White Oak trial against Marsh Ltd as having settled after the trial had concluded.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-053", "src-005" ], "entity_ids": [ "marsh", "white-oak" ] }, { "id": "c-ins-marsh-au-settlements", "kind": "fact", "text": "According to the same quarterly report, two Credit Suisse funds claiming as loss payees added Marsh Ltd to the Australian proceedings in November 2023, and Greensill Bank AG, an insured under the policies, added Marsh Pty Ltd and Marsh Ltd in November 2024 and March 2025; Marsh Ltd, Marsh Pty Ltd and other parties settled with Greensill Bank AG and its insolvency administrator in June 2026 and with Credit Suisse in September 2026, which together with the White Oak settlement concluded Marsh's involvement in the Australian proceedings.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-053" ], "entity_ids": [ "marsh", "greensill-bank" ] }, { "id": "c-ins-marsh-charges", "kind": "fact", "text": "Marsh & McLennan recorded charges, net of insurance proceeds, of $144 million for the three months and $569 million for the nine months to 30 September 2026 in connection with the Australian Greensill proceedings, reflecting the settlements with Greensill Bank AG and Credit Suisse and related costs, and stated that it did not expect further charges in connection with these matters.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-053" ], "entity_ids": [ "greensill-bank" ] }, { "id": "c-ins-ial-settlements", "kind": "fact", "text": "Insurance Australia Group Limited announced on 25 September 2026 that Insurance Australia Limited (IAL) had agreed to settle, on confidential terms, the proceedings brought by Credit Suisse entities against it and other parties in the Federal Court of Australia over policies purportedly issued by BCC Trade Credit Pty Ltd on IAL's behalf to Greensill entities, whose claims had an aggregate face value of approximately A$2.8 billion plus interest; the announcement refers to the earlier announced settlement of the proceedings brought by Greensill Bank AG and its insolvency administrator on 29 May 2026. It said the settlement would not have a material impact on its financial position or FY27 results given anticipated recoveries from insurance, reinsurance and other indemnities, and that White Oak's proceedings, with claims of approximately A$170 million plus interest, remained on foot and were being defended.", "qualification": "The announcement gives White Oak's claims as approximately A$170 million plus interest; [2026] FCA 1496 describes the same claim as US$120 million plus about six years of interest.", "response": "", "outcome": "", "source_ids": [ "src-030", "src-096" ], "entity_ids": [ "ial", "bcc", "cs-virtuoso", "greensill-bank", "white-oak" ] }, { "id": "c-ins-privilege", "kind": "fact", "text": "On 28 April 2026 Moshinsky J ([2026] FCA 530, White Oak Commercial Finance Europe (Non-Levered) Limited v Insurance Australia Limited (No 3), NSD 1039 of 2021) largely rejected the without-prejudice privilege claims of BCC Trade Credit Pty Ltd, Tokio Marine & Nichido Fire Insurance Co Ltd and Tokio Marine Management (Australasia) Pty Ltd over documents about negotiations in the 'Main Dispute' between those parties and Insurance Australia Limited on one side and Greensill Capital (UK) Limited (GCUK), Greensill Capital Pty Ltd and Greensill Bank AG on the other over the validity of the policies, finding the supporting evidence general and not tied to specific documents. The court upheld privilege over a fourth category concerning a dispute partly resolved with Credit Suisse, ordered the producing parties, including GCUK, to reproduce the documents free of redactions for without-prejudice privilege, and ordered further discovery of the BCC and Tokio Marine parties' communications with the Australian Prudential Regulation Authority on the subject of Tokio Marine & Nichido's notification of breach of 30 July 2020.", "qualification": "", "response": "The BCC/Tokio Marine parties submitted that their evidence was sufficient to substantiate the privilege, which required only that the communications formed part of genuine negotiations to settle a dispute, and that, as a joint privilege of the negotiating parties, it could not be waived by one of them alone.", "outcome": "", "source_ids": [ "src-095" ], "entity_ids": [ "white-oak", "ial", "bcc", "tmnf", "tmma", "gcuk", "gcpty", "greensill-bank" ] }, { "id": "c-ins-williams-negotiations", "kind": "attributed", "text": "Evidence filed for the BCC and Tokio Marine parties in the White Oak proceeding, given on information from Chris Williams of Tokio Marine Holdings, stated that from about August 2020 Mr Williams was tasked with trying to resolve the dispute over the policies, that Mr Williams met Lex Greensill, described as the principal of the entire Greensill group, together with other representatives of Greensill Capital (UK) Limited and of Marsh, by teleconference on 27 August 2020 on a without-prejudice basis, and that Mr Williams met and corresponded regularly with Mr Greensill and Marsh until 1 March 2021.", "qualification": "This is the BCC/Tokio Marine parties' affidavit evidence as recorded in [2026] FCA 530; the court held it too general to establish privilege over most of the documents and made no finding on the content of the negotiations.", "response": "", "outcome": "On 28 April 2026 the court ordered the BCC/Tokio Marine parties and other producing parties to reproduce the documents concerned without redactions for without prejudice privilege, except for the category over which privilege was upheld.", "source_ids": [ "src-095" ], "entity_ids": [ "bcc", "lex-greensill", "gcuk", "marsh" ] }, { "id": "c-ins-security-costs", "kind": "fact", "text": "On 9 October 2026 Thawley J ([2026] FCA 1496, NSD 1039 of 2021) ordered White Oak Commercial Finance Europe (Non-Levered) Limited to provide further security for costs of $2,500,000 for Insurance Australia Limited and $5,500,000 for BCC Trade Credit Pty Ltd and the two Tokio Marine respondents, explaining that the total security should be $8 million for BCC/Tokio Marine and $5 million for IAL. The applications were heard on 6 October 2026, the day before the trial began; White Oak was the sole remaining applicant after Greensill Bank AG and Credit Suisse settled and abandoned their indemnity claims, its claim was for US$120 million plus about six years of pre-judgment interest, and the trial was expected to run until the end of the year.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-096" ], "entity_ids": [ "white-oak", "ial", "bcc", "tmnf", "tmma", "greensill-bank" ] }, { "id": "c-ins-white-oak-scale", "kind": "attributed", "text": "In the security-for-costs hearing White Oak submitted that its claim concerned only 29 receivables, one finance programme and one policy, whereas the Credit Suisse proceedings had involved more than 400 notes, about 4,700 receivables, 17 programmes and three policies, and that BCC/Tokio Marine and Insurance Australia Limited had spent more than $62 million in the 12 months to July 2026; the court said that spending reflected an intensive period when 11 sets of proceedings with claims totalling over $7 billion were being run together.", "qualification": "White Oak's figures as recorded in [2026] FCA 1496; the court accepted that the trial would be shorter than the combined hearing but said the remaining claims were still legally and factually complex.", "response": "", "outcome": "", "source_ids": [ "src-096" ], "entity_ids": [ "white-oak", "bcc", "ial" ] }, { "id": "c-ins-zurich", "kind": "attributed", "text": "A press report (February 2024), citing court filings, states that Zurich Insurance Company was sued in the High Court in London in 2023 by the administrators of Greensill Bank AG in a dispute over trade credit insurance; the Commercial Court in [2024] EWHC 3068 (Comm) likewise records proceedings by Greensill Bank AG against Zurich Insurance issued in 2023.", "qualification": "The particulars of the claim, Zurich's defence and the outcome of the London proceedings are not in the record.", "response": "According to the same press report, Zurich's defence and counterclaim dated 26 January 2024 alleged that the claims arose out of a 'fraudulent scheme' and that deliberate or reckless misrepresentation and non-disclosure entitled it to avoid the policies; a spokesperson for Lex Greensill rejected the allegations as without foundation, and GFG Alliance said it was not involved in Greensill's insurance arrangements.", "outcome": "", "source_ids": [ "src-110", "src-041" ], "entity_ids": [ "zurich-company", "greensill-bank" ], "adverse_subject_ids": [ "zurich-company" ] }, { "id": "c-adm-causes-administrators", "kind": "attributed", "text": "In their statutory proposals of April 2021, the joint administrators of Greensill Capital (UK) Limited stated that the restructuring and refinancing plan the Greensill group pursued from the end of 2020 could not be implemented and that a number of factors, most particularly the withdrawal of insurance coverage from GCUK, forced GCUK to stop originating new business and left it insolvent.", "qualification": "This is the administrators' account in proposals prepared under paragraph 49 of Schedule B1 to the Insolvency Act 1986; it is not a court finding. The insurers' own position on the non-renewal of the policies is a separate matter.", "response": "", "outcome": "", "source_ids": [ "src-029" ], "entity_ids": [ "gcuk" ] }, { "id": "c-adm-acceleration-140m", "kind": "attributed", "text": "The administrators of Greensill Capital (UK) Limited stated that on 4 March 2021 one of Greensill Capital Pty Limited's financial creditors accelerated a $140 million loan and demanded immediate payment from GCUK as guarantor, which left GCUK unable to pay its debts as they fell due; the House of Commons Treasury Committee's report published on 20 July 2021 identifies the lender as Credit Suisse.", "qualification": "The sequence is given in the administrators' proposals and repeated by the Treasury Committee. The High Court found on 8 March 2021 that US$140 million was immediately due and payable by GCUK as guarantor on a Credit Suisse AG facility to its holding company and that GCUK was cash-flow insolvent.", "response": "", "outcome": "", "source_ids": [ "src-029", "src-031", "src-052" ], "entity_ids": [ "gcuk", "gcpty", "credit-suisse" ] }, { "id": "c-adm-bafin-gb-gfg", "kind": "attributed", "text": "The administrators of Greensill Capital (UK) Limited also stated that during 2020 the exposure of Greensill Bank AG to the GFG Alliance drew increased attention from the Auditing Association of German Banks and BaFin, that BaFin opened an investigation into the bank focused on the concentration of its lending to GFG and set conditions ultimately requiring that exposure to be reduced, and that GFG could not find alternative funding while the group's restructuring, intended to refinance the GFG liabilities, failed.", "qualification": "This is the administrators' account in their April 2021 proposals; BaFin's own decisions and the terms of its conditions are not in the record.", "response": "", "outcome": "According to [2025] EWHC 2631 (Ch), BaFin required the group on 8 December 2020 to accelerate the reduction of its exposure to GFG and on 5 January 2021 blocked withdrawals by the group from Greensill Bank AG; in March 2021 BaFin filed an insolvency application for the bank, and the district court in Bremen appointed Dr Michael Frege as insolvency administrator.", "source_ids": [ "src-029", "src-035", "src-108" ], "entity_ids": [ "gcuk", "greensill-bank", "gfg" ], "adverse_subject_ids": [ "greensill-bank" ] }, { "id": "c-adm-orders-8-march-2021", "kind": "fact", "text": "On 8 March 2021 the High Court (Mr Justice Michael Green, [2021] EWHC 700 (Ch)) made administration orders for Greensill Capital (UK) Limited and Greensill Capital Management Company (UK) Limited on the application of their directors: the application for GCUK was made by its sole director, Alexander David Greensill, and that for Greensill Capital Management Company (UK) Limited by Alexander David Greensill and Alastair Kenneth Eadie. GCUK's administration is registered as High Court case 000435 of 2021.", "qualification": "The judgment was issued under the case number of Greensill Capital Management Company (UK) Limited, CR-2021-000436; GCUK's own administration proceedings carry number 000435 of 2021.", "response": "The court recorded that Credit Suisse and the Peter Greensill Family Trust, notified as lenders, consented to the orders, that the Bank of England did not intend to exercise its powers, and that Credit Suisse Asset Management, appearing for the noteholders, did not oppose them.", "outcome": "On 4 September 2026 the High Court extended both administrations to 7 September 2028; the administrators intend to end the administrations of GCUK and Greensill Capital Management Company (UK) Limited by conversion to creditors' voluntary liquidations.", "source_ids": [ "src-052", "src-029", "src-015" ], "entity_ids": [ "gcuk", "gcmc", "lex-greensill", "alastair-eadie" ], "adverse_subject_ids": [ "gcuk", "gcmc" ] }, { "id": "c-adm-court-cashflow-insolvency", "kind": "fact", "text": "In [2021] EWHC 700 (Ch) the High Court described Greensill Capital (UK) Limited as an arranger of trade finance involving the sale and purchase of receivables and found that GCUK had ceased trading on 2 March 2021, that US$140 million was immediately due from it as guarantor of a Credit Suisse AG facility to its holding company, and that it was cash-flow insolvent; Greensill Capital Management Company (UK) Limited, a service company providing employees to GCUK, depended on GCUK to fund its payroll for over 500 employees and was therefore also cash-flow insolvent.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-052" ], "entity_ids": [ "gcuk", "gcmc", "credit-suisse" ], "adverse_subject_ids": [ "gcuk", "gcmc" ] }, { "id": "c-adm-apollo-prepack", "kind": "fact", "text": "When making the orders, the High Court recorded that the proposed administrators from Grant Thornton, who had advised Greensill Capital (UK) Limited since December 2020, intended a pre-packaged sale agreed with Apollo Holdings Plc, which had offered to buy GCUK's intellectual property and IT systems and take on most of the employees of Greensill Capital Management Company (UK) Limited; the court accepted that the purpose of the administrations was a better result for creditors than a winding up, not a rescue of the companies.", "qualification": "", "response": "", "outcome": "The administrators' proposals (April 2021) state that contract negotiations with the proposed purchaser ended on 11 March 2021 because of a substantial reduction in the value of its offer, so the sale did not proceed.", "source_ids": [ "src-052", "src-029" ], "entity_ids": [ "gcuk", "gcmc", "apollo-holdings", "grant-thornton-uk" ] }, { "id": "c-adm-order-consents", "kind": "fact", "text": "The court noted that Credit Suisse and PGFT (the Peter Greensill Family Trust, acting through its trustee), lenders to the Greensill group, had been notified of the application for administration of Greensill Capital (UK) Limited and consented to the orders, that the Bank of England had confirmed it did not intend to exercise its powers although the group included Greensill Bank AG, and that Credit Suisse Asset Management, appearing for the noteholders, did not oppose the orders.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-052", "src-029" ], "entity_ids": [ "gcuk", "credit-suisse", "pgft", "greensill-bank", "csam" ] }, { "id": "c-adm-administrators-appointed", "kind": "fact", "text": "Christine Laverty, Trevor O'Sullivan and William Stagg of Grant Thornton UK LLP were appointed joint administrators of Greensill Capital (UK) Limited and Greensill Capital Management Company (UK) Limited on 8 March 2021; in a letter of 9 July 2021 to the House of Commons Treasury Committee they stated that they were not administrators or liquidators of the Australian parent, Greensill Capital Pty Limited, which is under the control of different insolvency practitioners.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-004" ], "entity_ids": [ "chris-laverty", "trevor-osullivan", "will-stagg", "grant-thornton-uk", "gcuk", "gcmc", "gcpty" ] }, { "id": "c-adm-administrator-replacement", "kind": "fact", "text": "Russell Simpson later replaced Trevor O'Sullivan as a joint administrator of Greensill Capital (UK) Limited: Companies House received on 18 July 2022 notice of a court order removing an administrator from office and notice of the appointment of a replacement administrator, and both the High Court's judgment of 19 September 2023 and the administrators' progress report for March to September 2026 name Christine Laverty, Russell Simpson and William Stagg, the latter report as members of Grant Thornton UK Advisory and Tax LLP.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-051", "src-015", "src-006" ], "entity_ids": [ "russell-simpson", "trevor-osullivan", "chris-laverty", "will-stagg", "gcuk", "grant-thornton-advisory" ] }, { "id": "c-adm-soa-assets", "kind": "fact", "text": "The statement of affairs of Greensill Capital (UK) Limited as at 8 March 2021, made by Alexander David Greensill on 28 April 2021 in the High Court administration case 000435 of 2021, gives total assets of $1,472,148,187 at book value and $475,446,600 estimated to realise; the directors noted that a significant portion of the trade assets and accrued income to which they attributed a low recoverable value benefited from third-party security guarantees which, if invoked, could yield additional recoveries of c.$250m of trade assets and c.$175m of accrued income.", "qualification": "The figures are the directors' estimates at the date of administration and do not account for the costs of the administration.", "response": "", "outcome": "", "source_ids": [ "src-007", "src-029" ], "entity_ids": [ "gcuk", "lex-greensill" ] }, { "id": "c-adm-soa-deficiency", "kind": "fact", "text": "On the liabilities side, the statement of affairs of Greensill Capital (UK) Limited shows $200,000,000 of debts secured by floating charges and unsecured non-preferential claims of $1,654,699,147 at book value and $1,456,984,613 estimated, giving an estimated deficiency as regards members of $1,181,551,493 after issued share capital of $13,480; the administrators' proposals summarise it as 210 unsecured creditors totalling $1.46 billion, against $14.5 million of unsecured claims in the statement of affairs of Greensill Capital Management Company (UK) Limited.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-007", "src-029" ], "entity_ids": [ "gcuk", "gcmc" ] }, { "id": "c-adm-soa-credit-suisse", "kind": "fact", "text": "The creditor schedule filed at Companies House with the statement of affairs of Greensill Capital (UK) Limited, whose amount column and total are marked in pounds sterling, lists Credit Suisse AG, London Branch with 318,560,000.00 and gives total claims of £1,278,780,154.75.", "qualification": "The statement of affairs form itself gives creditor amounts in US dollars, while the attached schedule is marked in pounds sterling; the schedule is an image-based filing, so individual amounts carry that currency caveat. The administrators' figure for unsecured claims ($1.46 billion) is in US dollars.", "response": "", "outcome": "", "source_ids": [ "src-007", "src-029" ], "entity_ids": [ "gcuk", "credit-suisse" ] }, { "id": "c-adm-soa-group-creditors", "kind": "fact", "text": "Group companies listed as creditors in the same schedule of Greensill Capital (UK) Limited include Greensill Capital Pty Ltd (245,497,076.30), Greensill Bank AG (32,705,156.43), Greensill Capital Management Company Limited (9,806,850.67) and Greensill GmbH (1,043,418.83), together with Greensill Limited (UK), Greensill Capital Trading 2 Limited, Greensill Capital Trading 3 Limited, Greensill Trading Limited (UK), Greensill Capital Investments (UK), GC Trading Ltd and Greensill Switzerland SARL.", "qualification": "Amounts are as printed in the schedule, whose amount column is marked in pounds sterling; the names of the UK special-purpose companies are given as they appear in the schedule.", "response": "", "outcome": "", "source_ids": [ "src-007" ], "entity_ids": [ "gcuk", "gcpty", "greensill-bank", "gcmc", "greensill-gmbh", "greensill-limited" ] }, { "id": "c-adm-soa-other-creditors", "kind": "fact", "text": "Among other creditors, the schedule of Greensill Capital (UK) Limited lists Marsh Limited with 27,950,020.00 and Marsh Limited (UK) with 2,103,121.57, GFG (with a Singapore address) with 12,105,337.92, Tradeshift Holdings Inc. with 5,160,050.19, and SIMEC International UK Limited and Aar Tee Commodities (UK) Limited with 2,017,556.32 each.", "qualification": "Amounts are as printed in the schedule, whose amount column is marked in pounds sterling.", "response": "", "outcome": "", "source_ids": [ "src-007" ], "entity_ids": [ "gcuk", "marsh", "gfg", "simec-international", "aar-tee" ] }, { "id": "c-adm-soa-pgft-entry", "kind": "fact", "text": "The schedule of creditors of Greensill Capital (UK) Limited also names Peter Greensill Family Co Pty. Ltd. as trustee for and on behalf of the Peter Greensill Family Trust, in a closing block with further entries for Greensill Bank AG and Credit Suisse AG, London Branch; in the filed image the amount on the trust's line cannot be matched to it with certainty.", "qualification": "The administrators' proposals report separately that the trust's floating charge secured a balance of $60 million at the date of administration.", "response": "", "outcome": "", "source_ids": [ "src-007", "src-029" ], "entity_ids": [ "gcuk", "pgf-co", "pgft" ] }, { "id": "c-adm-crothers-concurrence", "kind": "fact", "text": "William Crothers, a former director of Greensill Capital (UK) Limited, filed a statement of concurrence with the statement of affairs subject to qualifications; the statement ends by saying that, given those qualifications, the signatory has no reason to believe that the statement of affairs is not accurate.", "qualification": "", "response": "The qualifications William Crothers gave were: ceasing to be a director of GCUK on 4 February 2021; reliance on the CFO and finance function for the figures, both while a director and for the statement of affairs; judgements and assumptions on recoveries in the statement of which, since resigning, William Crothers has had no up-to-date or detailed knowledge; and no access to historical Greensill Capital records, so that the numbers cannot be verified.", "outcome": "", "source_ids": [ "src-007" ], "entity_ids": [ "bill-crothers", "gcuk" ] }, { "id": "c-adm-assets-under-management", "kind": "fact", "text": "According to the administrators' proposals, assets under management by Greensill Capital (UK) Limited totalled $17,738 million at 8 March 2021, of which GCUK was beneficially entitled to only $490 million, the economic benefit lying predominantly with third-party investors; $3,738 million had been collected by 16 April 2021, of which $32 million was for GCUK. Before the administrations GCUK facilitated about $140 billion of such transactions a year.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029" ], "entity_ids": [ "gcuk" ] }, { "id": "c-adm-gcuk-funded-group", "kind": "fact", "text": "The administrators' proposals describe Greensill Capital (UK) Limited as the main trading entity of the group and the recipient of most of its income, which provided funding to most other group entities; in the administration GCUK was to keep collecting sums due from obligors, pursue recoveries and submit insurance claims on notes protected by insurance policies, while the administrators negotiated with the investors who held the main beneficial interest in those assets to cover the costs.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029" ], "entity_ids": [ "gcuk" ] }, { "id": "c-adm-staff-cuts", "kind": "fact", "text": "After the sale process was terminated on 11 March 2021, the administrators made 435 employees of Greensill Capital Management Company (UK) Limited redundant and retained 135 to help realise assets and wind down the business; to keep pursuing insurance claims on defaulted assets for investors, Greensill Capital (UK) Limited retained its insurance professionals, contracted with its broker and engaged the insurance lawyers already acting on its claims.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029" ], "entity_ids": [ "gcmc", "gcuk" ] }, { "id": "c-adm-investor-retainer", "kind": "fact", "text": "By 16 April 2021 anchor investors had paid retainer fees of $5 million into the administration estate of Greensill Capital (UK) Limited to cover costs while funding arrangements were finalised; the administrators' US dollar receipts and payments account for 8 March to 16 April 2021 shows $5,000,000.00 of third-party funding received and $573,346.27 paid for trade insurance.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029" ], "entity_ids": [ "gcuk" ] }, { "id": "c-adm-accrued-income", "kind": "fact", "text": "The administrators' proposals state that the accrued income of Greensill Capital (UK) Limited consisted mainly of about $194 million of structuring and advisory fees and about $24 million of data-driven revenue from securitised contracts, principally in the telecoms sector; the largest fee, $175 million, was due in equal instalments on 31 March and 30 June 2021, and after the first instalment was not received the administrators were pursuing the obligor.", "qualification": "The proposals do not name the obligor of the $175 million fee.", "response": "", "outcome": "", "source_ids": [ "src-029" ], "entity_ids": [ "gcuk" ] }, { "id": "c-adm-other-debtors", "kind": "fact", "text": "Among other assets of Greensill Capital (UK) Limited, the administrators' proposals list an equity warrant in a US-based mining business held at a book value of $50 million and $4 million owed by a former shareholder after GCUK brokered the sale of its shares to another party, which the statement of affairs treats as fully recoverable.", "qualification": "The proposals name neither the mining business nor the former shareholder.", "response": "", "outcome": "", "source_ids": [ "src-029" ], "entity_ids": [ "gcuk" ] }, { "id": "c-adm-intercompany-debtors", "kind": "fact", "text": "Other group entities owed Greensill Capital (UK) Limited $107.4 million at the date of administration, chiefly Greensill Inc ($46.3 million), Omni ($19.3 million), Earnd UK ($10.9 million), Finacity ($9.4 million), Omni Technologies SAS ($7.4 million) and Greensill Capital Asia PTE ($5.9 million), of which the directors estimated $13 million as recoverable; GCUK's loan notes of about $37 million in the Omni entities, owned by Greensill Capital Pty Limited, were dealt with in a sale completed on 22 April 2021 that realised about $9 million for GCUK.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029" ], "entity_ids": [ "gcuk", "greensill-inc", "earnd-uk", "finacity", "greensill-asia", "gcpty" ] }, { "id": "c-adm-cash-deposits", "kind": "fact", "text": "At the date of administration Greensill Capital (UK) Limited held about $59 million in 36 bank accounts in 18 currencies, plus about $50 million in a segregated account relating to Credit Suisse's security; long-term cash deposits of about $6 million were collateral for letters of credit provided to insurers, and about $1.8 million held in escrow in Citibank reserve accounts for trustee and issuer fees did not form part of the estate.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029" ], "entity_ids": [ "gcuk", "credit-suisse" ] }, { "id": "c-adm-gb-90m-advance", "kind": "fact", "text": "The administrators of Greensill Capital (UK) Limited reported that part of the collections from GCUK's trade assets might be subject to a claim by Greensill Bank AG arising from an agreement of 14 July 2020 under which the bank advanced €90 million to GCUK, and that they were taking legal advice on the validity of that claim.", "qualification": "This is a potential claim reported in the administrators' proposals of April 2021; its validity was under review and its resolution is not stated in the retained progress report.", "response": "", "outcome": "", "source_ids": [ "src-029", "src-015" ], "entity_ids": [ "gcuk", "greensill-bank" ] }, { "id": "c-adm-fx-hedging-account", "kind": "fact", "text": "Greensill Capital (UK) Limited held a foreign exchange hedging account at Citibank, through which it also hedged foreign exchange positions of Greensill Bank AG, backed by a cash deposit of about €70 million; after the administrators' appointment Citibank closed the account because GCUK could not meet further margin calls and set the closure costs off against the deposit, leaving about €40 million, which was subject to a potential claim by Greensill Bank on the basis that the deposit funds originated from the bank.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029" ], "entity_ids": [ "gcuk", "greensill-bank" ] }, { "id": "c-adm-fx-directions-application", "kind": "fact", "text": "On 8 December 2021 the administrators of Greensill Capital (UK) Limited applied to the High Court for directions on whether GCUK or Greensill Bank AG was the beneficial owner of funds that had come to GCUK through foreign exchange transactions; Greensill Bank's insolvency administrator, Dr Michael Frege, was later joined as a respondent, and the court described the dispute as hostile litigation between the two companies.", "qualification": "", "response": "", "outcome": "On 19 September 2023 the High Court held that Greensill Bank AG's Part 36 offer of 14 September 2022 had been accepted by the administrators and bound the bank, leaving the bank's further points on mistake and the rule in Ex parte James to be decided on a later occasion ([2023] EWHC 2429 (Ch)).", "source_ids": [ "src-051" ], "entity_ids": [ "gcuk", "greensill-bank", "michael-frege" ] }, { "id": "c-adm-fx-part36-judgment", "kind": "fact", "text": "In [2023] EWHC 2429 (Ch), given on 19 September 2023, Sir Anthony Mann held that CPR Part 36 can apply to administrators' directions proceedings and that a Part 36 offer made by Greensill Bank AG on 14 September 2022 to settle its claim to the disputed funds had been accepted by the administrators of Greensill Capital (UK) Limited (GCUK) and bound the bank; the bank's further arguments on mistake and the rule in Ex parte James were left for a later hearing.", "qualification": "The judge made a reporting restrictions order preventing any reporting of the contents of without-prejudice offers, including Part 36 offers, in the matter; the terms of the offer are therefore not stated here.", "response": "Greensill Bank argued that Part 36 did not apply, that the administrators' rejection of the offer in December 2022 ended it, that the offer was conditional on a court ruling and had been withdrawn in August 2023, and that offer and acceptance did not correspond; the judge rejected these arguments.", "outcome": "", "source_ids": [ "src-051" ], "entity_ids": [ "gcuk", "greensill-bank", "michael-frege" ] }, { "id": "c-adm-charge-citibank", "kind": "fact", "text": "The Companies House register lists four charges over Greensill Capital (UK) Limited, three outstanding and one satisfied; the oldest, created on 24 June 2016 in favour of Citibank Europe PLC and still outstanding, is described by the administrators as a fixed charge over a designated bank account under a corporate deposit deed securing amounts due in connection with standby letters of credit issued by Citibank, under which nothing was outstanding at the date of administration.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-039", "src-015", "src-029" ], "entity_ids": [ "gcuk", "citibank-europe" ] }, { "id": "c-adm-charge-pgft", "kind": "fact", "text": "Two charges over Greensill Capital (UK) Limited were registered in favour of Peter Greensill Family Co Pty. Ltd. as trustee of the Peter Greensill Family Trust: one created on 19 May 2020 and satisfied on 23 October 2020, and one created on 22 October 2020, in which the trustee acts as security agent and security trustee. The administrators describe the latter as a floating charge over GCUK's receivables, subordinate to the Credit Suisse security, securing GCUK's guarantee of a $60 million loan by the trust to Greensill Capital Pty Limited made on 22 October 2020; by April 2021 nothing had been paid to the trust under that security.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-039", "src-015", "src-029" ], "entity_ids": [ "gcuk", "pgf-co", "pgft", "gcpty" ] }, { "id": "c-adm-charge-credit-suisse", "kind": "fact", "text": "Charge 0812 6173 0004 over Greensill Capital (UK) Limited, created on 22 October 2020 and delivered to Companies House on 9 November 2020, is registered in favour of Credit Suisse AG, London Branch and contains a floating charge; according to the administrators it covers a specified account and GCUK's receivables and secures GCUK's guarantee of a $140 million loan made by Credit Suisse to Greensill Capital Pty Limited on 22 October 2020, the full $140 million being due at the date of administration.", "qualification": "The administrators stated in April 2021 that they were obtaining legal advice on the validity of the security, and that none of the secured creditors was a qualifying floating charge holder under the Insolvency Act 1986.", "response": "", "outcome": "", "source_ids": [ "src-017", "src-029", "src-015", "src-039" ], "entity_ids": [ "gcuk", "credit-suisse", "gcpty" ] }, { "id": "c-adm-cs-receivership", "kind": "fact", "text": "On 5 March 2021 Credit Suisse appointed Geoffrey Paul Rowley and Anthony John Wright of FRP Advisory Trading Limited as receivers of the secured account, receivables and related rights of Greensill Capital (UK) Limited; the receivers had Citibank, as account bank, pay Credit Suisse about $50 million from the secured account, leaving about $90 million outstanding, which Credit Suisse also claimed against the receivables held by GCUK. Companies House received two notices of appointment of a receiver or manager on 23 March 2021 and, on 28 April 2021, two notices of ceasing to act and a receiver's abstract of receipts and payments to 14 April 2021.", "qualification": "", "response": "The administrators stated in their April 2021 proposals that they were obtaining legal advice on the validity of the security held by Credit Suisse and the Peter Greensill Family Trust, and that none of the secured creditors was a qualifying floating charge holder under the Insolvency Act 1986.", "outcome": "On 5 June 2026 the administrators executed a confidential settlement, involving a payment from the estate, after which all secured creditor claims were concluded.", "source_ids": [ "src-029", "src-017", "src-015" ], "entity_ids": [ "gcuk", "credit-suisse", "geoffrey-rowley", "anthony-wright", "frp-advisory-trading" ] }, { "id": "c-adm-secured-settlement-2026", "kind": "fact", "text": "On 5 June 2026 the administrators of Greensill Capital (UK) Limited executed a confidential settlement involving a payment from the estate, which concluded all secured creditor claims; their progress report records that payments in that period included one in full and final settlement of the Peter Greensill Family Trust's purported secured creditor claim. The administrators had recorded the trust's floating charge as securing $60 million and Credit Suisse's as securing $140 million at the date of administration.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-015" ], "entity_ids": [ "gcuk", "pgft", "credit-suisse" ] }, { "id": "c-adm-floating-charge-payments", "kind": "fact", "text": "The administrators' US dollar receipts and payments account for Greensill Capital (UK) Limited, covering 8 March 2021 to 7 September 2026, records cumulative payments to floating charge creditors of 100,028,425.28 to Credit Suisse AG and 17,750,051.00 to the Peter Greensill Family Trust, the trust's payment falling in the six months to 7 September 2026.", "qualification": "The figures are read from an image of the filed account and are given as the administrators' account; the trust's period and cumulative columns print slightly different amounts (17,760,081.90 and 17,750,051.00), so the exact figure is uncertain.", "response": "", "outcome": "", "source_ids": [ "src-015" ], "entity_ids": [ "gcuk", "credit-suisse", "pgft" ] }, { "id": "c-adm-receipts-payments-2026", "kind": "fact", "text": "By 7 September 2026 the administration of Greensill Capital (UK) Limited had cumulative receipts of £380.6 million and payments of £265.6 million, converted to pounds at the exchange rates of that date; the administrators' cumulative time costs and expenses stood at £51.8 million and £41.0 million.", "qualification": "The amounts are the administrators' own totals in their progress report.", "response": "", "outcome": "", "source_ids": [ "src-015" ], "entity_ids": [ "gcuk" ] }, { "id": "c-adm-unsecured-claims-2026", "kind": "fact", "text": "The administrators of Greensill Capital (UK) Limited reported in September 2026 that the directors had estimated unsecured claims at about $1.6 billion for GCUK and about $14.5 million for Greensill Capital Management Company (UK) Limited, that certain creditors had lodged claims of significant value above the directors' estimates, that claims had not yet been called for or formally adjudicated, and that further contingent claims could arise from trade credit insurance policies or litigation by obligors, insurers or others.", "qualification": "The Insolvency Service's press release of 4 June 2026 describes GCUK as having collapsed into administration with liabilities of more than £1.6 billion, and in the same release gives more than £1.6 billion as the combined liabilities of the three Greensill companies of which Lex Greensill was a director; the directors' and administrators' figures are in US dollars.", "response": "", "outcome": "", "source_ids": [ "src-015", "src-008" ], "entity_ids": [ "gcuk", "gcmc" ] }, { "id": "c-adm-extension-2028", "kind": "fact", "text": "On 4 September 2026 the High Court extended the administrations of Greensill Capital (UK) Limited and Greensill Capital Management Company (UK) Limited by 24 months to 7 September 2028 and gave the administrators permission to make interim distributions to GCUK's unsecured creditors during the administration; the administrators intend to convert GCUK's administration into a creditors' voluntary liquidation for a final distribution.", "qualification": "The timing and amount of any interim dividend were uncertain at the September 2026 report.", "response": "", "outcome": "", "source_ids": [ "src-015", "src-006" ], "entity_ids": [ "gcuk", "gcmc" ] }, { "id": "c-adm-investigations-directors", "kind": "fact", "text": "In their progress report for March to September 2026 the administrators of Greensill Capital (UK) Limited stated that their investigations concerning former directors were continuing and that they were advancing actions in that regard without giving details, so as not to prejudice their position; their remaining work includes negotiations with third parties, including pre-appointment GCUK directors, to recover contributions to the estate's losses, and settlements following their statutory investigations reached in the period had a total consideration of £1.8 million, of which £1.19 million was received in the period and £570,000 remained due on deferred terms, with a final payment scheduled for March 2028.", "qualification": "The report names no director and states no claim amount; the settlement counterparties are not identified.", "response": "", "outcome": "", "source_ids": [ "src-015" ], "entity_ids": [ "gcuk" ] }, { "id": "c-adm-legal-proceedings-2026", "kind": "fact", "text": "In September 2026 the administrators reported that Greensill Capital (UK) Limited remained an inactive party to Australian insurance proceedings, providing discovery with costs covered by the active parties; that it remained joined to two English insurance proceedings between investors and insurers, stayed against GCUK except for discovery under court orders dated 22 November 2024; and that it had been joined as a defendant, as accredited lender, to proceedings by Greensill Bank AG against the Secretary of State for Business and Trade over its CBILS and CLBILS investments and guarantees.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-015" ], "entity_ids": [ "gcuk", "greensill-bank", "dbt" ] }, { "id": "c-adm-greensill-inc-dividend", "kind": "fact", "text": "In the six months to 7 September 2026 Greensill Capital (UK) Limited received $446,854 as a final dividend from Greensill Capital Inc., and its administrators continued to monitor the liquidations of Greensill Asia and Greensill India for possible recoveries for the estate of Greensill Capital Management Company (UK) Limited.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-015" ], "entity_ids": [ "gcuk", "greensill-inc", "greensill-asia", "greensill-india", "gcmc" ] }, { "id": "c-adm-chapter15", "kind": "fact", "text": "On 18 August 2021 the joint administrators Christine Mary Laverty, Trevor Patrick O'Sullivan and William George Edward Stagg, as foreign representatives of Greensill Capital (UK) Limited, filed a Chapter 15 petition in the United States Bankruptcy Court for the Southern District of New York (case 21-11473 (MEW)) seeking recognition of GCUK's English administration as a foreign main proceeding.", "qualification": "", "response": "", "outcome": "An order of 13 September 2021 in Bluestone Resources Inc. v Greensill Capital (UK) Limited in the US District Court for the Southern District of New York refers to the bankruptcy court's order granting recognition of a foreign main proceeding involving GCUK and stays that case against GCUK.", "source_ids": [ "src-064", "src-105" ], "entity_ids": [ "gcuk", "chris-laverty", "trevor-osullivan", "will-stagg", "bluestone" ] }, { "id": "c-adm-gt-pre-appointment", "kind": "fact", "text": "Grant Thornton UK LLP was introduced to the Greensill companies by their lawyers, Allen & Overy LLP, shortly before 31 December 2020 and was engaged on that date by Greensill Capital (UK) Limited, Greensill Bank AG and Greensill Capital Pty Limited to assist with a Better Outcome Review for the Australian parent and with contingency planning for a possible insolvency appointment; GCUK paid Grant Thornton £1,437,784 for that engagement and its addendum.", "qualification": "These are the administrators' own disclosures in their proposals; they state that they gave no contingency planning or other advice to Greensill Bank AG.", "response": "The administrators stated that before accepting the appointments they considered the firm's prior professional relationships, having regard to their licensing bodies' ethical guidelines, and concluded that those engagements did not give rise to risks compromising the fundamental principles of the Insolvency Practitioners Association Ethics Code or any of its five threats.", "outcome": "", "source_ids": [ "src-029" ], "entity_ids": [ "grant-thornton-uk", "gcuk", "greensill-bank", "gcpty" ] }, { "id": "c-adm-gt-former-auditor", "kind": "fact", "text": "The administrators disclosed that Grant Thornton was the appointed auditor of Greensill Capital (UK) Limited in 2013, resigned as auditor in July 2015 without undertaking the 2014 audit, and in 2014 provided VAT and other tax advice to GCUK for fees of about £90,000.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029" ], "entity_ids": [ "grant-thornton-uk", "gcuk" ] }, { "id": "c-adm-caversham-debt", "kind": "fact", "text": "Chris Laverty, Trevor O'Sullivan and Helen Dale of Grant Thornton were appointed joint administrators of Caversham Finance Limited in March 2020, when it owed Greensill Capital (UK) Limited £30.8 million; the debt was repaid in full in July and August 2020 from asset realisations.", "qualification": "", "response": "", "outcome": "The administrators recorded that there were no further connections between Caversham and GCUK.", "source_ids": [ "src-029" ], "entity_ids": [ "caversham-finance", "gcuk", "chris-laverty", "trevor-osullivan", "grant-thornton-uk" ], "adverse_subject_ids": [ "caversham-finance" ] }, { "id": "c-adm-ip-assignment", "kind": "fact", "text": "Under the revised assignment of intellectual property filed as Exhibit C to the second plan supplement in the Chapter 11 case of Greensill Capital Inc. (21-10561 (MEW)), Greensill Capital Inc. agreed, as part of a global settlement of disputes between the estates, to assign to Greensill Capital (UK) Limited, acting by its administrators, its rights in software and related intellectual property developed for GCUK; the parties were also bound by a Services Agreement effective 25 March 2021.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-062" ], "entity_ids": [ "greensill-inc", "gcuk", "chris-laverty", "trevor-osullivan", "will-stagg" ] }, { "id": "c-gi-subsidiaries-wound-down", "kind": "fact", "text": "The administrators of Greensill Capital (UK) Limited reported in April 2021 that, following the appointment of administrators to Greensill Capital Pty Limited, GCUK and Greensill Capital Management Company (UK) Limited, most of the group's subsidiaries were being sold or wound down through solvent or insolvent processes in their own jurisdictions; most overseas subsidiaries had provided origination services to GCUK and held no material assets.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029", "src-015" ], "entity_ids": [ "gcuk", "gcpty", "gcmc" ] }, { "id": "c-gi-gcpty-administration", "kind": "fact", "text": "Greensill Capital Pty Limited, the Australian parent of Greensill Capital (UK) Limited, went into voluntary administration in March 2021 when its directors appointed Matthew Byrnes, Philip Campbell-Wilson and Michael McCann of Grant Thornton Australia Limited as administrators under section 436A of the Corporations Act; the disclosure statement in the Chapter 11 case of Greensill Capital Inc. dates the appointment 8 March 2021, the GCUK administrators' progress report of 2026 dates it 9 March 2021.", "qualification": "The two sources differ by one day on the date of the appointment; neither explains the difference.", "response": "", "outcome": "Its creditors resolved on 22 April 2021 to place it in liquidation, with Grant Thornton Australia Limited appointed as liquidator, according to ASIC.", "source_ids": [ "src-034", "src-042", "src-015" ], "entity_ids": [ "gcpty", "gcuk", "matthew-byrnes", "philip-campbell-wilson", "michael-mccann", "greensill-inc" ], "adverse_subject_ids": [ "gcpty" ] }, { "id": "c-gi-gcpty-liquidation", "kind": "fact", "text": "Greensill Capital Pty Limited (ACN 154 088 132) went into liquidation by resolution of its creditors on 22 April 2021, according to ASIC, with Grant Thornton Australia Limited appointed: ASIC's published notices name Matthew James Byrnes as liquidator and Philip Campbell-Wilson and Michael Gerald McCann as joint appointees, and the Insolvency Service also states that the company went into liquidation in April 2021. ASIC described the company as a major creditor of its UK subsidiary, Greensill Capital (UK) Limited.", "qualification": "The GCUK administrators' progress report of 2026 gives the date of the liquidators' appointment as 22 April 2022, which conflicts with ASIC and the Insolvency Service.", "response": "", "outcome": "ASIC reported to the Australian Parliament's joint committee that the liquidator was conducting further investigations and that ASIC was continuing to work closely with it.", "source_ids": [ "src-011", "src-008", "src-034", "src-015" ], "entity_ids": [ "gcpty", "matthew-byrnes", "philip-campbell-wilson", "michael-mccann", "gcuk" ], "adverse_subject_ids": [ "gcpty" ] }, { "id": "c-gi-greensill-limited-liquidation", "kind": "fact", "text": "Greensill Limited, a UK company of the Greensill group, went into liquidation on 30 July 2021, when Andrew Charters of Grant Thornton UK LLP and Sarah O'Toole were appointed joint liquidators; Paul Allen and Geoffrey Rowley were appointed liquidators on 4 January 2022, and Andrew Charters and Sarah O'Toole resigned on 12 May 2022.", "qualification": "", "response": "", "outcome": "Companies House records retained in the archive list Greensill Limited (11344883) with company status Liquidation.", "source_ids": [ "src-015", "src-008", "src-026" ], "entity_ids": [ "greensill-limited", "andrew-charters", "sarah-otoole", "paul-allen", "geoffrey-rowley", "grant-thornton-uk" ], "adverse_subject_ids": [ "greensill-limited" ] }, { "id": "c-gi-greensill-bank-insolvency", "kind": "fact", "text": "Greensill Bank AG, the Bremen bank of the Greensill group, is subject to insolvency proceedings in the courts of Bremen, with Dr Michael Frege as its insolvency administrator; according to an announcement by Michael Frege's law firm dated 17 March 2021, the proceedings followed an insolvency application by the German financial regulator BaFin, after which the district court in Bremen appointed Michael Frege. In May 2021 the Federal Court of Australia recognised the bank's administrators, enabling them to recover the bank's assets located in Australia.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-108", "src-051", "src-034" ], "entity_ids": [ "greensill-bank", "michael-frege" ], "adverse_subject_ids": [ "greensill-bank" ] }, { "id": "c-gi-greensill-bank-criminal-complaint", "kind": "attributed", "text": "In a written answer to the Australian Parliamentary Joint Committee on Corporations and Financial Services, ASIC stated that in March 2021 BaFin filed a criminal complaint with prosecutors against the management of Greensill Bank AG, a German subsidiary of Greensill Capital Pty Limited; ASIC understood that the complaint was filed with prosecutors in Bremen and related to balance sheet manipulation.", "qualification": "This is ASIC's account of a complaint made by BaFin; a criminal complaint is not a charge or a finding. ASIC does not name the managers concerned or state what became of the complaint.", "response": "", "outcome": "", "source_ids": [ "src-034" ], "entity_ids": [ "greensill-bank", "gcpty" ] }, { "id": "c-gi-frege-damages-claim", "kind": "attributed", "text": "A press report (May 2025) states that Michael Frege, insolvency administrator of Greensill Bank AG, filed a claim for damages against former senior managers of the bank in the Bremen Regional Court (Landgericht Bremen), as confirmed to the publication by a court spokesperson.", "qualification": "The freely available part of the report names neither the defendants nor the amount claimed; the claim's content and status are not established in the record.", "response": "", "outcome": "", "source_ids": [ "src-109" ], "entity_ids": [ "michael-frege", "greensill-bank" ] }, { "id": "c-gi-ebner-stolz-withdrawal", "kind": "attributed", "text": "The National Audit Office's report of July 2021 on the British Business Bank's accreditation of Greensill Capital notes that it was reported in June 2021 that Ebner Stolz, the auditor of Greensill Capital's German bank, had withdrawn its certifications of the bank's 2019 annual accounts in April 2021.", "qualification": "The NAO repeats press reports and does not itself establish the withdrawal or its reasons.", "response": "", "outcome": "", "source_ids": [ "src-077" ], "entity_ids": [ "ebner-stolz", "greensill-bank" ] }, { "id": "c-gi-inc-chapter11", "kind": "fact", "text": "Greensill Capital Inc., the group's Delaware company, filed a voluntary petition under Chapter 11 in the United States Bankruptcy Court for the Southern District of New York on 25 March 2021 (case 21-10561 (MEW), Judge Michael E. Wiles); its plan of liquidation came before the court at a combined hearing on 26 October 2021 and a court docket summary records the plan as confirmed on that date.", "qualification": "The GCUK administrators' proposals of April 2021 give the date the case was commenced as 26 March 2021; the court filings give 25 March 2021.", "response": "", "outcome": "A court docket summary records joint status reports of mediation parties filed by the Greensill U.S. Liquidation Trust on 9 May 2023 and 8 March 2024 and the closing of adversary proceeding 1:23-ap-1027 on 30 August 2023, without naming the parties.", "source_ids": [ "src-057", "src-071", "src-062", "src-029" ], "entity_ids": [ "greensill-inc", "us-liquidation-trust" ], "adverse_subject_ids": [ "greensill-inc" ] }, { "id": "c-gi-inc-board", "kind": "fact", "text": "At the Chapter 11 petition date the board of Greensill Capital Inc. had two members, Alexander (Lex) D. Greensill and an independent director, Jill Frizzley, appointed by resolution dated 20 March 2021 to review actions related to the company's wind-up and the Chapter 11 case; the case's service list gives Jill Frizzley's firm as Wildrose Partners LLC.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-042" ], "entity_ids": [ "greensill-inc", "lex-greensill", "jill-frizzley" ] }, { "id": "c-gi-inc-role-in-group", "kind": "fact", "text": "According to its Chapter 11 disclosure statement, Greensill Capital Inc. was the base of the group's sales force in the United States and the Americas, employing more than 70 people across 13 states at 1 January 2021, and all revenue from those sales went directly to Greensill Capital (UK) Limited; GCUK performed many of its administrative functions, such as payroll, taxes and finance, and lent to it under a Call Account Loan Agreement dated 1 January 2019.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-042", "src-057" ], "entity_ids": [ "greensill-inc", "gcuk" ] }, { "id": "c-gi-inc-causes", "kind": "attributed", "text": "The disclosure statement of Greensill Capital Inc. attributes the group's severe financial distress in early 2021 to a combination of factors, among them the expiry of a key insurance policy of Greensill Capital (UK) Limited, which removed significant insurance cover for newly originated assets, the withdrawal of substantial financial support by certain key creditors, and pressure on and from key investors to reduce the group's exposure to the GFG Alliance.", "qualification": "This is the debtor's description in a disclosure statement filed in its Chapter 11 case, not a finding of the Bankruptcy Court; it broadly matches the account in the GCUK administrators' proposals.", "response": "", "outcome": "", "source_ids": [ "src-042" ], "entity_ids": [ "greensill-inc", "gcuk", "gfg" ] }, { "id": "c-gi-inc-services-agreement", "kind": "fact", "text": "The Services Agreement between Greensill Capital Inc. and Greensill Capital (UK) Limited, amended and restated on 11 June 2021, did not provide for GCUK to pay vacation time accrued before 17 March 2021 or pay in lieu of notice in certain cases; to limit uncovered costs, Greensill Capital Inc. told nearly all its remaining employees on 31 July 2021 that 31 October 2021 would be their last day of employment.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-042" ], "entity_ids": [ "greensill-inc", "gcuk" ] }, { "id": "c-gi-inc-hartley-urquhart-contract", "kind": "fact", "text": "The Chapter 11 schedules of Greensill Capital Inc. list an employee contract with William R Hartley-Urquhart, also known as Roland Hartley-Urquhart, among the company's executory contracts.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-057", "src-062" ], "entity_ids": [ "greensill-inc", "roland-hartley-urquhart" ] }, { "id": "c-gi-finacity-acquisition", "kind": "fact", "text": "Greensill Capital Inc. acquired all the equity of Finacity Corporation in 2019 under a stock purchase agreement dated 10 June 2019, modified by a letter agreement of 20 December 2019; its Chapter 11 schedules list Adrian Katz and related Katz parties as unsecured creditors for $5,304,000.00 of earn-out payments under that 2019 agreement.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-042", "src-057" ], "entity_ids": [ "greensill-inc", "finacity", "adrian-katz" ] }, { "id": "c-gi-iom-creditor", "kind": "fact", "text": "The same schedules list Greensill Capital (IOM) Limited, an Isle of Man company listed for service care of Harborview Directors Limited in Douglas, as an unsecured creditor of Greensill Capital Inc. for $88,844.00 of invoices under an intercompany jet agreement.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-057", "src-070" ], "entity_ids": [ "greensill-iom", "greensill-inc" ] }, { "id": "c-gi-finacity-sale", "kind": "fact", "text": "On 29 March 2021 Greensill Capital Inc. asked the Bankruptcy Court for authority to sell its 100% interest in Finacity Corporation by auction, with a group including Finacity's chief executive Adrian Katz as stalking-horse bidder at $3 million; after objections by the creditors' committee and negotiations involving Greensill Capital (UK) Limited, the court approved a sale to White Oak Global Advisors, LLC on 18 August 2021, and the sale closed on 21 September 2021 for $7 million in cash.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-042" ], "entity_ids": [ "greensill-inc", "finacity", "adrian-katz", "gcuk" ] }, { "id": "c-gi-inc-global-settlement", "kind": "fact", "text": "Under the Global Settlement at the core of Greensill Capital Inc.'s Chapter 11 plan, Greensill Capital (UK) Limited's claim under the intercompany loan, which GCUK put at about $53 million at the petition date, was allowed at $52,840,506.80 but subordinated to general unsecured claims: GCUK receives 20% of the liquidation trust's net recoveries until those claims are paid in full and 100% thereafter, any residue goes to Greensill Capital Management Company (UK) Limited as sole shareholder, and a separate GCUK letter-of-credit claim was allowed at $526,000 as a general unsecured claim.", "qualification": "The settlement resulted from negotiations among the debtor, the creditors' committee, GCUK, the Katz parties and other interested parties.", "response": "", "outcome": "", "source_ids": [ "src-042" ], "entity_ids": [ "greensill-inc", "gcuk", "gcmc", "us-liquidation-trust", "adrian-katz" ] }, { "id": "c-gi-inc-gcuk-contribution-releases", "kind": "fact", "text": "As part of the Global Settlement, Greensill Capital (UK) Limited contributed to Greensill Capital Inc. all its rights to causes of action arising from the 2019 acquisition of Finacity, and the plan releases GCUK, Greensill Capital Management Company (UK) Limited and the UK administrators from the estate's claims; the plan as filed did not provide for a release of the debtor's directors and officers.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-042" ], "entity_ids": [ "gcuk", "greensill-inc", "gcmc", "finacity" ] }, { "id": "c-gi-inc-remaining-assets", "kind": "fact", "text": "After the Finacity sale, the disclosure statement describes the remaining assets of Greensill Capital Inc. as consisting almost entirely of potential causes of action, besides about $260,000 in cash at 31 July 2021, an intercompany receivable of about $1.4 million face value owed by Greensill Capital Pty Limited, art pieces previously displayed at its former corporate headquarters in New York and claims relating to a $5 million directors' and officers' insurance policy with Axis Insurance Company; the plan funds a liquidation trust to pursue over $65 million of retained causes of action.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-042" ], "entity_ids": [ "greensill-inc", "gcpty", "axis-insurance", "us-liquidation-trust" ] }, { "id": "c-gi-inc-retained-causes-list", "kind": "attributed", "text": "A revised schedule of retained causes of action, filed by Greensill Capital Inc. on 22 October 2021 as Exhibit A to its second plan supplement, lists as potential defendants of claims retained by the liquidation trust, among others, Alexander D. Greensill, Greensill Capital Pty Limited, Greensill Capital (IOM) Limited and fourteen other individuals who had been directors or officers of Greensill companies, as well as Bain & Company, Euler Hermes North America Holding and Bank of America Corporation.", "qualification": "The schedule states that the list is for representative purposes only, is not exhaustive, is subject to further diligence and investigation, and is not to be construed to mean that any listed person will be a defendant; it records potential claims, not claims made or established against anyone.", "response": "", "outcome": "", "source_ids": [ "src-062" ], "entity_ids": [ "greensill-inc", "us-liquidation-trust", "lex-greensill", "gcpty", "greensill-iom" ] }, { "id": "c-gi-greensill-asia-liquidation", "kind": "fact", "text": "Greensill Asia Pte. Limited (Singapore registration no. 201825907W), which according to the administrators of Greensill Capital (UK) Limited served as the group's Asian hub employing local staff for GCUK, entered liquidation in March 2021: under a notice given under section 161(4) of Singapore's Insolvency, Restructuring and Dissolution Act 2018, Aw Eng Hai of Foo Kon Tan LLP was appointed provisional liquidator with effect from 23 March 2021 by a directors' resolution of 22 March 2021, after a director's statutory declaration that the company could not by reason of its liabilities continue its business.", "qualification": "", "response": "", "outcome": "The National Company Law Tribunal in Mumbai later described Greensill Asia as being in creditors' voluntary liquidation, and in September 2026 the GCUK administrators were still monitoring its liquidation.", "source_ids": [ "src-092", "src-029", "src-112", "src-015" ], "entity_ids": [ "greensill-asia", "aw-eng-hai", "gcuk" ], "adverse_subject_ids": [ "greensill-asia" ] }, { "id": "c-gi-greensill-india-liquidation", "kind": "fact", "text": "Greensill India Finance Private Limited, incorporated on 2 August 2020 as a subsidiary of Greensill Asia Pte Ltd to carry on business as a non-banking finance company, went into voluntary liquidation in 2022: its board decided on 2 March 2022 to wind it up voluntarily, an extraordinary general meeting on 30 March 2022 appointed Subrata Monindranath Maity as liquidator, and Purnima Shetty replaced Subrata Monindranath Maity on 6 July 2022.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-112" ], "entity_ids": [ "greensill-india", "greensill-asia", "subrata-maity", "purnima-shetty" ] }, { "id": "c-gi-greensill-india-nclt-order", "kind": "fact", "text": "On 11 June 2024 the National Company Law Tribunal, Mumbai Bench, dismissed the liquidator's petition under section 59(7) of the Insolvency and Bankruptcy Code for the dissolution of Greensill India Finance Private Limited (CP (IB)/930/MB/2022) and suspended the liquidation, because the subscribers had paid in only Rs. 8,70,00,000 of the Rs. 20,00,00,000 subscribed capital after the parent Greensill Asia became insolvent, and the balance of Rs. 11,30,00,000, which Greensill Asia's liquidator had declared on 26 October 2021 it could not pay, was valued at nil; the tribunal left the company free to pursue other routes to liquidation or dissolution.", "qualification": "", "response": "", "outcome": "In September 2026 the GCUK administrators were continuing to monitor the liquidations of Greensill Asia and Greensill India for potential recoveries for the estate of Greensill Capital Management Company (UK) Limited.", "source_ids": [ "src-112", "src-015" ], "entity_ids": [ "greensill-india", "greensill-asia", "purnima-shetty" ], "adverse_subject_ids": [ "greensill-india" ] }, { "id": "c-gi-malta-winding-up", "kind": "fact", "text": "According to a company-data aggregator summarising the Malta Business Registry, filings made on 4 August 2022 for Greensill Capital Securities (Malta) Limited comprise a resolution for its dissolution and consequential voluntary winding up, a declaration of solvency and a notice of appointment of a liquidator, whose name is not shown in the summary.", "qualification": "The filings themselves are not in the record; this is a secondary listing of register entries, and a declaration of solvency indicates a solvent winding-up.", "response": "", "outcome": "", "source_ids": [ "src-118" ], "entity_ids": [ "gcs-malta" ] }, { "id": "c-gi-gam-scf-fund-liquidation", "kind": "fact", "text": "The shareholders of GAM Greensill Supply Chain Finance Fund SCSp, a Luxembourg special limited partnership, decided unanimously on 2 March 2021 to put the fund into voluntary liquidation and on 7 June 2021 appointed GAM Trade Finance S.à r.l. as liquidator, whose managers appointed Steve (Stéphane) Kieffer as its permanent representative on 14 March 2022, according to notices published in Luxembourg's electronic register of companies and associations (RESA) on 21 March 2022.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-093" ], "entity_ids": [ "gam-scf", "gam-trade-finance", "steve-kieffer" ] }, { "id": "c-pub-clbils-scheme", "kind": "fact", "text": "The Coronavirus Large Business Interruption Loan Scheme (CLBILS), launched by the British Business Bank on 20 April 2020, let accredited commercial lenders lend to businesses with turnover above £45 million, normally up to £50 million per borrower group (up to £200 million for lenders accredited to its Larger Scheme Facility); the government guaranteed 80% of each loan, repaying the lender that share if the borrower did not repay, provided the lender had complied with the scheme rules.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-077" ], "entity_ids": [ "british-business-bank" ] }, { "id": "c-pub-clbils-application", "kind": "fact", "text": "Lex Greensill first contacted the British Business Bank's Chief Commercial Officer about CLBILS accreditation on 17 April 2020; Greensill Capital (UK) Limited (GCUK) then submitted an Expression of Interest on 19 April 2020 and, on 23 April 2020, a Formal Proposal asking for a lending allocation of £1 billion, based on a pipeline of 40 to 50 borrowers with facilities averaging £35 million and three products: supply chain finance, accounts receivable and accounts receivable portfolio.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-077" ], "entity_ids": [ "lex-greensill", "gcuk", "british-business-bank" ] }, { "id": "c-pub-application-statements", "kind": "attributed", "text": "The CLBILS application of Greensill Capital (UK) Limited (GCUK) stated that the Greensill business had provided more than £120 billion of financing in 2019, 30% of it relating to UK buyers or sellers, that it had no external debt, that it had received an investment of $1.7 billion in the previous 18 months valuing it at around $4 billion, and that its default rate was 0.03% for 2019, with defaulted assets at 0.43% of total assets in March 2020.", "qualification": "These were the applicant's own statements. The National Audit Office reported that the British Business Bank performed limited due diligence and accepted key information at face value, that the £120 billion figure could not be verified from publicly available information, and that a more sceptical process might have led the Bank to question statements on default rates, borrower exposure and the business model.", "response": "The British Business Bank told the National Audit Office that the purpose of its due diligence was not to assess Greensill's financial position in detail but, given the policy direction to accredit lenders quickly and a greater reliance on post-accreditation audits, to confirm that lenders could reliably deliver money to borrowers.", "outcome": "In July 2021 the Treasury Committee noted the National Audit Office's finding that a more sceptical process might have prevented the acceptance of Greensill as an accredited lender.", "source_ids": [ "src-077", "src-031" ], "entity_ids": [ "gcuk", "british-business-bank" ] }, { "id": "c-pub-accreditation-risks", "kind": "fact", "text": "A British Business Bank paper submitted to its Investment Committee on 4 May 2020 recommended accrediting Greensill Capital (UK) Limited (GCUK) with a lending allocation of up to £1 billion, stated that limited due diligence had been carried out, and named three key risks: scrutiny of supply chain finance (including its link to the 2018 collapse of Carillion), GCUK's relationship with Sanjeev Gupta's firms through Liberty Steel Group, and its connection to former Prime Minister David Cameron.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-077" ], "entity_ids": [ "british-business-bank", "gcuk", "sanjeev-gupta", "liberty-steel", "david-cameron" ] }, { "id": "c-pub-accreditation-decision", "kind": "fact", "text": "On 12 May 2020 the British Business Bank's Investment Committee ruled the supply chain finance product of Greensill Capital (UK) Limited (GCUK) ineligible for CLBILS and approved accreditation with a £1 billion allocation for the other two products; on 3 June 2020 the Bank's Chief Commercial Officer set the lending allocation at £400 million, and GCUK, the first non-bank lender accredited under CLBILS, was formally accredited on 4 June 2020 with a maximum of £50 million per borrower group.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-077" ], "entity_ids": [ "british-business-bank", "gcuk" ] }, { "id": "c-pub-larger-scheme-refused", "kind": "fact", "text": "Greensill Capital (UK) Limited (GCUK) applied on 12 June 2020 for the CLBILS term loan and revolving credit facility variants and for the Larger Scheme Facility, which would have allowed loans of up to £200 million; the British Business Bank's Managing Director Forum agreed on 3 July 2020 to refuse the Larger Scheme Facility because GCUK was not permitted to use the Internal Ratings Based approach, and GCUK was accredited for the two variants on 8 July 2020 within its existing £400 million allocation.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-077" ], "entity_ids": [ "gcuk", "british-business-bank" ] }, { "id": "c-pub-cameron-limit-contacts", "kind": "fact", "text": "In mid-June 2020 David Cameron sent messages to Nadhim Zahawi MP, then Parliamentary Under-Secretary of State for Business and Industry, and to Richard Sharp about whether the £50 million CLBILS limit could be raised for Greensill; HM Treasury told the Treasury Committee that the British Business Bank never approached it with a proposal for enhanced accreditation, and the individual loan limit of Greensill Capital (UK) Limited remained £50 million.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-031" ], "entity_ids": [ "david-cameron", "british-business-bank", "gcuk" ] }, { "id": "c-pub-beis-interest", "kind": "fact", "text": "The National Audit Office found that the Department for Business, Energy & Industrial Strategy, aware that Greensill Capital (UK) Limited (GCUK) financed Liberty Steel and that Liberty Steel had sought around £160 million to £180 million of government support early in the pandemic, made eight email enquiries of the British Business Bank over 19 weeks between April and September 2020 about GCUK's accreditation and whether it could lend more than £50 million per borrower; the Bank did not prioritise the application, and its legal review concluded that external parties had not influenced the accreditation.", "qualification": "The Department described these as informal approaches; the British Business Bank called the level of departmental interest unusual.", "response": "", "outcome": "", "source_ids": [ "src-077" ], "entity_ids": [ "gcuk", "liberty-steel", "british-business-bank" ] }, { "id": "c-pub-cbils", "kind": "fact", "text": "Greensill Capital (UK) Limited (GCUK) applied on 16 July 2020 to lend under the Coronavirus Business Interruption Loan Scheme (CBILS), which covered businesses with turnover up to £45 million, and was accredited on 21 September 2020 with a £50 million allocation; it lent £18.5 million through four revolving credit facilities of £5 million each, one later reduced to £3.5 million after the borrower was found to have an existing CBILS facility with another lender.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-077" ], "entity_ids": [ "gcuk", "british-business-bank" ] }, { "id": "c-pub-lending-totals", "kind": "fact", "text": "Greensill Capital (UK) Limited (GCUK) lent £400 million under CLBILS, the maximum it was permitted, in eight loans of £50 million each, all revolving credit facilities, which made it the fifth-largest CLBILS lender by value, and £18.5 million under CBILS; with the 80% government guarantee, the National Audit Office put the government's maximum exposure under both schemes at £335 million (£334.8 million in its detailed figure).", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-077", "src-031" ], "entity_ids": [ "gcuk" ] }, { "id": "c-pub-loan-simec", "kind": "fact", "text": "The first CLBILS loan of Greensill Capital (UK) Limited (GCUK), £50 million to SIMEC International (UK) Limited, a GFG Alliance company, had an initial draw date of 31 July 2020.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-077" ], "entity_ids": [ "gcuk", "simec-international", "gfg" ] }, { "id": "c-pub-loan-aartee", "kind": "fact", "text": "The second CLBILS loan of Greensill Capital (UK) Limited (GCUK), £50 million to Aar Tee Commodities (UK) Limited, had an initial draw date of 27 August 2020; the British Business Bank noted that the owner of Aar Tee Commodities had previously been a board member of GFG's charitable foundation and of GFG's strategic board, and the National Audit Office counted the company among seven CLBILS borrowers with connections to the GFG Alliance.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-077" ], "entity_ids": [ "gcuk", "aar-tee", "gfg", "british-business-bank" ] }, { "id": "c-pub-loans-30sep", "kind": "fact", "text": "On 30 September 2020 Greensill Capital (UK) Limited (GCUK) made six CLBILS loans of £50 million each, totalling £300 million, to Speciality Steel UK Limited, Liberty Commodities Limited, Liberty Industries UK Limited, Liberty Steel Newport Limited, Liberty Pipes (Hartlepool) Limited and Liberty Merchant Bar Plc, companies that appeared to the British Business Bank to be associated with the GFG Alliance.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-077" ], "entity_ids": [ "gcuk", "speciality-steel", "liberty-commodities", "liberty-industries", "liberty-newport", "liberty-pipes", "liberty-merchant-bar", "gfg", "british-business-bank" ] }, { "id": "c-pub-group-limit-concern", "kind": "fact", "text": "On 2 October 2020 the British Business Bank became concerned that the seven CLBILS loans of Greensill Capital (UK) Limited (GCUK) to Gupta Family Group (GFG) Alliance borrowers, totalling £350 million, breached the rule that lending to one borrower group could not exceed £50 million without Larger Scheme Facility accreditation, which GCUK lacked; treated as one group, the lending was £300 million above GCUK's limit. The Bank had restated the group rule to GCUK in May 2020 and escalated its concerns to HM Treasury on 7 October and to the Department for Business, Energy & Industrial Strategy on 9 October 2020.", "qualification": "This records the Bank's concern and provisional view as described by the National Audit Office in July 2021; it is not a court finding of breach.", "response": "GCUK told the Bank on 2 October 2020 that it considered the loans to be compliant.", "outcome": "", "source_ids": [ "src-077", "src-031" ], "entity_ids": [ "british-business-bank", "gcuk", "gfg" ], "adverse_subject_ids": [ "gcuk" ] }, { "id": "c-pub-gfg-split-report", "kind": "attributed", "text": "A press report of April 2021, cited by the Treasury Committee, stated that the GFG Alliance had split companies so that Greensill could lend it more under CLBILS while keeping each transaction within the £50 million cap.", "qualification": "This is a press account reported by the Committee, not a finding. The Department for Business and Trade later relied on related grounds when it terminated the guarantees, which Greensill Bank AG disputes in pending litigation.", "response": "Lex Greensill, declining to discuss individual customers, told the Committee on 11 May 2021 that each facility had been reviewed by a top-tier London law firm and that in Lex Greensill's opinion every facility complied with the British Business Bank rules.", "outcome": "", "source_ids": [ "src-031" ], "entity_ids": [ "gfg", "lex-greensill", "british-business-bank", "dbt", "greensill-bank" ], "adverse_subject_ids": [ "gfg" ] }, { "id": "c-pub-bbb-investigation", "kind": "fact", "text": "The British Business Bank's Investment Committee agreed on 12 October 2020 to investigate the compliance of Greensill Capital (UK) Limited (GCUK) with the CLBILS rules; on 13 October 2020 the Bank told GCUK that it could make no more loans until the issues were resolved, reducing its allocation to zero under both CLBILS and CBILS, and from October 2020 it engaged Ernst & Young to review the CLBILS loans. According to the Bank, GCUK said at that meeting that it had received “political steers” that its support for the steel industry was welcome.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-077" ], "entity_ids": [ "british-business-bank", "gcuk" ], "adverse_subject_ids": [ "gcuk" ] }, { "id": "c-pub-letters-of-concern", "kind": "fact", "text": "On 2 March 2021 the British Business Bank sent Greensill Capital (UK) Limited (GCUK) a Letter of Concern setting out provisional findings that it had breached the CLBILS guarantee agreement and giving notice that the Secretary of State's guarantee obligations were suspended; a second Letter of Concern, dated 26 March 2021 in the National Audit Office timeline, concerned the loan to Aar Tee Commodities (UK) Ltd, these being the only such letters issued under CLBILS, and a Supplemental Letter of Concern followed on 27 May 2021. As of 30 June 2021 the investigation was ongoing and the guarantees remained suspended, with GCUK's deadline for representations extended to 20 August 2021.", "qualification": "", "response": "On 9 April 2021 the joint administrators replied that GCUK denied the allegations in the Letter of Concern, considered its loans compliant with the scheme rules, including those on lending to groups, and reserved the right to seek damages if the guarantees were cancelled on those grounds.", "outcome": "According to the Department for Business and Trade's written case as described in a press report (January 2026), the government terminated the CLBILS guarantees in April 2022 and the CBILS guarantees in September 2023; Greensill Bank AG denies that the Department was entitled to do so in High Court proceedings that were pending as of October 2026.", "source_ids": [ "src-077", "src-094", "src-015" ], "entity_ids": [ "british-business-bank", "gcuk", "aar-tee" ], "adverse_subject_ids": [ "gcuk" ] }, { "id": "c-pub-administrators-response", "kind": "attributed", "text": "On 9 April 2021 the joint administrators of Greensill Capital (UK) Limited (GCUK), Chris Laverty, Trevor O'Sullivan and Will Stagg of Grant Thornton UK LLP, replied to the British Business Bank that GCUK denied the allegations in the Letter of Concern, considered its loans compliant with the scheme rules including those on group lending, and regarded any cancellation of the guarantees on those grounds as a breach for which GCUK reserved the right to seek damages.", "qualification": "This is GCUK's position as reported by the National Audit Office. The administrators also said the time given to respond was procedurally unfair; on 16 April 2021 the Bank replied that the process was set out in the Letter of Concern.", "response": "", "outcome": "According to the Department for Business and Trade's written case reported in January 2026, the government terminated the CLBILS guarantees in April 2022 and the CBILS guarantees in September 2023.", "source_ids": [ "src-077", "src-094" ], "entity_ids": [ "gcuk", "chris-laverty", "trevor-osullivan", "will-stagg", "grant-thornton-uk", "british-business-bank", "dbt" ] }, { "id": "c-pub-guarantee-termination", "kind": "attributed", "text": "According to the Department for Business and Trade's written case for a High Court hearing, as described in a press report (January 2026), the government terminated the CLBILS guarantees of Greensill Capital (UK) Limited (GCUK) in April 2022 because six of the eight borrowers were “ultimately owned” by Sanjeev Gupta, so that GCUK had lent £300 million to them when the sum “ought not to have exceeded £50m”, and it terminated the CBILS guarantees in September 2023, saying GCUK “did not exercise a level of care, control and diligence consistent with the standard required”.", "qualification": "These are the Department's stated grounds as reported in a press account; they are contested in pending litigation and have not been decided by a court. Credit Suisse Asset Management's December 2022 investor Q&A also referred to the UK government's decision to remove the CLBILS guarantees on Greensill loans to GFG, and said its supply chain finance funds were not beneficiaries of those guarantees.", "response": "Counsel for Greensill Bank AG stated that the six companies were not “partner or linked enterprises”, that GCUK “did not act in bad faith”, and that Greensill Bank AG denies the Department was entitled to terminate the guarantees.", "outcome": "", "source_ids": [ "src-094", "src-033" ], "entity_ids": [ "dbt", "gcuk", "sanjeev-gupta", "greensill-bank", "csam" ], "adverse_subject_ids": [ "gcuk" ] }, { "id": "c-pub-gbag-claim", "kind": "fact", "text": "Greensill Bank AG has issued legal proceedings against the Secretary of State for Business and Trade concerning its CBILS and CLBILS investments and the underlying guarantees; Greensill Capital (UK) Limited (GCUK), as the accredited lender, has been joined as a defendant and is providing disclosure, according to the joint administrators' 2026 progress report.", "qualification": "", "response": "", "outcome": "Pending as of October 2026.", "source_ids": [ "src-015" ], "entity_ids": [ "greensill-bank", "dbt", "gcuk" ], "adverse_subject_ids": [ "dbt" ] }, { "id": "c-pub-gbag-claim-hearing", "kind": "attributed", "text": "A press report (January 2026) said that Greensill Bank AG seeks more than £331 million in damages from the Department for Business and Trade, alleging that it wrongly terminated the guarantees agreed with Greensill Capital (UK) Limited (GCUK) on pandemic loans and that there was “considerable political pressure” from the Department to accredit GCUK to lend to Sanjeev Gupta's companies; the hearing before Mr Justice Robin Knowles dealt with procedural issues, and the trial is expected to begin in late 2027 and could last up to eight weeks.", "qualification": "These are a party's claims as reported in the press. The Department is defending the claim and its counsel called the bank's pleaded case “highly inadequate”; no decision on the merits appears in the record.", "response": "According to the same report, the Department is defending the claim: its counsel said it had lawfully determined that GCUK failed to act in good faith by treating six Gupta-owned borrowers separately to avoid the restrictions on lending to groups, and called the bank's pleaded case “highly inadequate”.", "outcome": "Pending; trial expected to begin in late 2027.", "source_ids": [ "src-094" ], "entity_ids": [ "greensill-bank", "dbt", "gcuk", "sanjeev-gupta" ], "adverse_subject_ids": [ "dbt" ] }, { "id": "c-pub-ukef", "kind": "fact", "text": "In February 2020 Standard Chartered, as one of the lenders of Greensill Capital (UK) Limited (GCUK), asked UK Export Finance for an Export Development Guarantee covering 80% (£400 million) of a £500 million five-year loan to GCUK; UK Export Finance rejected the application in June 2020 as not aligned with the product's policy intent and rejected a revised £100 million to £200 million one-year proposal in September 2020, its due diligence having identified concerns about GCUK's governance and exposure to some of its customers.", "qualification": "", "response": "", "outcome": "The Treasury Committee's July 2021 report cited UK Export Finance's refusals of June and September 2020 as an example of other agencies of the government paying attention to the reputational issues around Greensill.", "source_ids": [ "src-077", "src-031" ], "entity_ids": [ "standard-chartered", "gcuk" ], "adverse_subject_ids": [ "gcuk" ] }, { "id": "c-pub-cjrs", "kind": "fact", "text": "Greensill Capital Management Company (UK) Limited received between £20,002 and £50,000 from HM Revenue & Customs under the Coronavirus Job Retention Scheme, according to the National Audit Office, which found published HMRC data showing a Greensill company claiming between £10,001 and £25,000 in each of January and February 2021.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-077" ], "entity_ids": [ "gcmc" ] }, { "id": "c-pub-ccff-refusal", "kind": "fact", "text": "The Covid Corporate Financing Facility (CCFF), which the Bank of England operated for HM Treasury to buy short-term commercial paper, was not open to financial institutions; Greensill applied after the market notice of 18 March 2020 and proposed changes to the criteria, such as accepting assets from securitisation vehicles in the European Economic Area and insurers' credit ratings in place of borrowers' ratings, and on 30 March 2020 HM Treasury told the Bank that the Chancellor did not intend to change the criteria and the Bank told Greensill that its application did not meet them. The National Audit Office records this as HM Treasury's rejection of Greensill Capital (UK) Limited.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-031", "src-077" ], "entity_ids": [ "gcuk" ] }, { "id": "c-pub-ccff-final-refusal", "kind": "fact", "text": "After further proposals and a confidential HM Treasury call for evidence in May 2020, HM Treasury told Greensill for the final time on 26 June 2020 that it would not be eligible for the CCFF, in a call by Second Permanent Secretary Charles Roxburgh with Lex Greensill, then chief executive of Greensill Capital (UK) Limited (GCUK), and Bill Crothers, a GCUK director; Economic Secretary John Glen MP confirmed it by letter to Lex Greensill and by text to David Cameron, and Greensill never gained access to the facility.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-031" ], "entity_ids": [ "lex-greensill", "bill-crothers", "david-cameron", "gcuk" ] }, { "id": "c-pub-lobbying-representatives", "kind": "fact", "text": "The Treasury Committee found that most of the lobbying on behalf of Greensill in 2020 was carried out by Lex Greensill, then chief executive of Greensill Capital (UK) Limited (GCUK), Bill Crothers, a GCUK director, and former Prime Minister David Cameron, an adviser to Greensill Capital, and that David Cameron or the office of David Cameron made 56 contacts with the government on Greensill's behalf in the period it examined.", "qualification": "The Committee accepted that David Cameron did not break the rules governing lobbying by former ministers, while saying those rules were not strong enough.", "response": "David Cameron told the Committee that lobbying the UK Government “was never intended to be part of my role”.", "outcome": "The Committee concluded that the Treasury took the right decision in preventing Greensill from accessing the CCFF; a press report (January 2026) stated that an inquiry later found David Cameron's actions to have been within the rules and that David Cameron had not been required to register as a lobbyist.", "source_ids": [ "src-031", "src-094" ], "entity_ids": [ "lex-greensill", "bill-crothers", "david-cameron", "gcuk" ] }, { "id": "c-pub-cameron-terms", "kind": "attributed", "text": "David Cameron told the Treasury Committee that Greensill paid “a generous annual amount—far more than what I earned as Prime Minister” and that the adviser held shares, not share options, in the business, vesting over the term of the contract; the Committee also recorded the use of Greensill's private jets, which David Cameron said were short-haul flights on which tax was paid for any benefit.", "qualification": "This is David Cameron's own account; the exact remuneration was described as a private matter, and no amount or shareholding is stated in the record.", "response": "", "outcome": "", "source_ids": [ "src-031" ], "entity_ids": [ "david-cameron" ] }, { "id": "c-pub-cameron-board", "kind": "attributed", "text": "David Cameron told the Treasury Committee that the adviser role involved invitations to most routine Greensill Board meetings but no directorship, board-committee seat, voting rights or executive responsibility, and that the last Board meeting David Cameron attended was on 10 November 2020.", "qualification": "This is David Cameron's own account in a letter to the Committee; it does not name the Greensill company whose board is meant.", "response": "The joint administrators of Greensill Capital (UK) Limited told the Committee on 9 July 2021 that, from an initial review of the 2020 minutes, David Cameron did not appear to be recorded as an attendee at any of GCUK's board meetings.", "outcome": "", "source_ids": [ "src-031", "src-004" ], "entity_ids": [ "david-cameron" ] }, { "id": "c-pub-gcuk-board-minutes", "kind": "attributed", "text": "The joint administrators of Greensill Capital (UK) Limited (GCUK) told the Treasury Committee on 9 July 2021 that, from an initial review of the minutes of GCUK's 2020 board meetings, David Cameron did not appear to be recorded as an attendee at any of them; they declined to provide the minutes, citing commercially sensitive and legally privileged content.", "qualification": "This was an initial review by the administrators. David Cameron told the Committee of attending routine “Greensill Board” meetings as an adviser without naming the company, so the record does not show which group board those meetings belonged to.", "response": "", "outcome": "", "source_ids": [ "src-004" ], "entity_ids": [ "gcuk", "david-cameron" ] }, { "id": "c-pub-pra-bafin", "kind": "fact", "text": "The Treasury Committee reported that the Prudential Regulation Authority received limited information from BaFin in March 2020 suggesting a “possible weakness in controls” at Greensill, which the Bank of England did not then pass to HM Treasury; the potentially serious nature of Greensill's financial difficulties became apparent to PRA supervisors in October 2020, with a much stronger concern from BaFin about Greensill Bank AG, and the information reached HM Treasury on 3 November 2020.", "qualification": "", "response": "Sam Woods, Deputy Governor of the Bank of England, told the Committee that BaFin's concerns in March 2020 were about systems and controls rather than the solvency of the bank, that BaFin later gave reassurance on which it put some weight, and that the Bank did not pass the information to HM Treasury at that time because it conveyed less serious concerns than the October information and did not add materially to concerns about Wyelands and its relationship with the GFG Alliance that the Bank was already sharing with HM Treasury.", "outcome": "", "source_ids": [ "src-031" ], "entity_ids": [ "greensill-bank" ] }, { "id": "c-pub-first-concerns", "kind": "attributed", "text": "Lex Greensill told the Treasury Committee that the first concerns about Greensill as a company arose in December 2020, following interactions with the German regulator; David Cameron also dated first concern about the company's financial position to December 2020, after a call from Lex Greensill reporting that a planned capital raising was not going as well as hoped.", "qualification": "These are the witnesses' own accounts; the Committee separately recorded that the Bank of England had received information from BaFin about possible control weaknesses in March and October 2020.", "response": "", "outcome": "", "source_ids": [ "src-031" ], "entity_ids": [ "lex-greensill", "david-cameron" ] }, { "id": "c-pub-public-creditors", "kind": "attributed", "text": "Charles Roxburgh, Second Permanent Secretary at HM Treasury, told the Treasury Committee that, on the administrator's figures, Greensill owed $8 million to HMRC, about $168,000 to two local authorities and $10,000 to one foundation trust, a direct public exposure of £5 million to £6 million before recoveries, while the indirect exposure lay in the 80% CLBILS guarantees, which were suspended during the British Business Bank's investigation.", "qualification": "This is HM Treasury's evidence in 2021, based on provisional administration figures that do not name the debtor company; the Committee noted that Greensill contested the rationale for suspending the guarantees.", "response": "", "outcome": "", "source_ids": [ "src-031" ], "entity_ids": [ "british-business-bank" ] }, { "id": "c-pub-frc-saffery", "kind": "fact", "text": "On 28 June 2021 the Financial Reporting Council announced an investigation into the auditor of Greensill Capital (UK) Limited (GCUK) in relation to its audit of GCUK's 2019 financial statements; the Treasury Committee identified the auditor under investigation as Saffery Champness.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-031", "src-077" ], "entity_ids": [ "gcuk", "saffery-champness" ], "adverse_subject_ids": [ "saffery-champness" ] }, { "id": "c-pub-boardman-review", "kind": "fact", "text": "A review by Nigel Boardman, conducted at the request of the Prime Minister, examined decisions on the development and use of supply chain finance and associated schemes in government, especially the role of Lex Greensill and Greensill Capital; the Treasury Committee, reporting in July 2021, said it had been due to report to the Prime Minister by 30 June 2021.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-031" ], "entity_ids": [ "lex-greensill" ] }, { "id": "c-pub-general-atlantic", "kind": "attributed", "text": "In written evidence to the Treasury Committee in 2021, Lex Greensill corrected earlier oral evidence and stated that Greensill Capital had provided a facility to a subsidiary of General Atlantic, which the Committee said had bought a minority stake in Greensill in 2019, that the facility was repaid in full in 2021, and that Greensill Capital had a special approval process for lending to any shareholder or affiliate.", "qualification": "This is Lex Greensill's own statement; the Committee had cited reports that General Atlantic borrowed €300m from Greensill, and the amount of the facility is not confirmed in the record.", "response": "", "outcome": "According to Lex Greensill's written evidence, the facility was repaid in full in 2021; the evidence gives no amount.", "source_ids": [ "src-080" ], "entity_ids": [ "lex-greensill", "general-atlantic" ] }, { "id": "c-pub-crothers-2015", "kind": "attributed", "text": "In a June 2021 letter annexed to Lex Greensill's written evidence to the Treasury Committee, Bill Crothers stated that in summer 2015, after discussions with Cabinet Secretary Sir Jeremy Heywood, Civil Service head John Manzoni and the Head of Propriety and Ethics, a three-month transitional arrangement allowed Bill Crothers to work part time for the Civil Service while advising Greensill Capital for about one day a month; the Civil Service work covered only commercial capability, and responsibility for the Crown Commercial Service passed to John Manzoni for that period.", "qualification": "This is Bill Crothers' own account; the record has no separate official confirmation. The 2019 accounts of Greensill Capital (UK) Limited describe Bill Crothers as a former senior civil servant whose last government role was UK Government Chief Commercial Officer.", "response": "", "outcome": "", "source_ids": [ "src-080", "src-018" ], "entity_ids": [ "bill-crothers", "lex-greensill", "gcuk" ] }, { "id": "c-dq-case", "kind": "fact", "text": "The Secretary of State for Business and Trade brought disqualification proceedings against Alexander David Greensill (Lex Greensill) in the High Court, Insolvency and Companies List, case CR-2024-001426, under section 6 of the Company Directors Disqualification Act 1986, in the matter of Greensill Capital (UK) Limited (GCUK) and Greensill Limited; the claim concerned Lex Greensill's conduct as a director of GCUK, Greensill Limited and their Australian parent, Greensill Capital Pty Limited.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-005" ], "entity_ids": [ "lex-greensill", "gcuk", "greensill-limited", "gcpty" ], "adverse_subject_ids": [ "lex-greensill" ] }, { "id": "c-dq-investigation", "kind": "fact", "text": "The Insolvency Service investigation began in spring 2022: on 29 April 2022 Ian Wilson, a Chief Investigator at the Insolvency Service, told Lex Greensill that the Secretary of State had instructed it to investigate Greensill Capital (UK) Limited (GCUK), Greensill Limited and Greensill Capital Management Company (UK) Limited and the conduct of their directors, and on 4 May 2022 it listed the likely areas, including controls on funding receivables, particularly for the Gupta Family Group (GFG), the Katerra participation agreements and GCUK's accreditation for and loans under CLBILS.", "qualification": "The court later observed that these were areas for investigation, not allegations.", "response": "", "outcome": "", "source_ids": [ "src-005", "src-008" ], "entity_ids": [ "lex-greensill", "gcuk", "greensill-limited", "gcmc", "gfg", "katerra" ], "adverse_subject_ids": [ "lex-greensill" ] }, { "id": "c-dq-notices", "kind": "fact", "text": "On 15 November 2023 the Insolvency Service gave Lex Greensill advance notice, by then concerning Greensill Capital (UK) Limited (GCUK) and Greensill Limited only, that it intended to recommend disqualification proceedings, and on 23 February 2024 the Secretary of State served the formal notice of intention to start proceedings under section 16 of the Company Directors Disqualification Act 1986; Lex Greensill was given the usual opportunity to offer a disqualification undertaking and did not do so.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-079", "src-005" ], "entity_ids": [ "lex-greensill", "gcuk", "greensill-limited" ], "adverse_subject_ids": [ "lex-greensill" ] }, { "id": "c-dq-claim-issued", "kind": "fact", "text": "The Secretary of State commenced Part 8 proceedings against Lex Greensill on 7 March 2024 and served them on 8 March 2024, supported by an affirmation of Insolvency Service investigator Ian Wilson dated 6 March 2024 running to 322 pages and 1,053 paragraphs with about 8,500 pages of exhibits (re-affirmed on 19 December 2024); Lex Greensill disputed the allegations, and a six-week trial was fixed to begin in a window from 8 June 2026.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-054", "src-079", "src-005" ], "entity_ids": [ "lex-greensill" ], "adverse_subject_ids": [ "lex-greensill" ] }, { "id": "c-dq-allegations", "kind": "attributed", "text": "In the statement of matters in Ian Wilson's affirmation, the Secretary of State alleged three broad areas of misconduct by Lex Greensill: the Katerra Allegations (transactions with SoftBank Group companies in November and December 2020 and the use of $440m received by Greensill Capital (UK) Limited (GCUK)), the Catfoss Allegations (misrepresentations and non-disclosures from September 2018 to trade credit insurers covering finance to Catfoss Renewables Ltd and Catfoss DBT Ltd) and the Insurance non-disclosure Allegations (from August 2020, concerning what the boards of GCUK and Greensill Capital Pty Limited were told about the trade credit insurance).", "qualification": "These were allegations in disqualification proceedings, disputed by Lex Greensill; the Secretary of State stated that the claim was not based on the alleged misconduct having caused the companies' insolvencies. The proceedings ended with an undertaking in June 2026 and the allegations were not tried.", "response": "Lex Greensill disputed the allegations: in July 2024 ICC Judge Mullen recorded in [2024] EWHC 2039 (Ch) that Lex Greensill regarded the Secretary of State's case as unbalanced and unfounded, and was concerned that untested and disputed allegations of a serious nature might be reported in the press without an effective opportunity to rebut them.", "outcome": "", "source_ids": [ "src-005", "src-008", "src-079" ], "entity_ids": [ "lex-greensill", "gcuk", "gcpty", "softbank", "katerra", "catfoss-renewables", "catfoss-dbt" ], "adverse_subject_ids": [ "lex-greensill" ] }, { "id": "c-dq-s16-contention", "kind": "attributed", "text": "In the strike-out application, Lex Greensill contended that the section 16 notice of 23 February 2024 fundamentally changed the allegations made in the November 2023 advance notice, including by dropping the allegation that misrepresentations relating to Catfoss invalidated all the trade credit insurance policies and caused insurers to decline claims totalling $4.8 billion, and by adding allegations of breaches of sections 172 and 174 of the Companies Act 2006.", "qualification": "This was Lex Greensill's contention; the Secretary of State did not accept that the section 16 notice fundamentally altered the allegations.", "response": "", "outcome": "In [2026] EWHC 639 (Ch) Mr Justice Trower found that both notices made essentially the same allegations in the same three areas and called the description of a fundamental alteration “a substantial exaggeration”.", "source_ids": [ "src-005" ], "entity_ids": [ "lex-greensill", "catfoss-renewables", "catfoss-dbt" ], "adverse_subject_ids": [ "lex-greensill" ] }, { "id": "c-dq-political-reasons", "kind": "attributed", "text": "Lex Greensill contended in the strike-out application that the GFG and CLBILS areas, identified for investigation in 2022, were dropped from the case in November 2023 for political reasons rather than because the Secretary of State had concluded there was no legal need to prove a link between Lex Greensill's conduct and the insolvencies; the solicitor's evidence for Lex Greensill said that the Insolvency Service had then included other allegations that it had not investigated properly.", "qualification": "This is Lex Greensill's contention as reported by the court; the judgment makes no finding on why the GFG and CLBILS areas were not pursued. The court held that the claim did not need to prove that the alleged conduct caused the insolvencies.", "response": "", "outcome": "The strike-out application was dismissed on 18 March 2026 ([2026] EWHC 639 (Ch)).", "source_ids": [ "src-005" ], "entity_ids": [ "lex-greensill", "gfg" ], "adverse_subject_ids": [ "lex-greensill" ] }, { "id": "c-dq-wilson1-complaint", "kind": "attributed", "text": "Lex Greensill also argued that Ian Wilson's affirmation implied, without alleging it, that Lex Greensill had caused the insolvencies, citing its references to BaFin having “gated” part of the US$440 million that Greensill Capital (UK) Limited (GCUK) obtained from SoftBank and to GCUK's liquidity and solvency being “in question”.", "qualification": "This was Lex Greensill's complaint about the Secretary of State's evidence in the strike-out application.", "response": "In a witness statement of 14 January 2026, the Secretary of State's solicitor stated that the claim was not mounted on the basis that the alleged misconduct was responsible for the insolvencies of the companies, 'not least because it does not need to be', and that the alleged misconduct, if made out, merited an upper-bracket disqualification.", "outcome": "In [2026] EWHC 639 (Ch) Mr Justice Trower did not accept the complaint, holding that the allegations focused on detriment to noteholders and that the companies' financial position was relevant context even though the Secretary of State did not allege that the misconduct caused the insolvencies.", "source_ids": [ "src-005" ], "entity_ids": [ "lex-greensill", "gcuk", "softbank" ], "adverse_subject_ids": [ "lex-greensill" ] }, { "id": "c-dq-stay-refused", "kind": "fact", "text": "In [2025] EWHC 1380 (Ch), after a hearing on 13 May 2025, Mr Justice Trower dismissed Lex Greensill's application, issued on 30 January 2025, to stay the Catfoss issue in the disqualification proceedings pending final judgment in related insurance proceedings in the Federal Court of Australia, finding that a stay would cause significant delay and complication without sufficient countervailing case-management benefit.", "qualification": "", "response": "Counsel for the Secretary of State opposed the stay, submitting that a significant number of issues arose in only one of the two sets of proceedings and that the overlap did not mean that the interests of justice required a stay.", "outcome": "", "source_ids": [ "src-054" ], "entity_ids": [ "lex-greensill" ], "adverse_subject_ids": [ "lex-greensill" ] }, { "id": "c-dq-strikeout-refused", "kind": "fact", "text": "On 18 March 2026, in [2026] EWHC 639 (Ch), Mr Justice Trower dismissed Lex Greensill's application of 18 November 2025 to strike out the disqualification claim or for reverse summary judgment, holding that section 6 of the Company Directors Disqualification Act 1986 does not require proof that the director's conduct caused the company's insolvency, the extent of responsibility being one factor to weigh, and that unfairness in the Insolvency Service's investigation had not been established and was a matter for trial.", "qualification": "", "response": "", "outcome": "The Insolvency Service stated that the Court of Appeal refused permission to appeal against that decision.", "source_ids": [ "src-005", "src-008" ], "entity_ids": [ "lex-greensill" ], "adverse_subject_ids": [ "lex-greensill" ] }, { "id": "c-dq-undertaking", "kind": "fact", "text": "Lex Greensill gave a nine-year disqualification undertaking concerning conduct as a director of Greensill Capital (UK) Limited, Greensill Limited and Greensill Capital Pty Limited, which the Secretary of State for Business and Trade accepted on 2 June 2026; it ended the court proceedings, in which a six-week trial had been due to begin on 8 June 2026, and the ban took effect on 23 June 2026.", "qualification": "A disqualification undertaking is an agreement in which the director does not dispute certain facts for the purposes of the disqualification proceedings only; it is not a court finding.", "response": "", "outcome": "", "source_ids": [ "src-008", "src-009" ], "entity_ids": [ "lex-greensill", "gcuk", "greensill-limited", "gcpty" ], "adverse_subject_ids": [ "lex-greensill" ] }, { "id": "c-dq-register", "kind": "fact", "text": "The Companies House register of disqualified officers records for Alexander David Greensill a disqualification undertaking dated 2 June 2026, running from 23 June 2026 to 22 June 2035, for conduct while acting for Greensill Capital (UK) Limited, Greensill Limited and Greensill Capital Pty Limited, under section 7 of the Company Directors Disqualification Act 1986; while disqualified, Lex Greensill may not act as a director or be involved in the promotion, formation or management of a company without the court's permission.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-009", "src-008" ], "entity_ids": [ "lex-greensill", "gcuk", "greensill-limited", "gcpty" ], "adverse_subject_ids": [ "lex-greensill" ] }, { "id": "c-dq-is-statement", "kind": "attributed", "text": "Announcing the undertaking on 4 June 2026, the Insolvency Service described the conduct as Lex Greensill causing the Katerra transactions of late 2020 and causing or allowing Greensill Capital (UK) Limited (GCUK) to use $440 million received in November 2020 for purposes other than redeeming notes held by the Credit Suisse (Lux) Supply Chain Finance Fund, and stated that this breached the duty under the Companies Act 2006 to exercise reasonable care, skill and diligence; its chief executive, Duncan Beach, called the nine-year ban above the average for director disqualifications.", "qualification": "The undertaking records facts that Lex Greensill does not dispute for the purposes of the disqualification proceedings only; it is not a court finding. The announcement describes only the Katerra-related conduct; the record does not contain the undertaking's statement of facts, so it does not show whether the Catfoss or insurance non-disclosure allegations were covered.", "response": "", "outcome": "", "source_ids": [ "src-008" ], "entity_ids": [ "lex-greensill", "gcuk", "katerra", "cs-lux-scf" ], "adverse_subject_ids": [ "lex-greensill" ] }, { "id": "c-dq-fca-investigation", "kind": "fact", "text": "On 4 May 2021 the Financial Conduct Authority told the Treasury Committee that it was formally investigating matters relating to Greensill Capital (UK) Limited (GCUK) and Greensill Capital Securities Limited (GCSL) and the oversight of GCSL by its principal, Mirabella Advisers LLP, and was cooperating with other UK enforcement and regulatory agencies and overseas authorities; it noted that some press allegations about the circumstances of Greensill's failure were “potentially criminal in nature”.", "qualification": "The FCA's remark about press allegations is not a finding. No outcome of the FCA investigation into GCUK and GCSL appears in the record; the part concerning Mirabella was closed in December 2025.", "response": "", "outcome": "On 15 December 2025 the FCA announced that it had closed its investigation into Mirabella's oversight of GCSL, having identified no breaches by Mirabella requiring further action.", "source_ids": [ "src-016", "src-046" ], "entity_ids": [ "gcuk", "gcsl", "mirabella" ], "adverse_subject_ids": [ "gcuk", "gcsl", "mirabella" ] }, { "id": "c-dq-fca-mirabella-closed", "kind": "fact", "text": "On 15 December 2025 the Financial Conduct Authority announced that it had closed its investigation, opened on 4 May 2021, into the oversight of Greensill Capital Securities Limited, an appointed representative, by its principal Mirabella Advisers LLP, having identified no breaches by Mirabella requiring further action; Mirabella had applied to cancel its authorisation and, as of 12 September 2025, no longer provided financial services, and the FCA said it would continue to work with UK and overseas counterparts on their own enquiries connected to Greensill.", "qualification": "The FCA reserved the right to review its decision and act if new information comes to light. The FCA statement spells the firm's name “Mirabella Advisors LLP”; the Companies House register gives Mirabella Advisers LLP.", "response": "", "outcome": "", "source_ids": [ "src-046", "src-089" ], "entity_ids": [ "mirabella", "gcsl" ], "adverse_subject_ids": [ "mirabella" ] }, { "id": "c-dq-mirabella-psc", "kind": "fact", "text": "The Companies House register of persons with significant control for Mirabella Advisers LLP (OC384100) lists Mirabella Group Holdings Limited (company number 12204258), notified on 11 November 2019, as holding 75% or more of the voting rights and rights to surplus assets and the right to appoint or remove members; Cordium Consulting Group Limited (05963788) held the same interests from 6 April 2016 until 11 November 2019.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-089" ], "entity_ids": [ "mirabella", "mirabella-group", "cordium" ] }, { "id": "c-lit-directors-claim", "kind": "fact", "text": "A Part 7 claim, BL-2025-000562, Greensill Capital (UK) Limited (in administration) v Greensill and others, was filed in the Business List of the High Court on 29 April 2025 and is listed as a claim for breach of fiduciary duty against seven defendants: Alexander (Lex) Greensill, Sean Hanafin, Divya Eapen, Alastair Eadie, Neil Garrod, Jonathan Lane and Bartholomeus Ras. A court docket summary and a press report (April 2025) describe it as a claim brought by the company's administrators against former directors.", "qualification": "The claim is the company's allegation against the defendants; its particulars, the sums claimed and any defences are not in the record, and no hearing or judgment was found. No response by the defendants was found in the record.", "response": "", "outcome": "The joint administrators' progress report for 8 March to 7 September 2026 says that their investigations in respect of former directors are ongoing and lists claims against GCUK's former directors among continuing work, giving no further details so as not to prejudice their position.", "source_ids": [ "src-072", "src-044", "src-015" ], "entity_ids": [ "gcuk", "lex-greensill", "sean-hanafin", "divya-eapen", "alastair-eadie", "neil-garrod", "jonathan-lane", "bart-ras" ], "adverse_subject_ids": [ "lex-greensill", "sean-hanafin", "divya-eapen", "alastair-eadie", "neil-garrod", "jonathan-lane", "bart-ras" ] }, { "id": "c-lit-bluestone-case", "kind": "fact", "text": "On 15–16 March 2021 Bluestone Resources Inc., Bluestone Coal Sales Corporation, Blackstone Energy, Ltd., James C. Justice II, Cathy L. Justice and James C. Justice III sued Greensill Capital (UK) Limited, Lex Greensill and Roland Hartley-Urquhart in the U.S. District Court for the Southern District of New York (1:21-cv-02253, Judge Jesse M. Furman), seeking direct, consequential and punitive damages for breach of contract, breach of the covenant of good faith and fair dealing, fraud, breach of fiduciary duties, aiding and abetting those breaches and civil conspiracy in connection with the financing Greensill Capital (UK) Limited had provided to the Bluestone coal businesses.", "qualification": "The complaint's allegations were not answered or adjudicated.", "response": "Lex Greensill and Greensill Capital (UK) Limited appeared through counsel; Lex Greensill applied in August 2021 to stay the action, and on 2 September 2021 the court granted a temporary stay with the plaintiffs' consent, later ordering that the individual defendants' deadlines, including their time to answer the complaint, be stayed for 90 days if a Chapter 15 stay was granted.", "outcome": "The case was automatically stayed as to Greensill Capital (UK) Limited after U.S. recognition of its administration in September 2021; on 1 July 2022 the court dismissed it following a settlement, with leave to reopen within sixty days if the settlement was not consummated, and on 1–2 August 2022 the plaintiffs voluntarily dismissed all claims against all three defendants with prejudice, no defendant having filed an answer. The settlement terms are not in the record.", "source_ids": [ "src-105", "src-106" ], "entity_ids": [ "bluestone", "gcuk", "lex-greensill", "roland-hartley-urquhart" ], "adverse_subject_ids": [ "gcuk", "lex-greensill", "roland-hartley-urquhart" ] }, { "id": "c-lit-bluestone-programmes", "kind": "attributed", "text": "The Bluestone plaintiffs alleged that Greensill Capital (UK) Limited, as buyer, financed Bluestone under a Customer Agreement of 14 June 2018 (a supply chain finance programme, with about $70 million advanced) and a Receivables Purchase Agreement of 26 September 2018 (about $780 million advanced), the latter contemplating purchases of 'prospective receivables' not yet generated by Bluestone from a list of 'prospective buyers' that included entities that were not and might never become Bluestone customers; the maximum outstanding purchase price under the receivables agreement rose from $140 million to $785 million under a letter agreement of 29 January 2021.", "qualification": "Allegations in the plaintiffs' complaint of March 2021 in S.D.N.Y. 1:21-cv-02253; the defendants filed no answer and the case was dismissed with prejudice in August 2022 after a settlement whose terms are not in the record.", "response": "In written evidence to the Treasury Committee in 2021, answering a question about a letter by Sanjeev Gupta, Lex Greensill said that the term 'prospective receivables' was unknown to Greensill Capital and did not appear in its client or investor documentation, and that it offered 'future receivables' programmes whose nature was disclosed to investors.", "outcome": "", "source_ids": [ "src-106", "src-080", "src-105" ], "entity_ids": [ "bluestone", "gcuk", "lex-greensill", "sanjeev-gupta" ], "adverse_subject_ids": [ "gcuk" ] }, { "id": "c-lit-bluestone-fees", "kind": "attributed", "text": "The complaint alleged that Greensill Capital (UK) Limited advanced $850 million to Bluestone, of which $108 million was paid back as fees and $19 million kept as initial discounts, so that Bluestone received $723 million in cash; that the fees, under no fewer than 16 fee letters dated between 14 June 2018 and 30 November 2020, included $25 million paid on 10 June 2019 for cancelling a December 2018 warrant over 2.5% of Bluestone Resources, replaced by a warrant over 10% at negligible cost said to be worth at least $100 million; that it also received about $89 million of interest; and that all these payments were funded with money lent by Greensill Capital (UK) Limited itself.", "qualification": "Allegations in the plaintiffs' complaint; not answered or adjudicated before the voluntary dismissal with prejudice in August 2022.", "response": "", "outcome": "", "source_ids": [ "src-106", "src-105" ], "entity_ids": [ "bluestone", "gcuk" ], "adverse_subject_ids": [ "gcuk" ] }, { "id": "c-lit-bluestone-security", "kind": "attributed", "text": "The complaint alleged that Bluestone had no choice but to enter a Guarantee and Security Agreement on 3 November 2020 pledging collateral to Greensill Capital (UK) Limited and to pay it a $15 million fee, both without new consideration; that Roland Hartley-Urquhart demanded payment of $300 million on 20 February 2021 and repayment of $850 million on 26 February 2021, each by the end of the third quarter of 2021; and that on 1 March 2021 Roland Hartley-Urquhart told Bluestone that Greensill Capital had collapsed and would not provide a $5 million advance due by the end of February 2021 under the programme documents.", "qualification": "Allegations in the plaintiffs' complaint; not answered or adjudicated before the voluntary dismissal with prejudice in August 2022.", "response": "", "outcome": "", "source_ids": [ "src-106", "src-105" ], "entity_ids": [ "bluestone", "gcuk", "roland-hartley-urquhart" ], "adverse_subject_ids": [ "gcuk", "roland-hartley-urquhart" ] }, { "id": "c-lit-bluestone-cs-payment", "kind": "attributed", "text": "The complaint alleged that around 9 February 2021 the plaintiffs learned for the first time of obligations of Greensill Capital (UK) Limited to funds managed by Credit Suisse relating to Bluestone's financing, when Roland Hartley-Urquhart urgently demanded that Bluestone make an additional payment to those funds, explaining that Greensill Capital had itself failed to make its own required payment to them, in what the plaintiffs described as an attempt to pressure Bluestone into covering the unpaid obligation.", "qualification": "Allegations in the plaintiffs' complaint; not answered or adjudicated before the voluntary dismissal with prejudice in August 2022.", "response": "", "outcome": "", "source_ids": [ "src-106", "src-105" ], "entity_ids": [ "bluestone", "gcuk", "roland-hartley-urquhart" ], "adverse_subject_ids": [ "gcuk", "roland-hartley-urquhart" ] }, { "id": "c-lit-bluestone-individuals", "kind": "attributed", "text": "The complaint described Lex Greensill as co-founder and former chief executive of Greensill Capital (UK) Limited, who visited the plaintiffs in West Virginia in April 2019 and supported and approved the 2018 financing discussions, and Roland Hartley-Urquhart as its former Vice Chairman and the plaintiffs' main contact from May 2018; it claimed against both individuals for aiding and abetting the company's alleged breaches of its duty of care under West Virginia law and of fiduciary duty under Delaware law, and against all three defendants for civil conspiracy.", "qualification": "Allegations and claims in the plaintiffs' complaint, with amounts left to be determined at trial; they were not answered or adjudicated, and all claims were voluntarily dismissed with prejudice in August 2022.", "response": "", "outcome": "", "source_ids": [ "src-106", "src-105" ], "entity_ids": [ "lex-greensill", "roland-hartley-urquhart", "gcuk", "bluestone" ], "adverse_subject_ids": [ "lex-greensill", "roland-hartley-urquhart" ] }, { "id": "c-lit-tempus", "kind": "fact", "text": "A docket summary for Greensill Capital (UK) Limited v. Tempus Intermediate Holdings, LLC (U.S. District Court for the Eastern District of Virginia, 4:17-cv-00127, Judge Lawrence Richard Leonard) records a breach-of-contract action under diversity jurisdiction filed on 13 October 2017 and terminated on 17 September 2018. Federal Judicial Center case data attached to the docket code the case as disposed of by a judgment on a motion before trial in favour of the plaintiff, Greensill Capital (UK) Limited, with the defendants unrepresented (pro se).", "qualification": "The source is a statistical docket summary: the contract in dispute, the judgment and any amount awarded are not in the record (the amount fields carry the database's top code), and the data provider notes that its matching of this data to dockets cannot be guaranteed.", "response": "", "outcome": "The docket summary gives 30 September 2020, about two years after the termination, as the date of the last known filing in the case; the record does not show what was filed or whether any amount was recovered.", "source_ids": [ "src-084" ], "entity_ids": [ "gcuk", "tempus" ], "adverse_subject_ids": [ "tempus" ] }, { "id": "c-lit-reuters-claim", "kind": "fact", "text": "Greensill Capital (UK) Limited and Alexander Greensill issued a libel claim (QB-2019-002773) against Reuters News & Media Limited on 2 August 2019 over an article Reuters published on 7 July 2019 under the headline 'Exclusive: Greensill issued false statement on bonds sold by metals tycoon Gupta'. The claimants pleaded that it meant they had knowingly given bond market investors and brokers false information in a May 2018 update that the Scottish Government had granted a guarantee, committing a criminal offence of market abuse; Reuters denied that meaning, and the natural and ordinary meaning was ordered to be decided as a preliminary issue before any defence was filed.", "qualification": "", "response": "", "outcome": "The meaning was decided on 14 May 2020 ([2020] EWHC 1325 (QB)); according to the National Audit Office's chronology, Greensill dropped the libel suit against Reuters on 27 May 2020.", "source_ids": [ "src-098", "src-077" ], "entity_ids": [ "gcuk", "lex-greensill", "reuters" ] }, { "id": "c-lit-reuters-meaning", "kind": "fact", "text": "On 14 May 2020 Nicklin J ([2020] EWHC 1325 (QB)) rejected the claimants' principal submission that the Reuters article alleged that Greensill Capital (UK) Limited had knowingly issued a false statement and was guilty of market abuse, and held that its natural and ordinary meaning was that the company, in its May 2018 update, had given bond market investors and brokers false information that the Scottish Government had approved a guarantee related to a hydro plant in Kinlochleven when no such approval had been given, so that there were grounds to investigate how the statement came to be made, whether the company knew it was false and whether it had committed any market abuse offence.", "qualification": "The ruling decided only what the article meant, not whether it was true; Reuters had not filed a defence and the claim was dropped later that month, so the article's account was never adjudicated.", "response": "The article itself reported Greensill's statements that the May 2018 update was based upon information provided by GFG and that Greensill never knowingly issues false statements, and that after publication Greensill said the update was neither false nor misleading.", "outcome": "", "source_ids": [ "src-098", "src-077" ], "entity_ids": [ "gcuk", "reuters", "gfg" ], "adverse_subject_ids": [ "gcuk" ] }, { "id": "c-lit-reuters-personal", "kind": "fact", "text": "The court in [2020] EWHC 1325 (QB) also held that the ordinary reasonable reader would not understand the article to convey any defamatory allegation against Alexander Greensill personally, because the word 'Greensill' in it would be understood as referring to Greensill Capital (UK) Limited, except in one paragraph that referred to Alexander Greensill personally; the judgment describes Alexander Greensill as the founder of the company in 2011 and its chief executive.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-098" ], "entity_ids": [ "lex-greensill", "gcuk" ] }, { "id": "c-lit-pgft-appeal", "kind": "fact", "text": "On 10 June 2021 the Full Court of the Federal Court of Australia (Davies, Moshinsky and Colvin JJ, [2021] FCAFC 99) dismissed, with costs, the appeal by Peter Greensill Family Co Pty Ltd as trustee for the Peter Greensill Family Trust against Thawley J's decision in [2020] FCA 559 in its dispute with the Commissioner of Taxation. The trustee had sold property that was not taxable Australian property and distributed the capital gain to a beneficiary of the trust; the courts rejected the trustee's contention that s 855-10 of the Income Tax Assessment Act 1997 required that gain to be disregarded in assessing the trustee.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-122" ], "entity_ids": [ "pgf-co", "pgft" ], "adverse_subject_ids": [ "pgf-co" ] }, { "id": "display-claim-3dbb00fb237ef3fdf297efc9", "kind": "analysis", "text": "GCUK was the operating centre of the Greensill group from 2012 until its administration in March 2021: it originated supply chain finance and receivables, sold them to Credit Suisse funds, Greensill Bank AG and other investors, and relied on trade credit insurance underwritten through BCC Trade Credit for Insurance Australia Limited. The record traces how SoftBank, Credit Suisse and GFG Alliance were connected to it, how the loss of insurance and a called guarantee ended its business, how its administration and the insolvencies of the other group companies have proceeded to 2026, and what courts, regulators and Parliament found. Allegations by insurers, claimants and the Secretary of State are kept with their status and with the responses and outcomes found.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-001", "src-018", "src-029", "src-005", "src-035", "src-082", "src-097", "src-002", "src-077", "src-041", "src-033", "src-031", "src-032", "src-015", "src-034", "src-110", "src-054", "src-083", "src-076", "src-053", "src-030", "src-096", "src-052", "src-004", "src-007", "src-008", "src-006", "src-042", "src-011", "src-108", "src-051", "src-057", "src-071", "src-062", "src-094", "src-079", "src-009", "src-016", "src-046", "src-072", "src-044", "src-105", "src-106" ], "entity_ids": [ "gcuk", "gcpty", "lex-greensill", "lex-family-trust", "svf1", "general-atlantic", "softbank", "greensill-bank", "cs-virtuoso", "csam", "cs-lux-scf", "gfg", "katerra", "bluestone", "credit-suisse", "cayman-project-2", "svf2-wyatt", "svf2", "greensill-limited", "sanjeev-gupta", "liberty-steel", "ial", "bcc", "tmma", "marsh", "gcmc", "alastair-eadie", "chris-laverty", "trevor-osullivan", "will-stagg", "grant-thornton-uk", "pgft", "matthew-byrnes", "philip-campbell-wilson", "michael-mccann", "greensill-inc", "michael-frege", "us-liquidation-trust", "british-business-bank", "aar-tee", "dbt", "bill-crothers", "david-cameron", "catfoss-renewables", "catfoss-dbt", "gcsl", "mirabella", "sean-hanafin", "divya-eapen", "neil-garrod", "jonathan-lane", "bart-ras", "roland-hartley-urquhart" ] }, { "id": "display-claim-e34832bea15bfe79a817d4a5", "kind": "analysis", "text": "Greensill Capital (UK) Limited is a private limited company registered at Companies House under number 08126173. It was incorporated on 2 July 2012 under the name Greensill Capital Management Company (UK) Limited and has carried its present name since 18 July 2012; Companies House records its business as financial intermediation not elsewhere classified (SIC 64999) and its status as in administration. GCUK is a wholly owned subsidiary of Greensill Capital Pty Limited, a company incorporated in Queensland and the parent of the Greensill group, and its 2019 accounts describe it as the group's main trading entity. The High Court recorded in 2025 that GCUK was the group's main operating and trading company in the UK, provided financial support and management for the wider group and performed a central treasury function for it.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-001", "src-018", "src-029", "src-005", "src-035" ], "entity_ids": [ "gcuk", "gcpty", "lex-greensill" ] }, { "id": "display-claim-fe308fc269fc38532d412bdb", "kind": "analysis", "text": "The records place control with Lex Greensill. In GCUK's accounts for 2017, 2018 and 2019 the directors named Greensill Capital Pty Limited as the immediate and ultimate parent and said that they considered Alexander (Lex) Greensill to be the ultimate controlling party, and since 6 April 2016 the register of persons with significant control has listed Lex Greensill alone, through significant influence or control over the trustees of a trust. The National Audit Office reported in July 2021 that the Australian parent was 64.55% owned by its founder, staff and directors, including 28.06% held by a trust associated with Lex Greensill, 25.11% by the SoftBank Vision Fund and 10.34% by General Atlantic; it gave these percentages without a date or a source, and the parent's share register is not in the record. GCUK's 2019 annual report states that SoftBank invested an aggregate $1.46 billion in the parent during 2019 and became a significant shareholder of the group.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-082", "src-097", "src-018", "src-002", "src-077" ], "entity_ids": [ "gcuk", "gcpty", "lex-greensill", "lex-family-trust", "svf1", "general-atlantic", "softbank" ] }, { "id": "display-claim-7353d6d5f0a1ea87fa93e27f", "kind": "analysis", "text": "The courts have described GCUK's business as two kinds of credit: accounts receivable financing, in which it advanced money at a discount against the assignment of receivables owed to its customers, and supply chain financing, advances that let a customer pay its own suppliers' invoices. According to the administrators, GCUK bought the receivables through bespoke IT platforms and generally sold them, or notes backed by them, within 24 hours to financial institutions, specialist funds and Greensill Bank AG, either outright or through insolvency-remote vehicles that issued notes secured on them. The High Court in 2026 described GCUK as funded partly by advances from Greensill Bank AG, a German sister company, and partly by securitisation through a Luxembourg note issuer whose notes many investors bought through Credit Suisse Virtuoso SICAV-SIF and its sub-fund managed by Credit Suisse Asset Management. GCUK's 2019 strategic report said that credit insurance mitigated default risk on some of the assets but that GCUK took a first loss under it, leaving it indirectly exposed to assets it mostly did not hold on its balance sheet.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-005", "src-041", "src-029", "src-018" ], "entity_ids": [ "gcuk", "greensill-bank", "gcpty", "cs-virtuoso", "csam" ] }, { "id": "display-claim-35523232ce43016a3d3d2c16", "kind": "analysis", "text": "GCUK's last filed accounts, for 2019, report revenue of $419.6 million (2018: $233.6 million), an operating profit of $37.5 million after impairment expenses of $47.3 million and a profit after tax of $31.8 million, with total assets of $682.3 million and net assets of $155.3 million at 31 December 2019. For the group as a whole, Greensill reported to the National Audit Office $143 billion of financing in 2019 to more than eight million customers and suppliers, revenues of over $475 million and total assets of more than $5.3 billion; these are Greensill's own figures, which the National Audit Office did not audit, and the parent's consolidated accounts are not in the record.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018", "src-077" ], "entity_ids": [ "gcuk", "gcpty" ] }, { "id": "display-claim-c2baae166d074c367561a17c", "kind": "analysis", "text": "Credit Suisse Asset Management's records identify four Credit Suisse supply chain finance funds, which had net assets of USD 10,016 mn on 26 February 2021, USD 7,253 mn of it in the Credit Suisse (Lux) Supply Chain Finance Fund, a sub-fund of Credit Suisse Virtuoso SICAV-SIF. On 1 March 2021 the funds' boards suspended redemptions and subscriptions and approved their liquidation, citing uncertainty about the valuation of some assets and the reduced availability of insurance cover; by 30 November 2022 about USD 6.78 bn had been returned to investors and the funds' cash position equalled about USD 7.4 bn, or 74% of their assets under management at suspension, while recovery efforts concentrated on programmes related to GFG Alliance, Katerra and Bluestone. Lex Greensill told the Treasury Committee that Greensill failed because its principal insurer decided not to renew its cover and, roughly a week before the administration, Credit Suisse decided that it would no longer fund Greensill's business. On 28 February 2023 FINMA concluded enforcement proceedings finding that Credit Suisse had seriously breached its supervisory obligations in its business relationship with Lex Greensill and the Greensill companies; that is a regulator's finding about the bank, not about GCUK, and FINMA recorded that Credit Suisse had already adopted wide-ranging organisational measures.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-033", "src-031", "src-032" ], "entity_ids": [ "csam", "cs-lux-scf", "cs-virtuoso", "gfg", "katerra", "bluestone", "credit-suisse", "lex-greensill" ] }, { "id": "display-claim-89d2f9576f0e721324212958", "kind": "analysis", "text": "SoftBank was both an investor and a source of credit support. Under a Credit Enhancement Programme, SoftBank Group Corp. provided credit default swaps for some of GCUK's financings of Vision Fund portfolio companies, with the Greensill group absorbing any shortfall up to $100 million a year. On 10 November 2020 a SoftBank Vision Fund 2 vehicle subscribed for $440 million of convertible notes of the Australian parent, in a package that included an Omnibus Deed to which GCUK was a party (an amended share-sale deed of 8 December 2020 later gave SoftBank Group Corp. longer to absorb an additional $50 million first loss and moved the crystallisation date to 15 May 2021); the money was credited to GCUK's general account and was not used to redeem the Katerra-backed Fairymead notes held by the Credit Suisse fund. On 30 December 2020 Greensill Limited, a GCUK subsidiary, gave up its Katerra receivables and security for Katerra shares. In [2025] EWHC 2631 (Ch) the High Court found that Greensill Limited, through Lex Greensill, entered those agreements with the purpose of prejudicing the noteholders, rejecting the argument that the purpose was to redeem the notes, which Lex Greensill gave as the purpose of the $440 million, because the purpose had to be judged when the agreements were made on 30 December 2020. It found that the SoftBank defendants neither knew of nor shared that purpose and believed in good faith that the $440 million would pay the noteholders, and it dismissed the fund's claim against them.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "softbank", "gcuk", "cayman-project-2", "svf1", "svf2-wyatt", "svf2", "gcpty", "lex-greensill", "lex-family-trust", "credit-suisse", "greensill-limited", "katerra", "greensill-bank" ] }, { "id": "display-claim-7d2efd9a998c0c721f1f18af", "kind": "analysis", "text": "The House of Commons Treasury Committee identified GFG Alliance, the businesses owned by Sanjeev Gupta and the Gupta family that include Liberty Steel, as one particular concentration of risk for Greensill. In their report to 7 September 2026 GCUK's administrators put the amount still outstanding from GFG at about $587.2 million (at March 2021 exchange rates), across 33 balance sheet items, with no recoveries in the period, and said they were exploring recovery under the security and guarantees GFG had granted. The Serious Fraud Office opened an investigation in May 2021 into suspected fraud, fraudulent trading and money laundering in the financing of GFG companies, including their arrangements with GCUK; an investigation is not a finding, no charge or outcome is in the record, and a press report (February 2024) said that GFG has consistently denied any wrongdoing.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-015", "src-031", "src-034", "src-110" ], "entity_ids": [ "gfg", "sanjeev-gupta", "liberty-steel", "gcuk" ] }, { "id": "display-claim-6c677598ec17e14d9cd85db2", "kind": "analysis", "text": "The notes were credit-enhanced by trade credit insurance underwritten by Insurance Australia Limited through its authorised representative BCC Trade Credit Pty Ltd, under a Master Policy with GCUK and the Australian parent and a Parallel Policy with Greensill Bank AG, both first agreed in 2017 and renewed in 2019. On 1 September 2020 each Greensill company was told that BCC did not wish to renew the policies, which would expire on 1 March 2021; Greensill disputed the notice, and on 1 March 2021 the Supreme Court of New South Wales refused its urgent application for an injunction compelling cover, so the policies expired that night. The administrators state that GCUK lost about $4.6 billion of cover and ceased originating new assets from 2 March 2021 once key investors said they would stop buying insured receivables. That is the administrators' explanation: BCC told the Treasury Committee that by July 2020 it and Tokio Marine & Nichido had developed particular concerns about Greensill that made them very reluctant to give any cover, Lex Greensill's account also differs, and the validity of the policies was contested in later litigation. In 2026 Greensill Bank AG and Credit Suisse settled their claims under the policies on confidential terms, while White Oak's claim went to trial in October 2026.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-054", "src-005", "src-083", "src-076", "src-053", "src-029", "src-030", "src-096" ], "entity_ids": [ "gcuk", "cs-virtuoso", "ial", "bcc", "gcpty", "greensill-bank", "tmma", "marsh" ] }, { "id": "display-claim-574c0a433b3dd9da54b35b72", "kind": "analysis", "text": "On 4 March 2021, according to the administrators, a $140 million loan by Credit Suisse to the Australian parent was accelerated and payment was demanded from GCUK as guarantor. On 8 March 2021 the High Court, finding that GCUK had ceased trading on 2 March and was cash-flow insolvent, made administration orders for GCUK, on the application of its sole director Lex Greensill, and for Greensill Capital Management Company (UK) Limited, the service company that employed the UK staff and depended on GCUK to fund its payroll; GCUK's administration is High Court case 000435 of 2021, although the judgment was issued under the service company's number, CR-2021-000436. Credit Suisse and the Peter Greensill Family Trust, as lenders, consented to the orders, the Bank of England did not intend to use its powers, and Credit Suisse Asset Management, appearing for the noteholders, did not oppose them. Christine Laverty, Trevor O'Sullivan and William Stagg of Grant Thornton UK LLP became joint administrators of both companies; they are not office-holders of the Australian parent, which has its own insolvency practitioners. Both administrations have since been extended to 7 September 2028, and the administrators intend to end them by conversion to creditors' voluntary liquidations.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029", "src-031", "src-052", "src-015", "src-004" ], "entity_ids": [ "gcuk", "gcpty", "credit-suisse", "gcmc", "lex-greensill", "alastair-eadie", "chris-laverty", "trevor-osullivan", "will-stagg", "grant-thornton-uk" ] }, { "id": "display-claim-2d0a99bb746fc541a3a47884", "kind": "analysis", "text": "The directors' statement of affairs showed unsecured non-preferential claims estimated at $1,456,984,613 and an estimated deficiency as regards members of $1,181,551,493. By September 2026 a confidential settlement of 5 June 2026 had concluded all secured creditor claims (the administrators had recorded floating charges securing $140 million for Credit Suisse and $60 million for the Peter Greensill Family Trust), but unsecured claims, estimated by the directors at about $1.6 billion, had not yet been called for or adjudicated, and some creditors had lodged claims above the directors' estimates; the Insolvency Service described GCUK's liabilities as more than £1.6 billion, the figure it also gives for the combined liabilities of three group companies, while the directors' and administrators' figures are in US dollars. On 4 September 2026 the High Court extended the administration to 7 September 2028 and allowed interim distributions to unsecured creditors, whose timing and amount were still uncertain; the administrators intend to end with a creditors' voluntary liquidation.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-007", "src-029", "src-015", "src-008", "src-006" ], "entity_ids": [ "gcuk", "gcmc", "pgft", "credit-suisse" ] }, { "id": "display-claim-40e5e8d6c734b3fafb68f238", "kind": "analysis", "text": "Most of the group's other companies were sold or wound down in their own jurisdictions. The Australian parent went into voluntary administration in March 2021 (on 8 or 9 March, depending on the source) and into liquidation by creditors' resolution on 22 April 2021, according to ASIC, although the GCUK administrators' 2026 report gives 22 April 2022, and ASIC later told the Australian Parliament that the liquidator was conducting further investigations. Greensill Bank AG became subject to insolvency proceedings in Bremen after an application by the German regulator BaFin, and Greensill Capital Inc. filed for Chapter 11 in New York on 25 March 2021 (26 March in the GCUK administrators' proposals); a court docket summary records its plan of liquidation as confirmed on 26 October 2021 and later mediation status reports filed by the Greensill U.S. Liquidation Trust in 2023 and 2024.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029", "src-015", "src-034", "src-042", "src-011", "src-008", "src-108", "src-051", "src-057", "src-071", "src-062" ], "entity_ids": [ "gcuk", "gcpty", "gcmc", "matthew-byrnes", "philip-campbell-wilson", "michael-mccann", "greensill-inc", "greensill-bank", "michael-frege", "us-liquidation-trust" ] }, { "id": "display-claim-136991050f902823e25ca440", "kind": "analysis", "text": "GCUK was also a lender under the UK's Covid-19 loan schemes. On 4 June 2020 the British Business Bank accredited it as the first non-bank lender under the Coronavirus Large Business Interruption Loan Scheme (CLBILS), with a £400 million allocation and a limit of £50 million per borrower group, and GCUK lent the full £400 million in eight loans, as well as £18.5 million under the smaller CBILS scheme. In October 2020 the Bank stopped further lending while it investigated compliance with the scheme rules, and on 2 March 2021 a Letter of Concern set out provisional findings of breach and suspended the government guarantees; on 9 April 2021 the administrators replied that GCUK denied the allegations and considered its loans compliant. According to the Department for Business and Trade's written case as a press report described it in January 2026, the government terminated the CLBILS guarantees in April 2022 and the CBILS guarantees in September 2023. Greensill Bank AG, which denies that the Department was entitled to do so, has sued the Secretary of State for Business and Trade over the guarantees, with GCUK joined as a defendant; the claim was pending as of October 2026.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-077", "src-031", "src-094", "src-015" ], "entity_ids": [ "british-business-bank", "gcuk", "aar-tee", "greensill-bank", "dbt" ] }, { "id": "display-claim-4bb503bf98edc9e51c0ecce5", "kind": "analysis", "text": "The Treasury Committee found that most of the lobbying on Greensill's behalf in 2020 was done by Lex Greensill, by Bill Crothers, a GCUK director, and by former Prime Minister David Cameron, an adviser to Greensill Capital, and that David Cameron or David Cameron's office made 56 contacts with the government on Greensill's behalf in the period it examined. The Committee accepted that David Cameron had not broken the rules on lobbying by former ministers, while finding those rules not strong enough; David Cameron said lobbying the UK Government was never intended to be part of the role. The Committee concluded that the Treasury was right to keep Greensill out of the Covid Corporate Financing Facility, and a press report (January 2026) said that a later inquiry found David Cameron's actions within the rules and no registration as a lobbyist required.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-031", "src-094" ], "entity_ids": [ "lex-greensill", "bill-crothers", "david-cameron", "gcuk" ] }, { "id": "display-claim-e00ec0451411e01b7b3ce4b2", "kind": "analysis", "text": "In disqualification proceedings the Secretary of State for Business and Trade alleged three areas of misconduct by Lex Greensill: the Katerra transactions and the use of the $440 million, statements to trade credit insurers about finance to the Catfoss companies, and what the boards were told about the insurance. Lex Greensill disputed the allegations, regarding the case as unbalanced and unfounded, as the court recorded in [2024] EWHC 2039 (Ch), and they were never tried: the proceedings ended when the Secretary of State accepted, on 2 June 2026, a nine-year undertaking concerning Lex Greensill's conduct as a director of GCUK, Greensill Limited and the Australian parent, recorded on the Companies House register as running from 23 June 2026 to 22 June 2035. In an undertaking the director does not dispute certain facts for the purposes of the proceedings only; it is not a court finding. The Financial Conduct Authority said in May 2021 that it was investigating matters relating to GCUK and Greensill Capital Securities Limited and the oversight of that company by its principal, Mirabella Advisers LLP; its remark that some press allegations were potentially criminal was not a finding, it closed the Mirabella part on 15 December 2025 without identifying breaches requiring action, and no outcome concerning GCUK or Greensill Capital Securities is in the record.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-005", "src-008", "src-079", "src-009", "src-016", "src-046" ], "entity_ids": [ "lex-greensill", "gcuk", "gcpty", "softbank", "katerra", "catfoss-renewables", "catfoss-dbt", "greensill-limited", "gcsl", "mirabella" ] }, { "id": "display-claim-a5a7242ed247419b411ba67f", "kind": "analysis", "text": "GCUK, in administration, filed a High Court claim for breach of fiduciary duty on 29 April 2025 against Lex Greensill, Sean Hanafin, Divya Eapen, Alastair Eadie, Neil Garrod, Jonathan Lane and Bartholomeus Ras; it is the company's allegation, its particulars and any defences are not in the record, no hearing or judgment was found, and the administrators said in 2026 that their investigations in respect of former directors were continuing. An earlier claim by the Bluestone coal companies and members of the Justice family against GCUK, Lex Greensill and Roland Hartley-Urquhart in New York, filed in March 2021, was stayed in September 2021 after the defendants had appeared through counsel and the U.S. court had recognised GCUK's administration, and was voluntarily dismissed with prejudice in August 2022 after a settlement whose terms are not in the record, without any answer or ruling on its allegations.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-072", "src-044", "src-015", "src-105", "src-106" ], "entity_ids": [ "gcuk", "lex-greensill", "sean-hanafin", "divya-eapen", "alastair-eadie", "neil-garrod", "jonathan-lane", "bart-ras", "bluestone", "roland-hartley-urquhart" ] }, { "id": "display-claim-ef0ad22476756c3f9dc728ec", "kind": "analysis", "text": "The Coronavirus Large Business Interruption Loan Scheme (CLBILS) was launched by the British Business Bank on 20 April 2020 for businesses with turnover above £45 million. Loans were made by accredited lenders, commercial lenders approved to lend under the scheme, normally up to £50 million per borrower group, or up to £200 million for lenders accredited to its Larger Scheme Facility; the government guaranteed 80% of each loan, repaying the lender that share if the borrower did not repay, provided the lender had complied with the scheme rules. Lex Greensill first contacted the Bank's Chief Commercial Officer about accreditation on 17 April 2020. Greensill Capital (UK) Limited (GCUK) submitted an Expression of Interest on 19 April and, on 23 April 2020, a Formal Proposal asking for a lending allocation of £1 billion, based on a pipeline of 40 to 50 borrowers with facilities averaging £35 million and on three products: supply chain finance, accounts receivable and accounts receivable portfolio. The application stated that the Greensill business had provided more than £120 billion of financing in 2019, 30% of it relating to UK buyers or sellers, that it had no external debt, that an investment of $1.7 billion received in the previous 18 months valued it at around $4 billion, and that its default rate was 0.03% for 2019, with defaulted assets at 0.43% of total assets in March 2020. These were the applicant's own statements. The National Audit Office (NAO) later reported that the Bank performed limited due diligence and accepted key information at face value, that the £120 billion figure could not be verified from publicly available information, and that a more sceptical process might have led the Bank to question the statements on default rates, borrower exposure and the business model. The Bank told the NAO that the purpose of its due diligence was not to assess Greensill's financial position in detail but, given the policy direction to accredit lenders quickly and a greater reliance on audits after accreditation, to confirm that lenders could reliably deliver money to borrowers. In July 2021 the Treasury Committee noted the NAO's finding that a more sceptical process might have prevented the acceptance of Greensill as an accredited lender.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-077", "src-031" ], "entity_ids": [ "british-business-bank", "lex-greensill", "gcuk" ] }, { "id": "display-claim-7832095dee48fb2583feeb92", "kind": "analysis", "text": "A paper submitted to the Bank's Investment Committee on 4 May 2020 recommended accrediting GCUK with an allocation of up to £1 billion, stated that limited due diligence had been carried out, and named three key risks: scrutiny of supply chain finance, including its link to the collapse of Carillion in 2018; GCUK's relationship with Sanjeev Gupta's firms through Liberty Steel Group; and its connection to former Prime Minister David Cameron. On 12 May 2020 the Committee ruled GCUK's supply chain finance product ineligible for CLBILS and approved accreditation with a £1 billion allocation for the other two products. On 3 June 2020 the Bank's Chief Commercial Officer set the allocation at £400 million, and on 4 June 2020 GCUK, the first non-bank lender accredited under CLBILS, was formally accredited with a maximum of £50 million per borrower group. GCUK applied on 12 June 2020 for the scheme's term loan and revolving credit facility variants and for the Larger Scheme Facility, which would have allowed loans of up to £200 million. The Bank's Managing Director Forum agreed on 3 July 2020 to refuse the Larger Scheme Facility because GCUK was not permitted to use the Internal Ratings Based approach, a regulatory method of measuring credit risk with a lender's own models, and GCUK was accredited for the two variants on 8 July 2020 within its existing £400 million allocation.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-077" ], "entity_ids": [ "british-business-bank", "gcuk", "sanjeev-gupta", "liberty-steel", "david-cameron" ] }, { "id": "display-claim-2264d82bd763bcb6ea0ee131", "kind": "analysis", "text": "GCUK's individual loan limit remained £50 million, although whether it could be raised was the subject of messages and enquiries in 2020. In mid-June 2020 David Cameron sent messages to Nadhim Zahawi MP, then Parliamentary Under-Secretary of State for Business and Industry, and to Richard Sharp about whether the £50 million CLBILS limit could be raised for Greensill; HM Treasury told the House of Commons Treasury Committee that the Bank never approached it with a proposal for enhanced accreditation. The NAO found that the Department for Business, Energy & Industrial Strategy (BEIS), aware that GCUK financed Liberty Steel and that Liberty Steel had sought around £160 million to £180 million of government support early in the pandemic, made eight email enquiries of the Bank over 19 weeks between April and September 2020 about GCUK's accreditation and whether it could lend more than £50 million per borrower. The Department described these as informal approaches, while the Bank called the level of departmental interest unusual; the Bank did not prioritise the application, and its legal review concluded that external parties had not influenced the accreditation. GCUK also applied on 16 July 2020 to lend under the Coronavirus Business Interruption Loan Scheme (CBILS), which covered businesses with turnover up to £45 million, and was accredited on 21 September 2020 with a £50 million allocation. It lent £18.5 million under CBILS through four revolving credit facilities of £5 million each, one of them later reduced to £3.5 million after the borrower was found to have an existing CBILS facility with another lender.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-031", "src-077" ], "entity_ids": [ "david-cameron", "british-business-bank", "gcuk", "liberty-steel" ] }, { "id": "display-claim-c8b3b8779df0186dd5fe5b13", "kind": "analysis", "text": "GCUK lent £400 million under CLBILS, the maximum it was permitted, in eight loans of £50 million each, all of them revolving credit facilities, which made it the fifth-largest CLBILS lender by value; with the £18.5 million lent under CBILS and the 80% guarantee, the NAO put the government's maximum exposure under both schemes at £335 million (£334.8 million in its detailed figure). The first CLBILS loan, £50 million to SIMEC International (UK) Limited, a GFG Alliance company, had an initial draw date of 31 July 2020. The second, £50 million to Aar Tee Commodities (UK) Limited, had an initial draw date of 27 August 2020; the Bank noted that the owner of Aar Tee Commodities had previously been a board member of GFG's charitable foundation and of GFG's strategic board, and the NAO counted the company among seven CLBILS borrowers with connections to the GFG Alliance. On 30 September 2020 GCUK made six further loans of £50 million each, £300 million in all, to Speciality Steel UK Limited, Liberty Commodities Limited, Liberty Industries UK Limited, Liberty Steel Newport Limited, Liberty Pipes (Hartlepool) Limited and Liberty Merchant Bar Plc, companies that appeared to the Bank to be associated with the GFG Alliance.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-077", "src-031" ], "entity_ids": [ "gcuk", "simec-international", "gfg", "aar-tee", "british-business-bank", "speciality-steel", "liberty-commodities", "liberty-industries", "liberty-newport", "liberty-pipes", "liberty-merchant-bar" ] }, { "id": "display-claim-f076a97d8ff6b1e152d8c5a4", "kind": "analysis", "text": "On 2 October 2020 the Bank became concerned that GCUK's seven CLBILS loans to Gupta Family Group (GFG) Alliance borrowers, totalling £350 million, breached the rule that lending to one borrower group could not exceed £50 million without Larger Scheme Facility accreditation, which GCUK lacked; treated as one group, the lending was £300 million above GCUK's limit. GCUK told the Bank that day that it considered the loans compliant. The Bank, which had restated the group rule to GCUK in May 2020, escalated its concerns to HM Treasury on 7 October and to BEIS on 9 October 2020. This was the Bank's concern and provisional view as the NAO described it in July 2021, not a court finding of breach. On 12 October 2020 the Bank's Investment Committee agreed to investigate GCUK's compliance with the CLBILS rules, and on 13 October the Bank told GCUK that it could make no more loans until the issues were resolved, reducing its allocation to zero under both CLBILS and CBILS; from October 2020 it engaged Ernst & Young to review the CLBILS loans. According to the Bank, GCUK said at that 13 October meeting that it had received “political steers” that its support for the steel industry was welcome. A press report of April 2021, cited by the Treasury Committee, stated that the GFG Alliance had split companies so that Greensill could lend it more under CLBILS while keeping each transaction within the £50 million cap. This is a press account reported by the Committee, not a finding; the Department for Business and Trade later relied on related grounds when it terminated the guarantees, which Greensill Bank AG disputes in pending litigation. Lex Greensill, declining to discuss individual customers, told the Committee on 11 May 2021 that each facility had been reviewed by a top-tier London law firm and that in Lex Greensill's opinion every facility complied with the Bank's rules.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-077", "src-031" ], "entity_ids": [ "british-business-bank", "gcuk", "gfg", "lex-greensill", "dbt", "greensill-bank" ] }, { "id": "display-claim-af6127a9912cb528d873dc82", "kind": "analysis", "text": "On 2 March 2021 the Bank sent GCUK a Letter of Concern setting out provisional findings that it had breached the CLBILS guarantee agreement and giving notice that the Secretary of State's guarantee obligations were suspended. A second Letter of Concern, dated 26 March 2021 in the NAO's timeline, concerned the loan to Aar Tee Commodities (UK) Ltd; these were the only such letters issued under CLBILS, and a Supplemental Letter of Concern followed on 27 May 2021. On 9 April 2021 GCUK's joint administrators, Chris Laverty, Trevor O'Sullivan and Will Stagg of Grant Thornton UK LLP, replied that GCUK denied the allegations in the Letter of Concern, considered its loans compliant with the scheme rules, including those on group lending, and regarded any cancellation of the guarantees on those grounds as a breach for which GCUK reserved the right to seek damages. They also said that the time given to respond was procedurally unfair, to which the Bank replied on 16 April 2021 that the process was set out in the Letter of Concern; this is GCUK's position as the NAO reported it. As of 30 June 2021 the investigation was ongoing and the guarantees remained suspended, with GCUK's deadline for representations extended to 20 August 2021. According to the Department for Business and Trade's written case reported in January 2026, the government then terminated the CLBILS guarantees in April 2022 and the CBILS guarantees in September 2023; Greensill Bank AG denies, in pending High Court proceedings, that the Department was entitled to do so.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-077", "src-094", "src-015" ], "entity_ids": [ "british-business-bank", "gcuk", "aar-tee", "chris-laverty", "trevor-osullivan", "will-stagg", "grant-thornton-uk", "dbt" ] }, { "id": "display-claim-1a16b8ca4e4b7cba0f1b74f8", "kind": "analysis", "text": "Greensill Bank AG has issued legal proceedings against the Secretary of State for Business and Trade concerning its CBILS and CLBILS investments and the underlying guarantees, and GCUK, as the accredited lender, has been joined as a defendant and is providing disclosure, according to the joint administrators' 2026 progress report; the claim remains pending. A press report (January 2026) of a High Court hearing described the Department's written case: it terminated the CLBILS guarantees because six of the eight borrowers were “ultimately owned” by Sanjeev Gupta, so that GCUK had lent £300 million to them when the sum “ought not to have exceeded £50m”, and it terminated the CBILS guarantees saying that GCUK “did not exercise a level of care, control and diligence consistent with the standard required”. Counsel for Greensill Bank AG stated that the six companies were not “partner or linked enterprises” and that GCUK “did not act in bad faith”, and Greensill Bank AG denies that the Department was entitled to terminate the guarantees. The same report said that Greensill Bank AG seeks more than £331 million in damages, alleging that the Department wrongly terminated the guarantees and that there was “considerable political pressure” from the Department to accredit GCUK to lend to Sanjeev Gupta's companies; the Department is defending the claim: its counsel said it had lawfully determined that GCUK failed to act in good faith by treating six Gupta-owned borrowers separately to avoid the restrictions on lending to groups, and called the bank's pleaded case “highly inadequate”. Both sides' positions are as reported in the press and have not been decided by a court: the hearing before Mr Justice Robin Knowles dealt with procedural issues, and the trial is expected to begin in late 2027 and could last up to eight weeks. Credit Suisse Asset Management's December 2022 investor Q&A also referred to the UK government's decision to remove the CLBILS guarantees on Greensill loans to GFG, and said that its supply chain finance funds were not beneficiaries of those guarantees.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-015", "src-094", "src-033" ], "entity_ids": [ "greensill-bank", "dbt", "gcuk", "sanjeev-gupta", "csam" ] }, { "id": "display-claim-2bcd2abea70eaf37caaa0644", "kind": "analysis", "text": "Two other routes to government-backed funding were refused in 2020. The Covid Corporate Financing Facility (CCFF), which the Bank of England operated for HM Treasury to buy short-term commercial paper, was not open to financial institutions. Greensill applied after the market notice of 18 March 2020 and proposed changes to the criteria, such as accepting assets from securitisation vehicles in the European Economic Area and insurers' credit ratings in place of borrowers' ratings. On 30 March 2020 HM Treasury told the Bank of England that the Chancellor did not intend to change the criteria, and the Bank told Greensill that its application did not meet them; the NAO records this as HM Treasury's rejection of GCUK. After further proposals and a confidential HM Treasury call for evidence in May 2020, HM Treasury told Greensill for the final time on 26 June 2020 that it would not be eligible, in a call by Second Permanent Secretary Charles Roxburgh with Lex Greensill, then GCUK's chief executive, and Bill Crothers, a GCUK director. Economic Secretary John Glen MP confirmed the decision by letter to Lex Greensill and by text to David Cameron, and Greensill never gained access to the facility. In February 2020 Standard Chartered, as one of GCUK's lenders, asked UK Export Finance for an Export Development Guarantee covering 80% (£400 million) of a £500 million five-year loan to GCUK. UK Export Finance rejected the application in June 2020 as not aligned with the product's policy intent and in September 2020 rejected a revised one-year proposal of £100 million to £200 million, its due diligence having identified concerns about GCUK's governance and its exposure to some of its customers. The Treasury Committee's July 2021 report cited these refusals as an example of other government agencies paying attention to the reputational issues around Greensill.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-031", "src-077" ], "entity_ids": [ "gcuk", "lex-greensill", "bill-crothers", "david-cameron", "standard-chartered" ] }, { "id": "display-claim-cb293d7c804472477b4828a7", "kind": "analysis", "text": "Charles Roxburgh told the Treasury Committee that, on the administrator's figures, Greensill owed $8 million to HM Revenue & Customs (HMRC), about $168,000 to two local authorities and $10,000 to one foundation trust, a direct public exposure of £5 million to £6 million before recoveries, while the indirect exposure lay in the 80% CLBILS guarantees, which were suspended during the British Business Bank's investigation. This was HM Treasury's evidence in 2021, based on provisional administration figures that do not name the debtor company, and the Committee noted that Greensill contested the rationale for suspending the guarantees. According to the NAO, which found published HMRC data showing a Greensill company claiming between £10,001 and £25,000 in each of January and February 2021, Greensill Capital Management Company (UK) Limited received between £20,002 and £50,000 from HMRC under the Coronavirus Job Retention Scheme (the furlough scheme). The Committee's report of 20 July 2021 also states that Greensill provided the financing for the Pharmacy Early Payment Scheme, which let pharmacies receive funding earlier than under the standard government payment schedule; according to the Chancellor's evidence, the Department of Health and Social Care introduced the scheme in 2013 with Citibank as provider, and in 2018 Taulia replaced Citibank under a contract with the NHS Business Services Authority, made through a Crown Commercial Service framework, and contracted Greensill to provide the financing, HM Treasury having no record of involvement in that process.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-031", "src-077" ], "entity_ids": [ "british-business-bank", "gcmc", "taulia" ] }, { "id": "display-claim-950eeb89ed5de9dab93f0630", "kind": "analysis", "text": "The Treasury Committee found that most of the lobbying on behalf of Greensill in 2020 was carried out by Lex Greensill, then chief executive of GCUK, Bill Crothers, a GCUK director, and former Prime Minister David Cameron, an adviser to Greensill Capital, and that David Cameron or David Cameron's office made 56 contacts with the government on Greensill's behalf in the period it examined. The Committee accepted that David Cameron did not break the rules governing lobbying by former ministers, while saying those rules were not strong enough; David Cameron told the Committee that lobbying the UK Government “was never intended to be part of my role”. The Committee concluded that the Treasury took the right decision in preventing Greensill from accessing the CCFF, and a press report (January 2026) stated that an inquiry later found David Cameron's actions to have been within the rules and that David Cameron had not been required to register as a lobbyist. On the terms of the role, David Cameron's own account was that Greensill paid “a generous annual amount—far more than what I earned as Prime Minister” and that the adviser held shares, not share options, in the business, vesting over the term of the contract; the exact remuneration was described as a private matter, and no amount or shareholding is stated in the record. The Committee also recorded the use of Greensill's private jets, which David Cameron said were short-haul flights on which tax was paid for any benefit. In a letter to the Committee David Cameron said that the role involved invitations to most routine Greensill Board meetings but no directorship, board-committee seat, voting rights or executive responsibility, and that the last Board meeting David Cameron attended was on 10 November 2020; the letter does not name the Greensill company whose board is meant. GCUK's joint administrators told the Committee on 9 July 2021 that, from an initial review of the minutes of GCUK's 2020 board meetings, David Cameron did not appear to be recorded as an attendee at any of them, and declined to provide the minutes, citing commercially sensitive and legally privileged content; the record therefore does not show which group board the meetings David Cameron described belonged to.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-031", "src-094", "src-004" ], "entity_ids": [ "lex-greensill", "bill-crothers", "david-cameron", "gcuk" ] }, { "id": "display-claim-01d0a35f8bee011dafda7ba1", "kind": "analysis", "text": "The Committee also looked at when concerns about Greensill first arose. It reported that the Prudential Regulation Authority (PRA) received limited information from BaFin, the German financial regulator, in March 2020 suggesting a “possible weakness in controls” at Greensill, which the Bank of England did not then pass to HM Treasury. The potentially serious nature of Greensill's financial difficulties became apparent to PRA supervisors in October 2020, with a much stronger concern from BaFin about Greensill Bank AG, and the information reached HM Treasury on 3 November 2020. Sam Woods, Deputy Governor of the Bank of England, told the Committee that BaFin's concerns in March 2020 were about systems and controls rather than Greensill Bank's solvency, that BaFin later gave reassurance on which the Bank put some weight, and that the Bank did not pass the information to HM Treasury at that time because it conveyed less serious concerns than the October information and did not add materially to the concerns about Wyelands and its relationship with the GFG Alliance that the Bank was already sharing with HM Treasury. Lex Greensill told the Committee that the first concerns about Greensill as a company arose in December 2020, following interactions with the German regulator; David Cameron also dated first concern about the company's financial position to December 2020, after a call from Lex Greensill reporting that a planned capital raising was not going as well as hoped. These are the witnesses' own accounts, which the Committee set beside its record of the information the Bank of England had received from BaFin in March and October 2020.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-031" ], "entity_ids": [ "greensill-bank", "lex-greensill", "david-cameron" ] }, { "id": "display-claim-28530244a1088a14049e104d", "kind": "analysis", "text": "In later written evidence Lex Greensill corrected earlier oral evidence, stating that Greensill Capital had provided a facility to a subsidiary of General Atlantic, which the Committee said had bought a minority stake in Greensill in 2019, that the facility was repaid in full in 2021, and that Greensill Capital had a special approval process for lending to any shareholder or affiliate. That is Lex Greensill's own statement, which gives no amount; the Committee had cited reports that General Atlantic borrowed €300m from Greensill, and the amount of the facility is not confirmed in the record. In a June 2021 letter annexed to that evidence, Bill Crothers stated that in summer 2015, after discussions with Cabinet Secretary Sir Jeremy Heywood, Civil Service head John Manzoni and the Head of Propriety and Ethics, a three-month transitional arrangement allowed Bill Crothers to work part time for the Civil Service while advising Greensill Capital for about one day a month; the Civil Service work covered only commercial capability, and responsibility for the Crown Commercial Service passed to John Manzoni for that period. This is Bill Crothers' own account, with no separate official confirmation in the record; the 2019 accounts of GCUK describe Bill Crothers as a former senior civil servant whose last government role was UK Government Chief Commercial Officer. Separately, a review by Nigel Boardman, conducted at the request of the Prime Minister, examined decisions on the development and use of supply chain finance and associated schemes in government, especially the role of Lex Greensill and Greensill Capital; the Treasury Committee, reporting in July 2021, said that it had been due to report to the Prime Minister by 30 June 2021.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-080", "src-018", "src-031" ], "entity_ids": [ "lex-greensill", "general-atlantic", "bill-crothers", "gcuk" ] }, { "id": "display-claim-31f250c9a6ea39299f968c53", "kind": "analysis", "text": "The Insolvency Service investigation began in spring 2022. On 29 April 2022 Ian Wilson, a Chief Investigator at the Insolvency Service, told Lex Greensill that the Secretary of State had instructed it to investigate Greensill Capital (UK) Limited (GCUK), Greensill Limited and Greensill Capital Management Company (UK) Limited and the conduct of their directors, and on 4 May 2022 it listed the likely areas, including controls on funding receivables, particularly for the Gupta Family Group (GFG), the Katerra participation agreements and GCUK's accreditation for and loans under CLBILS, the government-guaranteed Covid-19 loan scheme; the court later observed that these were areas for investigation, not allegations. On 15 November 2023 the Insolvency Service gave Lex Greensill advance notice, by then concerning GCUK and Greensill Limited only, that it intended to recommend disqualification proceedings, and on 23 February 2024 the Secretary of State served the formal notice of intention to start proceedings under section 16 of the Company Directors Disqualification Act 1986. Lex Greensill was given the usual opportunity to offer a disqualification undertaking, an agreement to be disqualified without a court order in which the director does not dispute certain facts for the purposes of the disqualification proceedings only, and did not do so. The Secretary of State then brought proceedings against Alexander David Greensill (Lex Greensill) in the High Court, Insolvency and Companies List, case CR-2024-001426, under section 6 of the Act, which deals with the disqualification of unfit directors of insolvent companies, in the matter of GCUK and Greensill Limited; the claim concerned Lex Greensill's conduct as a director of GCUK, Greensill Limited and their Australian parent, Greensill Capital Pty Limited.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-005", "src-008", "src-079" ], "entity_ids": [ "lex-greensill", "gcuk", "greensill-limited", "gcmc", "gfg", "katerra", "gcpty" ] }, { "id": "display-claim-3db9bb57b1438ff49b10c70b", "kind": "analysis", "text": "The Secretary of State commenced the claim on 7 March 2024 as Part 8 proceedings, the Civil Procedure Rules procedure used for disqualification claims, in which the evidence is filed in writing, and served it on 8 March 2024. It was supported by an affirmation of Insolvency Service investigator Ian Wilson dated 6 March 2024, running to 322 pages and 1,053 paragraphs with about 8,500 pages of exhibits and re-affirmed on 19 December 2024. In the statement of matters in that affirmation the Secretary of State alleged three broad areas of misconduct by Lex Greensill: the Katerra Allegations, concerning transactions with SoftBank Group companies in November and December 2020 and the use of $440m received by GCUK; the Catfoss Allegations, concerning misrepresentations and non-disclosures from September 2018 to trade credit insurers covering finance to Catfoss Renewables Ltd and Catfoss DBT Ltd; and the Insurance non-disclosure Allegations, concerning what the boards of GCUK and Greensill Capital Pty Limited were told about the trade credit insurance from August 2020. The Secretary of State stated that the claim was not based on the alleged misconduct having caused the companies' insolvencies. Lex Greensill disputed the allegations: in July 2024 ICC Judge Mullen, a judge of the Insolvency and Companies Court, recorded in [2024] EWHC 2039 (Ch) that Lex Greensill regarded the Secretary of State's case as unbalanced and unfounded, and was concerned that untested and disputed allegations of a serious nature might be reported in the press without an effective opportunity to rebut them. A six-week trial was fixed to begin in a window from 8 June 2026; the proceedings ended with an undertaking in June 2026, so the allegations were never tried.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-054", "src-079", "src-005", "src-008" ], "entity_ids": [ "lex-greensill", "gcuk", "gcpty", "softbank", "katerra", "catfoss-renewables", "catfoss-dbt" ] }, { "id": "display-claim-6ec667c7852f71a8af36b8b6", "kind": "analysis", "text": "Two applications by Lex Greensill to halt part of the claim or end it before trial failed. In [2025] EWHC 1380 (Ch), after a hearing on 13 May 2025, Mr Justice Trower dismissed Lex Greensill's application, issued on 30 January 2025, to stay the Catfoss issue pending final judgment in related insurance proceedings in the Federal Court of Australia. Counsel for the Secretary of State had opposed the stay, submitting that a significant number of issues arose in only one of the two sets of proceedings and that the overlap did not mean that the interests of justice required one; the judge found that a stay would cause significant delay and complication without sufficient countervailing case-management benefit. On 18 March 2026, in [2026] EWHC 639 (Ch), the judge dismissed Lex Greensill's application of 18 November 2025 to strike out the disqualification claim or for reverse summary judgment, a decision without trial that a claim has no real prospect of success. The court held that section 6 of the Act does not require proof that the director's conduct caused the company's insolvency, the extent of responsibility being one factor to weigh, and that unfairness in the Insolvency Service's investigation had not been established and was a matter for trial. The Insolvency Service stated that the Court of Appeal refused permission to appeal against that decision.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-054", "src-005", "src-008" ], "entity_ids": [ "lex-greensill" ] }, { "id": "display-claim-3c8942e23e8b921f584c0183", "kind": "analysis", "text": "The strike-out judgment also records three further arguments by Lex Greensill. Lex Greensill contended that the section 16 notice of 23 February 2024 fundamentally changed the allegations made in the November 2023 advance notice, including by dropping the allegation that misrepresentations relating to Catfoss invalidated all the trade credit insurance policies and caused insurers to decline claims totalling $4.8 billion, and by adding allegations of breaches of sections 172 and 174 of the Companies Act 2006, the directors' duties to promote the success of the company and to exercise reasonable care, skill and diligence. The Secretary of State did not accept this, and Mr Justice Trower found that both notices made essentially the same allegations in the same three areas, calling the description of a fundamental alteration “a substantial exaggeration”. Lex Greensill further contended that the GFG and CLBILS areas identified for investigation in 2022 were dropped from the case in November 2023 for political reasons rather than because the Secretary of State had concluded that there was no legal need to prove a link between Lex Greensill's conduct and the insolvencies, and the solicitor's evidence for Lex Greensill said that the Insolvency Service had then included other allegations that it had not investigated properly. The judgment makes no finding on why the GFG and CLBILS areas were not pursued; it held that the claim did not need to prove that the alleged conduct caused the insolvencies, and the strike-out application was dismissed on 18 March 2026. Finally, Lex Greensill argued that Ian Wilson's affirmation implied, without alleging it, that Lex Greensill had caused the insolvencies, citing its references to BaFin having “gated” part of the US$440 million that GCUK obtained from SoftBank and to GCUK's liquidity and solvency being “in question”. In a witness statement of 14 January 2026 the Secretary of State's solicitor stated that the claim was not mounted on the basis that the alleged misconduct was responsible for the companies' insolvencies, 'not least because it does not need to be', and that the alleged misconduct, if made out, merited an upper-bracket disqualification, a ban in the top band of disqualification periods, of more than ten years up to the fifteen-year maximum. The judge did not accept this complaint, holding that the allegations focused on detriment to noteholders and that the companies' financial position was relevant context even though the Secretary of State did not allege that the misconduct caused the insolvencies.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-005" ], "entity_ids": [ "lex-greensill", "catfoss-renewables", "catfoss-dbt", "gfg", "gcuk", "softbank" ] }, { "id": "display-claim-033dba742012f5a39ee1c4ca", "kind": "analysis", "text": "The proceedings ended without a trial. Lex Greensill gave a nine-year disqualification undertaking concerning conduct as a director of GCUK, Greensill Limited and Greensill Capital Pty Limited, which the Secretary of State for Business and Trade accepted on 2 June 2026; it ended the court proceedings, in which the six-week trial had been due to begin on 8 June 2026, and the ban took effect on 23 June 2026. As explained above, an undertaking is not a court finding: in it Lex Greensill does not dispute certain facts, for the purposes of the disqualification proceedings only. The Companies House register of disqualified officers records for Alexander David Greensill a disqualification undertaking dated 2 June 2026, running from 23 June 2026 to 22 June 2035, for conduct while acting for the three companies, under section 7 of the Company Directors Disqualification Act 1986, the provision under which the Secretary of State may accept an undertaking instead of applying for a court order. While disqualified, Lex Greensill may not act as a director or be involved in the promotion, formation or management of a company without the court's permission. Announcing the undertaking on 4 June 2026, the Insolvency Service described the conduct as Lex Greensill causing the Katerra transactions of late 2020 and causing or allowing GCUK to use $440 million received in November 2020 for purposes other than redeeming notes held by the Credit Suisse (Lux) Supply Chain Finance Fund, and stated that this breached the duty under the Companies Act 2006 to exercise reasonable care, skill and diligence; its chief executive, Duncan Beach, called the nine-year ban above the average for director disqualifications. The announcement therefore rests on the undertaking rather than on any court decision; it describes only the Katerra-related conduct, and the undertaking's own statement of facts is not in the record, so the record does not show whether the Catfoss or insurance non-disclosure allegations were covered.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-008", "src-009" ], "entity_ids": [ "lex-greensill", "gcuk", "greensill-limited", "gcpty", "katerra", "cs-lux-scf" ] }, { "id": "display-claim-8b9a41ac53b19a8714a69064", "kind": "analysis", "text": "On 4 May 2021 the Financial Conduct Authority (FCA) told the Treasury Committee that it was formally investigating matters relating to GCUK and Greensill Capital Securities Limited (GCSL) and the oversight of GCSL by its principal, Mirabella Advisers LLP, and was cooperating with other UK enforcement and regulatory agencies and overseas authorities. It noted that some press allegations about the circumstances of Greensill's failure were “potentially criminal in nature”, a remark that is not a finding. On 15 December 2025 the FCA announced that it had closed its investigation, opened on 4 May 2021, into Mirabella's oversight of GCSL, an appointed representative (a firm that carries on regulated business under the responsibility of an authorised principal), having identified no breaches by Mirabella requiring further action. Mirabella had applied to cancel its authorisation and, as of 12 September 2025, no longer provided financial services; the FCA reserved the right to review its decision and act if new information came to light, and said that it would continue to work with UK and overseas counterparts on their own enquiries connected to Greensill. No outcome of the FCA investigation into GCUK and GCSL appears in the record. The FCA statement spells the firm's name “Mirabella Advisors LLP”; the Companies House register gives Mirabella Advisers LLP (OC384100), whose register of persons with significant control lists Mirabella Group Holdings Limited (company number 12204258), notified on 11 November 2019, as holding 75% or more of the voting rights and rights to surplus assets and the right to appoint or remove members, interests that Cordium Consulting Group Limited (05963788) held from 6 April 2016 until 11 November 2019. Separately, on 28 June 2021 the Financial Reporting Council announced an investigation into the auditor of GCUK in relation to its audit of GCUK's 2019 financial statements; the Treasury Committee identified the auditor under investigation as Saffery Champness.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-016", "src-046", "src-089", "src-031", "src-077" ], "entity_ids": [ "gcuk", "gcsl", "mirabella", "mirabella-group", "cordium", "saffery-champness" ] }, { "id": "display-claim-ded5717e3f27ecbaff2676e1", "kind": "analysis", "text": "On 29 April 2025 a claim under Part 7 of the Civil Procedure Rules, the standard procedure for civil claims, was filed in the Business List of the High Court as BL-2025-000562, Greensill Capital (UK) Limited (in administration) v Greensill and others. It is listed as a claim for breach of fiduciary duty, the duties of loyalty and good faith owed to a company, against seven defendants: Alexander (Lex) Greensill, Sean Hanafin, Divya Eapen, Alastair Eadie, Neil Garrod, Jonathan Lane and Bartholomeus Ras. A court docket summary and a press report (April 2025) describe it as a claim brought by the company's administrators against former directors. The 2019 annual report of GCUK names Alexander Greensill, William Crothers, Alastair Eadie, Bartholomeus Ras, Neil Garrod and Sean Robson-Hanafin as its directors and Jonathan Lane as company secretary, and forms filed at Companies House on 16 March 2021 recorded the end of Divya Eapen's GCUK directorship with effect from 12 February 2021. The claim is the company's allegation against the defendants: its particulars, the sums claimed and any defences are not in the record, no hearing or judgment was found, and no response by the defendants was found. The joint administrators' progress report for 8 March to 7 September 2026 says that their investigations in respect of former directors are ongoing and lists claims against GCUK's former directors among continuing work, giving no further details so as not to prejudice their position.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-072", "src-044", "src-015", "src-018", "src-017", "src-006", "src-003", "src-035" ], "entity_ids": [ "gcuk", "lex-greensill", "sean-hanafin", "divya-eapen", "alastair-eadie", "neil-garrod", "jonathan-lane", "bart-ras", "bill-crothers" ] }, { "id": "display-claim-6c6aee13f8f95cbf552a3497", "kind": "analysis", "text": "On 15–16 March 2021 Bluestone Resources Inc., Bluestone Coal Sales Corporation, Blackstone Energy, Ltd., James C. Justice II, Cathy L. Justice and James C. Justice III sued GCUK, Lex Greensill and Roland Hartley-Urquhart in the U.S. District Court for the Southern District of New York (1:21-cv-02253, Judge Jesse M. Furman) in connection with the financing GCUK had provided to the Bluestone coal businesses. They sought direct, consequential and punitive damages for breach of contract, breach of the covenant of good faith and fair dealing, fraud, breach of fiduciary duties, aiding and abetting those breaches and civil conspiracy. The complaint described Lex Greensill as co-founder and former chief executive of GCUK, who visited the plaintiffs in West Virginia in April 2019 and supported and approved the 2018 financing discussions, and Roland Hartley-Urquhart as its former Vice Chairman and the plaintiffs' main contact from May 2018. It claimed against both individuals for aiding and abetting the company's alleged breaches of its duty of care under West Virginia law and of fiduciary duty under Delaware law, and against all three defendants for civil conspiracy, with amounts left to be determined at trial. None of these allegations was answered or adjudicated. Lex Greensill and GCUK appeared through counsel; Lex Greensill applied in August 2021 to stay the action, and on 2 September 2021 the court granted a temporary stay with the plaintiffs' consent, later ordering that the individual defendants' deadlines, including their time to answer the complaint, be stayed for 90 days if a Chapter 15 stay was granted, Chapter 15 being the US Bankruptcy Code procedure for recognising foreign insolvency proceedings. The case was automatically stayed as to GCUK after U.S. recognition of its administration in September 2021; on 1 July 2022 the court dismissed it following a settlement, with leave to reopen within sixty days if the settlement was not consummated, and on 1–2 August 2022 the plaintiffs voluntarily dismissed all claims against all three defendants with prejudice, so that they cannot be brought again, no defendant having filed an answer. The settlement terms are not in the record.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-105", "src-106" ], "entity_ids": [ "bluestone", "gcuk", "lex-greensill", "roland-hartley-urquhart" ] }, { "id": "display-claim-a0bc9fc0886aa2d52c8efbf6", "kind": "analysis", "text": "The complaint set out the plaintiffs' account of the financing. They alleged that GCUK, as buyer, financed Bluestone under a Customer Agreement of 14 June 2018, a supply chain finance programme under which about $70 million was advanced, and a Receivables Purchase Agreement of 26 September 2018, under which about $780 million was advanced. The latter, they alleged, contemplated purchases of ‘prospective receivables’ not yet generated by Bluestone from a list of ‘prospective buyers’ that included entities that were not and might never become Bluestone customers, and the maximum outstanding purchase price under it rose from $140 million to $785 million under a letter agreement of 29 January 2021. In written evidence to the Treasury Committee in 2021, answering a question about a letter by Sanjeev Gupta, Lex Greensill said that the term ‘prospective receivables’ was unknown to Greensill Capital and did not appear in its client or investor documentation, and that it offered ‘future receivables’ programmes whose nature was disclosed to investors. The complaint further alleged that GCUK advanced $850 million to Bluestone, of which $108 million was paid back as fees and $19 million kept as initial discounts, so that Bluestone received $723 million in cash; that the fees, under no fewer than 16 fee letters dated between 14 June 2018 and 30 November 2020, included $25 million paid on 10 June 2019 for cancelling a December 2018 warrant (a right to acquire shares) over 2.5% of Bluestone Resources, replaced by a warrant over 10% at negligible cost said to be worth at least $100 million; that GCUK also received about $89 million of interest; and that all these payments were funded with money lent by GCUK itself. The defendants filed no answer, and these allegations were not adjudicated before the case was dismissed with prejudice in August 2022 after a settlement whose terms are not in the record.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-106", "src-080", "src-105" ], "entity_ids": [ "bluestone", "gcuk", "lex-greensill", "sanjeev-gupta" ] }, { "id": "display-claim-11110ba87a5bc9523c07e6b4", "kind": "analysis", "text": "For late 2020 and early 2021 the complaint alleged that Bluestone had no choice but to enter a Guarantee and Security Agreement on 3 November 2020 pledging collateral to GCUK and to pay it a $15 million fee, both without new consideration. It alleged that around 9 February 2021 the plaintiffs learned for the first time of GCUK's obligations to funds managed by Credit Suisse relating to Bluestone's financing, when Roland Hartley-Urquhart urgently demanded that Bluestone make an additional payment to those funds, explaining that Greensill Capital had itself failed to make its own required payment to them, in what the plaintiffs described as an attempt to pressure Bluestone into covering the unpaid obligation. According to the complaint, Roland Hartley-Urquhart demanded payment of $300 million on 20 February 2021 and repayment of $850 million on 26 February 2021, each by the end of the third quarter of 2021, and on 1 March 2021 told Bluestone that Greensill Capital had collapsed and would not provide a $5 million advance due by the end of February 2021 under the programme documents. Like the rest of the complaint, these allegations were not answered or adjudicated before the voluntary dismissal with prejudice in August 2022.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-106", "src-105" ], "entity_ids": [ "bluestone", "gcuk", "roland-hartley-urquhart" ] }, { "id": "display-claim-2d4b57c16698e001fbaa171b", "kind": "analysis", "text": "On 2 August 2019 GCUK and Alexander Greensill issued a libel claim (QB-2019-002773) against Reuters News & Media Limited over an article Reuters published on 7 July 2019 under the headline ‘Exclusive: Greensill issued false statement on bonds sold by metals tycoon Gupta’. The claimants pleaded that it meant they had knowingly given bond market investors and brokers false information in a May 2018 update that the Scottish Government had granted a guarantee, committing a criminal offence of market abuse. Reuters denied that meaning, and the natural and ordinary meaning, what an ordinary reasonable reader would understand the article to say, was ordered to be decided as a preliminary issue before any defence was filed. On 14 May 2020 Nicklin J ([2020] EWHC 1325 (QB)) rejected the claimants' principal submission that the article alleged that GCUK had knowingly issued a false statement and was guilty of market abuse. The judge held that its meaning was that the company, in its May 2018 update, had given bond market investors and brokers false information that the Scottish Government had approved a guarantee related to a hydro plant in Kinlochleven when no such approval had been given, so that there were grounds to investigate how the statement came to be made, whether the company knew it was false and whether it had committed any market abuse offence. The court also held that the ordinary reasonable reader would not understand the article to convey any defamatory allegation against Alexander Greensill personally, because ‘Greensill’ in it would be understood as referring to GCUK, except in one paragraph that referred to Alexander Greensill personally; the judgment describes Alexander Greensill as the founder of the company in 2011 and its chief executive. The ruling decided only what the article meant, not whether it was true. The article itself had reported Greensill's statements that the May 2018 update was based upon information provided by GFG and that Greensill never knowingly issues false statements, and after publication Greensill said the update was neither false nor misleading. According to the National Audit Office's chronology, Greensill dropped the libel suit against Reuters on 27 May 2020; Reuters had not filed a defence, so the article's account was never adjudicated.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-098", "src-077" ], "entity_ids": [ "gcuk", "lex-greensill", "reuters", "gfg" ] }, { "id": "display-claim-de35feff594e6d8d51321119", "kind": "analysis", "text": "A docket summary for Greensill Capital (UK) Limited v. Tempus Intermediate Holdings, LLC in the U.S. District Court for the Eastern District of Virginia (4:17-cv-00127, Judge Lawrence Richard Leonard) records a breach-of-contract action under diversity jurisdiction, the federal courts' jurisdiction over disputes between parties from different states or countries, filed on 13 October 2017 and terminated on 17 September 2018. Federal Judicial Center case data attached to the docket code the case as disposed of by a judgment on a motion before trial in favour of the plaintiff, GCUK, with the defendants unrepresented (pro se). The record is a statistical docket summary only: the contract in dispute, the judgment and any amount awarded are not in it, the amount fields carry the database's top code, and the data provider notes that its matching of this data to dockets cannot be guaranteed. The summary gives 30 September 2020, about two years after the termination, as the date of the last known filing in the case, without showing what was filed or whether any amount was recovered.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-084" ], "entity_ids": [ "gcuk", "tempus" ] }, { "id": "display-claim-6edce0da62deb0902acd4ac7", "kind": "analysis", "text": "In Australia, on 10 June 2021 the Full Court of the Federal Court of Australia (Davies, Moshinsky and Colvin JJ, [2021] FCAFC 99) dismissed, with costs, the appeal by Peter Greensill Family Co Pty Ltd as trustee for the Peter Greensill Family Trust against Thawley J's decision in [2020] FCA 559 in its dispute with the Commissioner of Taxation. The trustee had sold property that was not taxable Australian property and distributed the capital gain to a beneficiary of the trust; the courts rejected the trustee's contention that s 855-10 of the Income Tax Assessment Act 1997 required that gain to be disregarded in assessing the trustee.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-122" ], "entity_ids": [ "pgf-co", "pgft" ] }, { "id": "display-claim-8ca7cbeb993519aeb2f381a9", "kind": "analysis", "text": "Trade credit insurance pays out when a buyer or borrower fails to pay a receivable. According to the High Court's account in [2025] EWHC 1380 (Ch), the notes bought by Credit Suisse Virtuoso SICAV-SIF in the securitisation of receivables originated by Greensill Capital (UK) Limited (GCUK) were credit-enhanced, that is, given extra protection against default, by insurance underwritten by Insurance Australia Limited (IAL) through its authorised representative BCC Trade Credit Pty Ltd (BCC) under two policies: a Master Policy between BCC and GCUK with Greensill Capital Pty Limited, and a Parallel Policy between BCC and Greensill Capital Pty Limited with Greensill Bank AG. Both were first agreed in 2017 and renewed in 2019, are governed by New South Wales law and give the New South Wales courts exclusive jurisdiction. Credit Suisse Virtuoso was a loss payee under the Parallel Policy, the party to which claims are paid, with an indemnity claim against GCUK if that policy failed to respond because Greensill Capital Pty Limited or Greensill Bank AG had breached it. BCC gave its own account to the House of Commons Treasury Committee in a letter of 18 June 2021, written while, it said, the validity of the policies was under investigation under a full reservation of rights: the policies whose non-renewal Lex Greensill had cited were issued, or purportedly issued, on or around 22 February 2019 by BCC as corporate authorised representative of IAL, a company authorised to act on the insurer's behalf, and were extended, or purportedly extended, to expire on 1 March 2021. BCC stated that it ceased to be IAL's representative on 30 June 2019, wrote policies from 1 July 2019 as representative of Tokio Marine & Nichido Fire Insurance Co., Ltd., and was therefore not authorised to issue renewal terms on behalf of IAL on 1 March 2021; questions of BCC's authority were later pleaded in the Australian proceedings, and no ruling on them appears in the record. BCC also stated, as a matter of public record, that IAL's interest in BCC was bought by Tokio Marine Management (Australasia) Pty Ltd with effect from 9 April 2019. The transaction documents are not in the record, and the accounts differ: the High Court in [2025] EWHC 1380 (Ch) describes the 2019 event as an acquisition of IAL by Tokio Marine, the Committee's July 2021 report called BCC the insurance broker owned by Tokio Marine, and the Supreme Court of New South Wales called BCC the relevant underwriting agency rather than a broker.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-054", "src-005", "src-076", "src-031", "src-083" ], "entity_ids": [ "gcuk", "cs-virtuoso", "ial", "bcc", "gcpty", "greensill-bank", "lex-greensill", "tmnf", "tmma" ] }, { "id": "display-claim-f8c917a7fb71eb0def494a55", "kind": "analysis", "text": "Neither Lex Greensill nor GCUK's administrators would name the insurers to the Treasury Committee without the insurers' consent. In written evidence to the Treasury Committee's 2021 inquiry, Lex Greensill declined to name Greensill Capital's credit insurers or the cover each provided, saying that the information was subject to confidentiality agreements with over 20 insurers and that consent would have to be sought from each insurer by Grant Thornton as administrators. BCC's letter to the Committee cites Lex Greensill's oral evidence that Greensill companies had business dealings with 27 other insurers and says that from July 2020 to February 2021 Greensill and its brokers at Marsh were exploring cover with other insurers. Both are statements to the Committee; the two figures refer to different things, insurers under confidentiality agreements on the one hand and other insurers with business dealings on the other, and neither the insurers nor the agreements are identified in the record. In a letter of 9 July 2021 to the Committee's chair, the joint administrators of GCUK said that the terms of the current credit insurance policies were commercially sensitive and confidential, so that it would not be appropriate to disclose the insurers' identities or the cover provided without the insurers' express consent, which they offered to seek if the Committee sent a separate letter of request. GCUK's statement of affairs, the directors' formal statement of the company's assets, debts and creditors at the start of the administration, lists BCC, Chubb European Group SE, Zurich Insurance plc (UK Branch), Swiss Re International SE (including its German branch) and QBE (UK) Ltd together among its unsecured creditors, annotated in the copy attached to the administrators' proposals as 'potential 1st loss claims, dependant on whether assets default and insurance claims are lodged'; Marsh Limited appears separately in the creditor list. The annotation describes contingent claims: the Commercial Court recorded in [2024] EWHC 3068 (Comm) that GCUK was responsible for paying a sum equivalent to any deductible back to the insurer on a claim. The amounts on the scanned copies cannot be reliably attributed to individual insurers.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-080", "src-076", "src-004", "src-029", "src-007", "src-041" ], "entity_ids": [ "lex-greensill", "grant-thornton-uk", "bcc", "marsh", "gcuk", "chubb", "zurich-uk", "swiss-re", "qbe" ] }, { "id": "display-claim-b3830d72c4b3d991ae85b154", "kind": "analysis", "text": "The underwriters' refusal to renew was communicated months before the policies expired. The Supreme Court of New South Wales recorded in [2021] NSWSC 167 that Tokio Marine Management (Australasia) Pty Ltd, evidently the agent that wrote the policies, wrote to Greensill's brokers Marsh Limited on 2 July 2020 asserting that a named person had no authority to bind risk on IAL and that no extensions or new limits would be granted, and on 29 July 2020 that no Greensill policy would be extended or renewed; it reserved the underwriters' rights on 4 August 2020 and on 1 September 2020 gave each Greensill company notice that BCC did not wish to renew the policies, which would expire on 1 March 2021. BCC's June 2021 letter to the Treasury Committee likewise says it confirmed in writing in July 2020 that renewal terms would not be offered, reiterated by the non-renewal notice of 1 September 2020. In the same letter, quoted in the Committee's July 2021 report, BCC said that by 1 March 2021 Tokio Marine & Nichido had taken a commercial decision not to let BCC issue new contracts on its behalf to replace the expiring policies; that BCC and Tokio Marine & Nichido had by July 2020 begun to develop particular concerns about Greensill, which made them very reluctant to provide any cover, and had reserved all rights under the policies since then; and that general market conditions and UK insurance or regulatory requirements were not significant factors in its decision. The letter does not specify the concerns and says BCC would not divulge its without-prejudice discussions with Greensill. Greensill's letter of 27 February 2021 stated that the 1 September 2020 notice was not accepted, arguing that it had not been given 180 days before the end of the policy period, and requested renewal terms; on 1 March 2021 the Supreme Court of New South Wales refused the Greensill companies' urgent application for an injunction compelling IAL to provide cover, and the policies expired at midnight.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-083", "src-076", "src-031" ], "entity_ids": [ "tmma", "marsh", "ial", "bcc", "tmnf" ] }, { "id": "display-claim-eda6263547275bf6b8705732", "kind": "analysis", "text": "The application, made after hours on 1 March 2021 to Stevenson J of the Supreme Court of New South Wales (Equity, Commercial List, file 2021/58429) by Greensill Capital Pty Ltd, GCUK and Greensill Bank AG, sought an interlocutory mandatory injunction, a temporary order requiring a party to act, compelling IAL to provide cover under the two trade credit insurance policies that expired at midnight; the defendants were BCC, Tokio Marine Management (Australasia) Pty Ltd and IAL, and the judge refused it ([2021] NSWSC 167). The court recorded that the two policies covered the Greensill plaintiffs and their funding partners against non-payment by account debtors and by Greensill's clients, that the cover was in the order of US$4.6 billion for some 40 clients, and that it was not disputed that the policies did not renew automatically. Greensill's case, raised apparently for the first time in its letter of 27 February 2021, was that the 1 September 2020 notice fell a day or two short of the 180 days' notice required by clause 4.2; the court assumed the point arguable for the application but did not see it as strong. On the balance of convenience it weighed Greensill's evidence of very serious consequences if the policies were not renewed, including its estimate that over 50,000 jobs, more than 7,000 of them in Australia, might be at risk, the risk that Greensill Bank AG would fall below its regulatory capital requirements and the failure of its broker Marsh to find alternative cover, against the exposure of IAL, which had not reinsured beyond midnight. It treated Greensill's delay as weighing against relief: the underwriters' position had been clear for about eight months, and by 1 September 2020 at the latest, yet Greensill instructed lawyers in London and Sydney only on 25 and 26 February 2021 and sought relief within hours of the cover expiring.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-083", "src-076", "src-053" ], "entity_ids": [ "gcpty", "gcuk", "greensill-bank", "ial", "bcc", "tmma", "marsh" ] }, { "id": "display-claim-c72844f136044da3d96cb680", "kind": "analysis", "text": "Why the cover mattered, and why it was withdrawn, are explained in different ways. The joint administrators' statutory proposals for GCUK of April 2021 state that trade credit insurance was critical to GCUK's ability to finance sub-investment-grade clients and that from 1 March 2021, after renewal negotiations broke down partly because GCUK could not meet the insurers' collateral requirements, GCUK lost the benefit of about $4.6 billion of cover (of which $4.1 billion was in use on 8 March 2021) under a policy for newly originated assets, with about $9 billion more due to expire later in 2021. According to the proposals, key investors then said they would stop investing in insured receivables and, with press speculation eroding other investors' confidence, GCUK ceased originating new assets from 2 March 2021. Before the Treasury Committee, Lex Greensill described the loss of insurance cover as the ultimate cause of Greensill's failure and Covid as a time when many credit insurers needed more capital or had to cut cover; BCC, in the June 2021 letter quoted above, put its reluctance down to the particular concerns about Greensill that it and Tokio Marine & Nichido had begun to develop by July 2020, not to general market conditions or UK insurance or regulatory requirements; and Sam Woods, Deputy Governor for Prudential Regulation at the Bank of England and chief executive of the Prudential Regulation Authority, said on 23 June 2021 that, as Sam Woods understood it, Tokio Marine looked at what was going on in the Bond and Credit Company in Australia, did not like it and 'pulled the plug'. Sam Woods added that it had been reported that one of the underwriters exceeded its limits and that Sam Woods had no way of verifying that. The Committee's July 2021 report sets out these accounts and concludes only that the failure of Greensill does not provide particularly strong evidence about procyclicality in the regulation of insurance markets. The insurers' and the companies' positions on the policies were contested in later litigation, in which Greensill Bank AG and Credit Suisse settled their claims under the policies against IAL and other parties on confidential terms in 2026 and abandoned their indemnity claims, and White Oak, the sole remaining applicant, took its claim to trial in October 2026.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029", "src-076", "src-030", "src-096", "src-031" ], "entity_ids": [ "gcuk", "lex-greensill", "bcc", "tmnf" ] }, { "id": "display-claim-110b83ed69e5de1c56320328", "kind": "analysis", "text": "Claims under the policies were brought in the Federal Court of Australia in ten proceedings issued between October 2021 and June 2023 and case-managed together: six by Greensill Bank AG and its insolvency administrator Michael Frege against IAL, BCC, BCC's head of trade credit Greg Brereton and others, three by Credit Suisse Virtuoso SICAV-SIF for its sub-fund Credit Suisse (Lux) Supply Chain Finance Fund (one jointly with a Credit Suisse Nova (Lux) sub-fund), and one by White Oak Commercial Finance Europe (Non-Levered) Limited (NSD 1039 of 2021). By April 2026 an eleventh proceeding, Greensill Bank AG v Marsh Ltd (NSD 344 of 2025), was case-managed with them, under orders dated 30 March 2023, 26 July 2023 and 27 May 2025. IAL, BCC and the Tokio Marine companies defended the claims, BCC and the Tokio Marine companies contending in part that the policies were not validly entered into because of fraudulent non-disclosure or misrepresentation by GCUK and Lex Greensill, among others, as described below; in September 2026 IAL said it continued to defend White Oak's proceedings. A three-month joint trial was first scheduled for March 2026 and then listed for 3 August 2026 before Thawley J; after the Greensill Bank AG and Credit Suisse claims settled in 2026, White Oak remained the sole applicant and its trial began in October 2026. Sources give different totals for the claims, each in its own terms: the High Court in [2025] EWHC 1380 (Ch) put the ten claims at in excess of US$4 billion, [2024] EWHC 2039 (Ch) described them as seeking recovery in the region of A$7 billion, the Federal Court in [2026] FCA 1496 referred to 11 proceedings with claims totalling over $7 billion, and Marsh & McLennan's quarterly report for the period to 30 September 2026 states that the applicants collectively claimed losses of approximately $5 billion plus interest and costs. The figures differ in currency, date and scope, for example in whether interest or the later Marsh proceeding is included, and none is a finding of loss; by October 2026 the claims had been settled or were still untried. In each of the jointly managed proceedings BCC brought a cross-claim, a claim by a defendant against another party, in which GCUK is the first cross-respondent, with Greensill Bank AG and Greensill Capital Pty Limited (in liquidation) as further cross-respondents ([2025] FCA 95; [2026] FCA 530; [2026] FCA 1496). The English High Court recorded in [2024] EWHC 2039 (Ch) that GCUK's administration had been recognised in Australia and that its administrators consented to proceedings against GCUK on the basis that it would be released from filing pleadings or giving disclosure, while not opposing limited disclosure by category.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-095", "src-115", "src-054", "src-041", "src-096", "src-079", "src-030", "src-053" ], "entity_ids": [ "greensill-bank", "michael-frege", "ial", "bcc", "greg-brereton", "cs-virtuoso", "cs-lux-scf", "white-oak", "marsh", "gcuk", "gcpty" ] }, { "id": "display-claim-f456c6b0dbff9702b0c3fb50", "kind": "analysis", "text": "The insurers' defences, described by the English courts, took two forms, and no ruling on either appears in the record. The invalidity defence of BCC and the Tokio Marine companies, which attributes fraudulent non-disclosure and/or misrepresentation to GCUK and to Lex Greensill, among others, is particularised in a 53-page Annexure A common to each claim. As summarised in [2025] EWHC 1380 (Ch), their general invalidity defence alleges misrepresentations and non-disclosures in procuring cover for the Catfoss group (Catfoss Renewables Ltd, Catfoss DBT Ltd, Noviniti Poole Ltd and Noviniti Colchester Ltd), Bluestone Resources and Liberty France Aluminium, made deliberately and dishonestly with Lex Greensill personally responsible, and that these also tainted the 2019 renewal of the Parallel Policy. Credit Suisse Asset Management stated in its investor Q&A of 15 December 2022 that it was its firm position that all relevant insurance policies are valid and the insurers' claims unfounded, and Lex Greensill, in the English disqualification proceedings described below, denied having withheld relevant information from Greg Brereton or misrepresented matters to Greg Brereton or BCC ([2026] EWHC 639 (Ch)). IAL relied on a defence of lack of authority: according to the High Court's summary in [2025] EWHC 1380 (Ch), when claims were first asserted, which the judgment dates to about July 2020, IAL refused to pay on the basis that BCC and Greg Brereton had acted in excess of their authority, a defence arising from an investigation into the business written through Greg Brereton that followed what the judgment describes as the 2019 Tokio Marine acquisition of IAL, whereas BCC's letter to Parliament describes a purchase of IAL's interest in BCC. Insurance Australia Group's September 2026 announcement refers to the policies as purportedly issued by BCC on IAL's behalf. No response by BCC or Greg Brereton to the authority defence was found in the record, and the issues for White Oak's trial from October 2026 still included Greg Brereton's authority ([2026] FCA 1496). Neither defence was tested on the claims of Greensill Bank AG and Credit Suisse, which settled with IAL and other parties on confidential terms in 2026, abandoning their indemnity claims; White Oak, the sole remaining applicant, pressed its claim, non-disclosure and misrepresentation issues included, at the trial that began in October 2026 ([2026] FCA 1496).", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-079", "src-054", "src-033", "src-005", "src-030", "src-096" ], "entity_ids": [ "bcc", "tmnf", "tmma", "gcuk", "lex-greensill", "catfoss-renewables", "catfoss-dbt", "bluestone", "csam", "greg-brereton", "ial" ] }, { "id": "display-claim-6419bdcd3022e84eac2140b8", "kind": "analysis", "text": "Several rulings concerned documents and evidence. A report by Edward Cowpe, the referee appointed by the Federal Court of Australia on discovery, the court-ordered production of relevant documents, was quoted in the English judgment [2024] EWHC 2039 (Ch): it stated that GCUK holds some 168 million Microsoft files, 300TB of operational system data, data on several back-up applications, about 77 boxes of hard-copy documents and 836 laptops and 99 mobile phones, and that the administrators had passed data to regulators without carrying out their own privilege review; according to the same quoted report, the administrators said that no documents had been withheld from the regulators on the basis of privilege, and the English court noted that the administrators were concerned to limit their spending on disclosure and the applicants' access to the whole of the records. The report itself is not in the record. In that judgment, given on 18 July 2024 in case CR-2024-001426, ICC Judge Mullen allowed an application of 12 April 2024 by BCC, Tokio Marine Management Australasia Pty Limited and Tokio Marine & Nichido Fire Insurance Company Limited to obtain the affirmation made on 6 March 2024 by Ian Wilson of the Insolvency Service in support of the Secretary of State's disqualification claim against Lex Greensill, for use only on the scope of discovery in the Federal Court of Australia and subject to conditions, including redaction of the names of individuals other than Lex Greensill and Ian Wilson. Lex Greensill opposed the application; the Secretary of State was neutral. The court also directed that Lex Greensill be told within 14 days which parts of the affirmations the applicants proposed to rely on in the Australian proceedings, so that Lex Greensill could apply there for a non-disclosure order.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-079" ], "entity_ids": [ "gcuk", "bcc", "tmma", "tmnf", "lex-greensill" ] }, { "id": "display-claim-c5dcf78888091abfccd8a63e", "kind": "analysis", "text": "On 28 April 2026 Moshinsky J ([2026] FCA 530, White Oak Commercial Finance Europe (Non-Levered) Limited v Insurance Australia Limited (No 3), NSD 1039 of 2021) largely rejected claims by BCC, Tokio Marine & Nichido Fire Insurance Co Ltd and Tokio Marine Management (Australasia) Pty Ltd to without-prejudice privilege, the protection given to settlement negotiations, over documents about negotiations in the 'Main Dispute' between those parties and IAL on one side and GCUK, Greensill Capital Pty Ltd and Greensill Bank AG on the other over the validity of the policies. The BCC/Tokio Marine parties submitted that their evidence was sufficient to substantiate the privilege, which required only that the communications formed part of genuine negotiations to settle a dispute, and that, as a joint privilege of the negotiating parties, it could not be waived by one of them alone; the court found the supporting evidence general and not tied to specific documents. That evidence, given on information from Chris Williams of Tokio Marine Holdings, stated that from about August 2020 Chris Williams was tasked with trying to resolve the dispute over the policies, met Lex Greensill, described as the principal of the entire Greensill group, together with other representatives of GCUK and of Marsh by teleconference on 27 August 2020 on a without-prejudice basis, and met and corresponded regularly with Lex Greensill and Marsh until 1 March 2021; the court made no finding on the content of the negotiations. It upheld privilege over a fourth category concerning a dispute partly resolved with Credit Suisse, ordered the producing parties, including GCUK, to reproduce the documents free of redactions for without-prejudice privilege, and ordered further discovery of the BCC and Tokio Marine parties' communications with the Australian Prudential Regulation Authority on the subject of Tokio Marine & Nichido's notification of breach of 30 July 2020.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-095" ], "entity_ids": [ "white-oak", "ial", "bcc", "tmnf", "tmma", "gcuk", "gcpty", "greensill-bank", "lex-greensill", "marsh" ] }, { "id": "display-claim-4ab7e8d3cbfdb1408f5026da", "kind": "analysis", "text": "Marsh, which had acted for the Greensill companies under letters of engagement, was drawn into the disputes in 2023. The Commercial Court recorded in [2024] EWHC 3068 (Comm) that in August 2023 IAL pleaded, as one of its defences in the Greensill Bank AG proceedings, that Marsh was a concurrent wrongdoer whose responsibility should reduce IAL's liability; that Greensill Bank AG and Marsh entered into a confidential standstill deed on 5 September 2023 to toll, or pause, limitation periods; and that Marsh was joined as a respondent in the Credit Suisse proceedings on 7 November 2023. Marsh then obtained an anti-suit injunction, an order restraining a party from suing in another country's courts. On 3 December 2024 the Commercial Court (Simon Colton KC sitting as a deputy High Court judge, CL-2024-000433) decided to continue, on a narrower basis, the interim injunction granted to Marsh Limited by Cockerill J on 30 July 2024, restraining Greensill Bank AG and Michael Frege from bringing any claim against Marsh in Australia in relation to the engagement in the 2018 letter of engagement between Greensill Bank AG and Marsh, which ran for 12 months from 1 March 2018 and contained an English exclusive jurisdiction clause. Marsh had sought the injunction fearing that an Australian claim for misleading conduct, with a headline value in the billions of Australian dollars, might escape the liability cap of £7.5 million (later £10 million) in its terms of engagement. Greensill Bank AG and Michael Frege sought to have the interim injunction set aside for non-disclosure, Marsh not having told the court that it relied on documents disclosed in the Australian proceedings in breach of the Harman obligation, the duty not to use documents disclosed in proceedings for any other purpose; in any event they opposed its continuation, and they offered no undertaking not to bring a misleading-conduct claim in Australia. In the same judgment the court held that Marsh had not shown to a high degree of probability that GCUK had actual or ostensible authority to bind Greensill Bank AG to the letters of engagement GCUK signed with Marsh, or that the bank ratified them, and considered, without making a finding of fact at that interim stage, that GCUK more likely than not lacked such authority. It found the involvement of the bank's 2014 chief executive Danyon Lloyd, of Group General Counsel Jonathan Lane, who was not an officer of the bank, and of Jason Austin, described as a co-founder of the Greensill business, a GCUK director and a member of the bank's supervisory board without executive powers, insufficient to infer that authority. Greensill Bank AG and its insolvency administrator later settled with the Marsh companies in June 2026, as Marsh & McLennan's quarterly report for the period to 30 September 2026 records.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-041", "src-053" ], "entity_ids": [ "ial", "greensill-bank", "marsh", "michael-frege", "gcuk", "danyon-lloyd", "jonathan-lane", "jason-austin" ] }, { "id": "display-claim-d2d98ec17b74887b0e1a6182", "kind": "analysis", "text": "In Australia, Moshinsky J of the Federal Court held on 12 November 2024, after a hearing on 11 November, that it was proved beyond reasonable doubt that Marsh Ltd and Marsh Pty Ltd had breached the Harman obligation, a contempt of that court, by relying on documents discovered in those proceedings in the without-notice anti-suit application in England; the court released Marsh from the obligation from the date of its order without making the release retrospective ([2024] FCA 1308, as described in [2024] EWHC 3068 (Comm)). Marsh had argued in the Australian court that obtaining the anti-suit injunction was for the purposes of the Australian proceedings and not a collateral purpose, or alternatively that the obligation yielded to its duty of full and frank disclosure on the without-notice application; according to [2024] EWHC 3068 (Comm), Marsh and its lawyers later apologised for the admitted breach while Marsh wished to challenge the correctness of the Australian decision. In that judgment the English Commercial Court found Marsh's failure to disclose the breach at the without-notice hearing a serious and substantial breach of its duties to that court, but declined to set aside the anti-suit injunction and said the breach should be reflected in costs. On 20 February 2025 Moore J ([2025] FCA 95) allowed the application of Greensill Bank AG and Michael Frege, dated 31 January 2025, seeking the judge's disqualification for apprehended bias, that is, that the judge stand aside from the ten jointly managed Greensill proceedings, because before appointment to the court on 18 December 2024 Moore J had appeared as senior counsel for Marsh Limited and Marsh Pty Limited on the Harman application and some of the submissions made there suggested a particular outcome on issues for the trial; the proceedings were referred for reallocation to another judge, with no order as to costs. The court identified as a key issue whether the Greensill Bank AG parties were bound by Marsh's terms of engagement, including exclusive jurisdiction and liability-limitation clauses, in letters of engagement executed by Greensill Bank AG for 2018–2019 and by GCUK for other periods. Marsh's involvement in the Australian proceedings ended with its settlements with Greensill Bank AG (June 2026) and Credit Suisse (September 2026).", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-041", "src-053", "src-115" ], "entity_ids": [ "marsh", "greensill-bank", "michael-frege", "gcuk" ] }, { "id": "display-claim-d84e82e5266a3254abcc0523", "kind": "analysis", "text": "Marsh & McLennan's quarterly report for the period to 30 September 2026 states that a claim filed in the High Court in London in June 2023 by White Oak, a loss payee, against Marsh Ltd, the broker that placed a number of Greensill's trade credit insurance policies, over White Oak's purchase of receivables from Greensill was settled in May 2025, the settlement being recovered through Marsh's errors-and-omissions insurance, its professional liability cover; [2026] EWHC 639 (Ch) likewise refers to the White Oak trial against Marsh Ltd as having settled after the trial had concluded. According to the same report, two Credit Suisse funds claiming as loss payees added Marsh Ltd to the Australian proceedings in November 2023, and Greensill Bank AG, an insured under the policies, added Marsh Pty Ltd and Marsh Ltd in November 2024 and March 2025; Marsh Ltd, Marsh Pty Ltd and other parties settled with Greensill Bank AG and its insolvency administrator in June 2026 and with Credit Suisse in September 2026, which together with the White Oak settlement concluded Marsh's involvement in the Australian proceedings. Marsh & McLennan recorded charges, net of insurance proceeds, of $144 million for the three months and $569 million for the nine months to 30 September 2026 in connection with the Australian Greensill proceedings, reflecting the settlements with Greensill Bank AG and Credit Suisse and related costs, and stated that it did not expect further charges in connection with these matters.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-053", "src-005" ], "entity_ids": [ "marsh", "white-oak", "greensill-bank" ] }, { "id": "display-claim-14a7052f07fbcb638daff185", "kind": "analysis", "text": "Insurance Australia Group Limited announced on 25 September 2026 that IAL had agreed to settle, on confidential terms, the proceedings brought by Credit Suisse entities against it and other parties in the Federal Court of Australia over policies purportedly issued by BCC on IAL's behalf to Greensill entities, whose claims had an aggregate face value of approximately A$2.8 billion plus interest; the announcement refers to the earlier announced settlement of the proceedings brought by Greensill Bank AG and its insolvency administrator on 29 May 2026. It said the settlement would not have a material impact on its financial position or FY27 results given anticipated recoveries from insurance, reinsurance and other indemnities, and that White Oak's proceedings remained on foot and were being defended. The announcement gives White Oak's claims as approximately A$170 million plus interest; the Federal Court in [2026] FCA 1496 describes the same claim as US$120 million plus about six years of pre-judgment interest. In that decision, on 9 October 2026, Thawley J (NSD 1039 of 2021) ordered White Oak to provide further security for costs, a fund to meet the defendants' costs should the claim fail, of $2,500,000 for IAL and $5,500,000 for BCC and the two Tokio Marine respondents, explaining that the total security should be $8 million for BCC/Tokio Marine and $5 million for IAL. The applications were heard on 6 October 2026, the day before the trial began; White Oak was the sole remaining applicant after Greensill Bank AG and Credit Suisse settled and abandoned their indemnity claims, and the trial was expected to run until the end of the year. In that hearing White Oak submitted that its claim concerned only 29 receivables, one finance programme and one policy, whereas the Credit Suisse proceedings had involved more than 400 notes, about 4,700 receivables, 17 programmes and three policies, and that BCC/Tokio Marine and IAL had spent more than $62 million in the 12 months to July 2026; the court said that spending reflected an intensive period when 11 sets of proceedings with claims totalling over $7 billion were being run together, and while accepting that the trial would be shorter than the combined hearing, said the remaining claims were still legally and factually complex.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-030", "src-096" ], "entity_ids": [ "ial", "bcc", "cs-virtuoso", "greensill-bank", "white-oak", "tmnf", "tmma" ] }, { "id": "display-claim-c27d33ba9173e7d7c8674dd1", "kind": "analysis", "text": "Insurance litigation also ran in London. A press report (February 2024), citing court filings, states that Zurich Insurance Company was sued in the High Court in London in 2023 by the administrators of Greensill Bank AG in a dispute over trade credit insurance; the Commercial Court in [2024] EWHC 3068 (Comm) likewise records proceedings by Greensill Bank AG against Zurich Insurance issued in 2023. According to the same press report, Zurich alleged in a defence and counterclaim dated 26 January 2024 that the claims against it arose out of a 'fraudulent scheme' involving Lex Greensill, GCUK, Sanjeev Gupta and three Liberty businesses of GFG Alliance, and that deliberate or reckless misrepresentation and non-disclosure entitled it to avoid the policies; the report put the dispute at $405 million. A spokesperson for Lex Greensill said that Lex Greensill 'wholly rejects' the allegations as without foundation and would address them in a defence and any counterclaims, and a GFG Alliance spokesperson said GFG 'was not involved in any insurance arrangements which Greensill had in place'. These are allegations in an insurer's statement of case as reported by the press; the particulars of the claim, Zurich's defence itself and the outcome of the London proceedings are not in the record, and no court ruling on the allegations was found.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-110", "src-041" ], "entity_ids": [ "zurich-company", "greensill-bank", "lex-greensill", "gcuk", "sanjeev-gupta", "gfg" ] }, { "id": "display-claim-6649243bb69cdecd74c56ca9", "kind": "analysis", "text": "The insurance history was also part of the director disqualification proceedings, in which the court can bar a person from acting as a company director, brought against Lex Greensill (High Court CR-2024-001426). In the 'Catfoss Allegations' the Secretary of State for Business and Trade alleged that from September 2018 Lex Greensill made, or caused GCUK to make, a series of dishonest misrepresentations and non-disclosures to trade credit insurers covering GCUK's finance to Catfoss Renewables Ltd and Catfoss DBT Ltd, exposing GCUK and its investors to the risk that the policies would be avoided and further cover refused; the statement of matters said this risk had eventuated, with insurers declining claims for approximately US$4.6 billion of investor losses, and the Insolvency Service's pre-action letter of 15 November 2023 had alleged that the misrepresentations invalidated all cover and led the insurer to decline claims totalling $4.8 billion. In the 'Insurance non-disclosure Allegations' the Secretary of State alleged that from August 2020 Lex Greensill made misrepresentations and non-disclosures to the boards of GCUK and Greensill Capital Pty Limited about the status of the trade credit insurance, including that the insurers were investigating policies and endorsements worth over US$11.5 billion, had refused to acknowledge that they were on risk and had served notice of non-renewal; the pre-action letter had alleged that this failure to tell the boards of the likely non-renewal, with insurers declining claims of $2.19 billion relating to investor losses, prevented the directors from making informed decisions. Lex Greensill denied withholding relevant information from Greg Brereton or making misrepresentations to Greg Brereton or BCC, contended that the Catfoss allegations rested on the insurers' defence in Australia rather than an independent investigation, and said that memos from July to September 2020 showed that, on learning of Greg Brereton's dismissal by BCC, Lex Greensill informed the companies' executive team, which with the approval of the Chairman and the head of the Risk Committee resolved not to circulate the information more widely; Lex Greensill also said the non-disclosure allegation was advanced without investigating the records of the directors said not to have been informed ([2026] EWHC 639 (Ch)). Lex Greensill's strike-out application was dismissed on 18 March 2026. Neither set of allegations was tried: the proceedings ended when the Secretary of State accepted a nine-year disqualification undertaking on 2 June 2026, running from 23 June 2026, in which Lex Greensill does not dispute certain facts for the purposes of the proceedings only, and the Insolvency Service's announcement describes the conduct by reference to the Katerra transactions and does not mention the Catfoss or insurance non-disclosure allegations.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-005", "src-008", "src-009" ], "entity_ids": [ "lex-greensill", "gcuk", "catfoss-renewables", "catfoss-dbt", "greg-brereton", "bcc", "gcpty" ] }, { "id": "display-claim-576061b8e485b26e28ff96ef", "kind": "analysis", "text": "Lex Greensill drew on the insurance litigation in two applications. In a 2025 application to stay part of the disqualification proceedings, Lex Greensill contended that the Parallel Policy, to which Greensill Capital Pty Limited and Greensill Bank AG were party, carried more limited disclosure obligations than the Master Policy, to which Greensill Capital Pty Limited and GCUK were party, so that it might respond where the Master Policy would not, and that any losses IAL or BCC suffered on a Parallel Policy claim could then be recouped from Greensill Capital Pty Limited and GCUK for breach of the more onerous Master Policy obligations. Counsel for Lex Greensill also submitted that there was evidence that, if the insurers succeeded in their defences in Australia, the resulting increase in the applicants' claims would cut the dividend, the distribution paid to GCUK's unsecured creditors, from 16 cents to 6 cents in the dollar. Counsel for the Secretary of State did not dispute in general terms that failure of the Australian applicants would reduce that dividend, but submitted that the evidence did not explain how creditors' interests would be better served by deciding the disqualification proceedings after the Australian proceedings, or why those interests should be preferred. These were submissions recorded in [2025] EWHC 1380 (Ch), not findings: the court made no finding on the terms or effect of the policies, described the argument for a stay on the dividend ground as having very little merit, and dismissed the stay application. The Greensill Bank AG and Credit Suisse claims against IAL were later settled on confidential terms, announced in 2026, and the record does not state the effect on the unsecured dividend. In a 2026 application to strike out the disqualification proceedings, Lex Greensill relied on allegations made by Credit Suisse in the Australian proceedings that Greg Brereton had committed a serious fraud to mislead or misrepresent the status of the insurance policies Greg Brereton had written, arguing that if those allegations were right the decision not to extend the companies' policies in March 2021 and the insurers' refusal of cover resulted from Greg Brereton's conduct rather than Lex Greensill's own; the application also relied on material from Marsh Ltd that emerged in the English White Oak trial. That is Lex Greensill's account, recorded in [2026] EWHC 639 (Ch), of allegations in litigation: Credit Suisse's pleading is not in the record, the allegations were not adjudicated before the Credit Suisse claims settled in 2026, and no response by Greg Brereton was found. The application failed on 18 March 2026 and, with the undertaking accepted by the Secretary of State on 2 June 2026, the matter was never tried.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-054", "src-030", "src-005", "src-008" ], "entity_ids": [ "lex-greensill", "gcpty", "greensill-bank", "gcuk", "ial", "bcc", "greg-brereton", "marsh" ] }, { "id": "display-claim-0708b48294a9750f33e02b83", "kind": "analysis", "text": "In their statutory proposals of April 2021, prepared under paragraph 49 of Schedule B1 to the Insolvency Act 1986, the joint administrators of Greensill Capital (UK) Limited (GCUK) stated that the restructuring and refinancing plan the Greensill group pursued from the end of 2020 could not be implemented and that a number of factors, most particularly the withdrawal of insurance coverage from GCUK, forced GCUK to stop originating new business and left it insolvent. They also stated that during 2020 the exposure of Greensill Bank AG to the GFG Alliance drew increased attention from the Auditing Association of German Banks and from BaFin, the German financial regulator; that BaFin opened an investigation into the bank focused on the concentration of its lending to GFG and set conditions ultimately requiring that exposure to be reduced; and that GFG could not find alternative funding while the group's restructuring, intended to refinance the GFG liabilities, failed. This is the administrators' account, not a court finding, and the insurers' own position on the non-renewal of the policies is a separate matter. BaFin's own decisions and the terms of its conditions are not in the record; according to [2025] EWHC 2631 (Ch), BaFin required the group on 8 December 2020 to accelerate the reduction of its exposure to GFG and on 5 January 2021 blocked withdrawals by the group from Greensill Bank AG; in March 2021 BaFin filed an insolvency application for the bank, and the district court in Bremen appointed Dr Michael Frege as insolvency administrator.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029", "src-035", "src-108" ], "entity_ids": [ "gcuk", "greensill-bank", "gfg" ] }, { "id": "display-claim-9b4e67effbb926e0ed7e4c71", "kind": "analysis", "text": "The administrators state that on 4 March 2021 one of Greensill Capital Pty Limited's financial creditors accelerated a $140 million loan, calling it in before its due date, and demanded immediate payment from GCUK as guarantor, which left GCUK unable to pay its debts as they fell due; the House of Commons Treasury Committee's report published on 20 July 2021 repeats that sequence and identifies the lender as Credit Suisse. On 8 March 2021 the High Court (Mr Justice Michael Green, [2021] EWHC 700 (Ch)) made administration orders for GCUK and its service company, Greensill Capital Management Company (UK) Limited (GCMC), on the application of their directors: the application for GCUK was made by its sole director, Alexander David (Lex) Greensill, and that for GCMC by Alexander David Greensill and Alastair Kenneth Eadie. Administration is a UK insolvency procedure in which licensed insolvency practitioners, the administrators, take control of a company's affairs and property for the benefit of its creditors. The court described GCUK as an arranger of trade finance involving the sale and purchase of receivables and found that GCUK had ceased trading on 2 March 2021, that US$140 million was immediately due from it as guarantor of a Credit Suisse AG facility to its holding company, and that it was cash-flow insolvent, unable to pay its debts as they fell due; GCMC, which provided employees to GCUK, depended on GCUK to fund its payroll for over 500 employees and was therefore also cash-flow insolvent. The court noted that Credit Suisse and PGFT (the Peter Greensill Family Trust, acting through its trustee), lenders to the Greensill group, had been notified of the application and consented to the orders, that the Bank of England had confirmed it did not intend to exercise its powers although the group included Greensill Bank AG, and that Credit Suisse Asset Management, appearing for the noteholders, did not oppose the orders. GCUK's administration is registered as High Court case 000435 of 2021; the judgment was issued under GCMC's case number, CR-2021-000436. On 4 September 2026 the High Court extended both administrations to 7 September 2028, and the administrators intend to end them by conversion to creditors' voluntary liquidations, insolvent liquidations in which the creditors can nominate the liquidator.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029", "src-031", "src-052", "src-015" ], "entity_ids": [ "gcuk", "gcpty", "credit-suisse", "gcmc", "lex-greensill", "alastair-eadie", "pgft", "greensill-bank", "csam" ] }, { "id": "display-claim-781ece4e6cd7769714d79688", "kind": "analysis", "text": "When making the orders, the court recorded that the proposed administrators from Grant Thornton, who had advised GCUK since December 2020, intended a pre-packaged sale, a sale of the business agreed before the administration to be completed on appointment, to Apollo Holdings Plc, which had offered to buy GCUK's intellectual property and IT systems and take on most of GCMC's employees; the court accepted that the purpose of the administrations was a better result for creditors than a winding up, not a rescue of the companies. The sale did not proceed: according to the administrators' proposals, contract negotiations with the proposed purchaser ended on 11 March 2021 because of a substantial reduction in the value of its offer. After the sale process was terminated the administrators made 435 employees of GCMC redundant and retained 135 to help realise assets and wind down the business; to keep pursuing insurance claims on defaulted assets for investors, GCUK retained its insurance professionals, contracted with its broker and engaged the insurance lawyers already acting on its claims.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-052", "src-029" ], "entity_ids": [ "gcuk", "gcmc", "apollo-holdings", "grant-thornton-uk" ] }, { "id": "display-claim-544ac1e4f3d3b8eb70a4b2e1", "kind": "analysis", "text": "Christine Laverty, Trevor O'Sullivan and William Stagg of Grant Thornton UK LLP were appointed joint administrators of GCUK and GCMC on 8 March 2021. In a letter of 9 July 2021 to the Treasury Committee they stated that they were not administrators or liquidators of the Australian parent, Greensill Capital Pty Limited, which is under the control of different insolvency practitioners. Russell Simpson later replaced Trevor O'Sullivan: Companies House received on 18 July 2022 notice of a court order removing an administrator from office and notice of the appointment of a replacement administrator, and both the High Court's judgment of 19 September 2023 and the administrators' progress report for March to September 2026 name Christine Laverty, Russell Simpson and William Stagg, the latter report as members of Grant Thornton UK Advisory and Tax LLP.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-004", "src-051", "src-015", "src-006" ], "entity_ids": [ "chris-laverty", "trevor-osullivan", "will-stagg", "grant-thornton-uk", "gcuk", "gcmc", "gcpty", "russell-simpson", "grant-thornton-advisory" ] }, { "id": "display-claim-5479de2c950ddebbbb999141", "kind": "analysis", "text": "In their proposals the administrators disclosed earlier connections between their firm and GCUK. Grant Thornton UK LLP was introduced to the Greensill companies by their lawyers, Allen & Overy LLP, shortly before 31 December 2020 and was engaged on that date by GCUK, Greensill Bank AG and Greensill Capital Pty Limited to assist with a Better Outcome Review for the Australian parent and with contingency planning for a possible insolvency appointment; GCUK paid Grant Thornton £1,437,784 for that engagement and its addendum, and the administrators state that they gave no contingency planning or other advice to Greensill Bank AG. Grant Thornton had been GCUK's appointed auditor in 2013, resigned as auditor in July 2015 without undertaking the 2014 audit, and in 2014 provided VAT and other tax advice to GCUK for fees of about £90,000. Chris Laverty, Trevor O'Sullivan and Helen Dale of Grant Thornton had also been appointed joint administrators of Caversham Finance Limited in March 2020, when it owed GCUK £30.8 million; that debt was repaid in full in July and August 2020 from asset realisations, and the administrators recorded that there were no further connections between Caversham and GCUK. The administrators stated that before accepting the appointments they considered the firm's prior professional relationships, having regard to their licensing bodies' ethical guidelines, and concluded that those engagements did not give rise to risks compromising the fundamental principles of the Insolvency Practitioners Association Ethics Code, or any of the five threats it identifies.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029" ], "entity_ids": [ "grant-thornton-uk", "gcuk", "greensill-bank", "gcpty", "caversham-finance", "chris-laverty", "trevor-osullivan" ] }, { "id": "display-claim-85701bd61c103a578b7a9bb6", "kind": "analysis", "text": "A statement of affairs is the directors' formal statement of a company's assets, debts and creditors at the date an administration begins. GCUK's, as at 8 March 2021, was made by Alexander David Greensill on 28 April 2021 in the High Court administration case 000435 of 2021 and filed at Companies House (form AM02) on 11 June 2021. It gives total assets of $1,472,148,187 at book value and $475,446,600 estimated to realise; the directors noted that a significant portion of the trade assets and accrued income to which they attributed a low recoverable value benefited from third-party security guarantees which, if invoked, could yield additional recoveries of c.$250m of trade assets and c.$175m of accrued income. On the liabilities side it shows $200,000,000 of debts secured by floating charges and unsecured non-preferential claims of $1,654,699,147 at book value and $1,456,984,613 estimated, giving an estimated deficiency as regards members of $1,181,551,493 after issued share capital of $13,480; the administrators' proposals summarise it as 210 unsecured creditors totalling $1.46 billion, against $14.5 million of unsecured claims in GCMC's statement of affairs. These figures are the directors' estimates at the date of administration and do not account for the costs of the administration. William Crothers, a former director of GCUK, filed a statement of concurrence with the statement of affairs subject to qualifications: that William Crothers ceased to be a director of GCUK on 4 February 2021; relied on the CFO and finance function for the figures, both while a director and for the statement of affairs; had had no up-to-date or detailed knowledge, since resigning, of the judgements and assumptions on recoveries in the statement; and had no access to historical Greensill Capital records, so that the numbers cannot be verified. Given those qualifications, the concurrence ends, the signatory has no reason to believe that the statement of affairs is not accurate. GCUK's administration filings in 2021 also include notice of the establishment of a creditors' committee (form COM1) on 3 August 2021 and the result of a meeting of creditors (form AM07) on 28 August 2021.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-007", "src-029", "src-006" ], "entity_ids": [ "gcuk", "lex-greensill", "gcmc", "bill-crothers" ] }, { "id": "display-claim-a8379ab067de06903ab0e3dc", "kind": "analysis", "text": "The creditor schedule filed at Companies House with the statement of affairs is an image-based filing whose amount column and total are marked in pounds sterling, while the statement of affairs form itself gives creditor amounts in US dollars, so individual amounts carry that currency caveat; the administrators' figure for unsecured claims, $1.46 billion, is in US dollars. The schedule gives total claims of £1,278,780,154.75 and lists Credit Suisse AG, London Branch with 318,560,000.00. Group companies among the creditors include Greensill Capital Pty Ltd (245,497,076.30), Greensill Bank AG (32,705,156.43), Greensill Capital Management Company Limited (9,806,850.67) and Greensill GmbH (1,043,418.83), together with Greensill Limited (UK), Greensill Capital Trading 2 Limited, Greensill Capital Trading 3 Limited, Greensill Trading Limited (UK), Greensill Capital Investments (UK), GC Trading Ltd and Greensill Switzerland SARL, the names of the UK special-purpose companies being given as they appear in the schedule. Among other creditors are Marsh Limited with 27,950,020.00 and Marsh Limited (UK) with 2,103,121.57, GFG (with a Singapore address) with 12,105,337.92, Tradeshift Holdings Inc. with 5,160,050.19, and SIMEC International UK Limited and Aar Tee Commodities (UK) Limited with 2,017,556.32 each; these amounts too are as printed in the sterling-marked column. The schedule also names Peter Greensill Family Co Pty. Ltd. as trustee for and on behalf of the Peter Greensill Family Trust, in a closing block with further entries for Greensill Bank AG and Credit Suisse AG, London Branch; in the filed image the amount on the trust's line cannot be matched to it with certainty, and the administrators' proposals report separately that the trust's floating charge secured a balance of $60 million at the date of administration.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-007", "src-029" ], "entity_ids": [ "gcuk", "credit-suisse", "gcpty", "greensill-bank", "gcmc", "greensill-gmbh", "greensill-limited", "marsh", "gfg", "simec-international", "aar-tee", "pgf-co", "pgft" ] }, { "id": "display-claim-69a56374aeafbe02861889fe", "kind": "analysis", "text": "The administrators' proposals describe GCUK as the main trading entity of the group and the recipient of most of its income, and as providing funding to most other group entities. Before the administrations GCUK facilitated about $140 billion of transactions a year. Assets under its management totalled $17,738 million at 8 March 2021, of which GCUK was beneficially entitled to only $490 million, the economic benefit lying predominantly with third-party investors; $3,738 million had been collected by 16 April 2021, of which $32 million was for GCUK. In the administration GCUK was to keep collecting sums due from obligors, the businesses owing the receivables, pursue recoveries and submit insurance claims on notes protected by insurance policies, while the administrators negotiated with the investors who held the main beneficial interest in those assets to cover the costs. By 16 April 2021 anchor investors had paid retainer fees of $5 million into the estate to cover costs while funding arrangements were finalised; the administrators' US dollar receipts and payments account for 8 March to 16 April 2021 shows $5,000,000.00 of third-party funding received and $573,346.27 paid for trade insurance.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029" ], "entity_ids": [ "gcuk" ] }, { "id": "display-claim-9c42fd376d5cf3c55a11f9c2", "kind": "analysis", "text": "GCUK's own assets were of several kinds. According to the proposals, its accrued income consisted mainly of about $194 million of structuring and advisory fees and about $24 million of data-driven revenue from securitised contracts, principally in the telecoms sector; the largest fee, $175 million, was due in equal instalments on 31 March and 30 June 2021, and after the first instalment was not received the administrators were pursuing the obligor, whom the proposals do not name. The proposals also list an equity warrant in a US-based mining business held at a book value of $50 million and $4 million owed by a former shareholder after GCUK brokered the sale of its shares to another party, which the statement of affairs treats as fully recoverable; neither the mining business nor the former shareholder is named. Other group entities owed GCUK $107.4 million at the date of administration, chiefly Greensill Inc ($46.3 million), Omni ($19.3 million), Earnd UK ($10.9 million), Finacity ($9.4 million), Omni Technologies SAS ($7.4 million) and Greensill Capital Asia PTE ($5.9 million), of which the directors estimated $13 million as recoverable; GCUK's loan notes of about $37 million in the Omni entities, owned by Greensill Capital Pty Limited, were dealt with in a sale completed on 22 April 2021 that realised about $9 million for GCUK. At the date of administration GCUK held about $59 million in 36 bank accounts in 18 currencies, plus about $50 million in a segregated account relating to Credit Suisse's security; long-term cash deposits of about $6 million were collateral for letters of credit provided to insurers, and about $1.8 million held in escrow in Citibank reserve accounts for trustee and issuer fees did not form part of the estate.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029" ], "entity_ids": [ "gcuk", "greensill-inc", "earnd-uk", "finacity", "greensill-asia", "gcpty", "credit-suisse" ] }, { "id": "display-claim-bf84c7a73eb1e4746a37e478", "kind": "analysis", "text": "A charge is security over a company's assets: a fixed charge attaches to specific property, while a floating charge covers a changing class of assets such as receivables. The Companies House register lists four charges over GCUK, three outstanding and one satisfied. The oldest, created on 24 June 2016 in favour of Citibank Europe PLC and still outstanding, is described by the administrators as a fixed charge over a designated bank account under a corporate deposit deed securing amounts due in connection with standby letters of credit issued by Citibank, under which nothing was outstanding at the date of administration. Two charges were registered in favour of Peter Greensill Family Co Pty. Ltd. as trustee of the Peter Greensill Family Trust: one created on 19 May 2020 and satisfied on 23 October 2020, and one created on 22 October 2020, in which the trustee acts as security agent and security trustee. The administrators describe the latter as a floating charge over GCUK's receivables, subordinate to the Credit Suisse security, securing GCUK's guarantee of a $60 million loan by the trust to Greensill Capital Pty Limited made on 22 October 2020; by April 2021 nothing had been paid to the trust under that security. Charge 0812 6173 0004, created on 22 October 2020 and delivered to Companies House on 9 November 2020, is registered in favour of Credit Suisse AG, London Branch and contains a floating charge; according to the administrators it covers a specified account and GCUK's receivables and secures GCUK's guarantee of a $140 million loan made by Credit Suisse to Greensill Capital Pty Limited on 22 October 2020, the full $140 million being due at the date of administration. The administrators stated in April 2021 that they were obtaining legal advice on the validity of the security, and that none of the secured creditors was a qualifying floating charge holder under the Insolvency Act 1986, the status that would have allowed a lender to appoint administrators itself.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-039", "src-015", "src-029", "src-017" ], "entity_ids": [ "gcuk", "citibank-europe", "pgf-co", "pgft", "gcpty", "credit-suisse" ] }, { "id": "display-claim-c9f032a20a9f62dbbe6bd1c2", "kind": "analysis", "text": "Credit Suisse enforced its security before the administration began. Receivership is a remedy in which a secured lender appoints receivers to take control of the charged assets and realise them for its benefit. On 5 March 2021 Credit Suisse appointed Geoffrey Paul Rowley and Anthony John Wright of FRP Advisory Trading Limited as receivers of the secured account, receivables and related rights of GCUK; the receivers had Citibank, as account bank, pay Credit Suisse about $50 million from the secured account, leaving about $90 million outstanding, which Credit Suisse also claimed against the receivables held by GCUK. Companies House received two notices of appointment of a receiver or manager on 23 March 2021 and, on 28 April 2021, two notices of ceasing to act and a receiver's abstract of receipts and payments to 14 April 2021. The security of Credit Suisse and of the Peter Greensill Family Trust, whose validity the administrators said in April 2021 they were examining with legal advice, neither lender being a qualifying floating charge holder, was dealt with in 2026: on 5 June 2026 the administrators executed a confidential settlement involving a payment from the estate, which concluded all secured creditor claims, and their progress report records that payments in that period included one in full and final settlement of the trust's purported secured creditor claim. Their US dollar receipts and payments account for 8 March 2021 to 7 September 2026 records cumulative payments to floating charge creditors of 100,028,425.28 to Credit Suisse AG and 17,750,051.00 to the Peter Greensill Family Trust, the trust's payment falling in the six months to 7 September 2026. These figures are read from an image of the filed account and are given as the administrators' account; the trust's period and cumulative columns print slightly different amounts (17,760,081.90 and 17,750,051.00), so the exact figure is uncertain.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029", "src-017", "src-015" ], "entity_ids": [ "gcuk", "credit-suisse", "geoffrey-rowley", "anthony-wright", "frp-advisory-trading", "pgft" ] }, { "id": "display-claim-26b60a1fac125b436d9fcf5b", "kind": "analysis", "text": "Greensill Bank AG claimed part of the money held by GCUK. The administrators reported in their April 2021 proposals that part of the collections from GCUK's trade assets might be subject to a claim by the bank arising from an agreement of 14 July 2020 under which it advanced €90 million to GCUK, and that they were taking legal advice on the validity of that claim; its resolution is not stated in the retained progress report. GCUK also held a foreign exchange hedging account at Citibank, through which it also hedged foreign exchange positions of Greensill Bank AG, backed by a cash deposit of about €70 million; after the administrators' appointment Citibank closed the account because GCUK could not meet further margin calls and set the closure costs off against the deposit, leaving about €40 million, which was subject to a potential claim by Greensill Bank on the basis that the deposit funds originated from the bank. On 8 December 2021 the administrators applied to the High Court for directions, a ruling on how they should proceed, on whether GCUK or Greensill Bank AG was the beneficial owner of funds that had come to GCUK through foreign exchange transactions; the bank's insolvency administrator, Dr Michael Frege, was later joined as a respondent, and the court described the dispute as hostile litigation between the two companies. A Part 36 offer is a formal settlement offer under Part 36 of the Civil Procedure Rules, which carries set costs consequences. In [2023] EWHC 2429 (Ch), given on 19 September 2023, Sir Anthony Mann held that CPR Part 36 can apply to administrators' directions proceedings and that a Part 36 offer made by Greensill Bank AG on 14 September 2022 to settle its claim to the disputed funds had been accepted by the administrators and bound the bank. Greensill Bank had argued that Part 36 did not apply, that the administrators' rejection of the offer in December 2022 ended it, that the offer was conditional on a court ruling and had been withdrawn in August 2023, and that offer and acceptance did not correspond; the judge rejected these arguments and left the bank's further arguments on mistake and the rule in Ex parte James, a principle requiring officers of the court such as administrators to act fairly, for a later hearing. The judge made a reporting restrictions order preventing any reporting of the contents of without-prejudice offers, including Part 36 offers, in the matter, so the terms of the offer are not stated here.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029", "src-015", "src-051" ], "entity_ids": [ "gcuk", "greensill-bank", "michael-frege" ] }, { "id": "display-claim-273869cf90ec56113897b525", "kind": "analysis", "text": "The administrations of GCUK and GCMC have been extended repeatedly after their first year: according to the administrators' progress report filed on 10 October 2026, the period was extended by creditors' consent to 7 March 2023, then by the court for 24 months to 7 March 2025 and, by order of 18 March 2025, for 18 months to 7 September 2026, and GCUK filed the corresponding notices of extension (form AM19) on 17 February 2022, 17 March 2023 and 19 March 2025. The administrations did not end on 7 September 2026: on 4 September 2026 the High Court extended both by a further 24 months to 7 September 2028 and gave the administrators permission to make interim distributions to GCUK's unsecured creditors during the administration, and GCUK filed a further notice of extension on 16 September 2026. The administrators intend to convert GCUK's administration into a creditors' voluntary liquidation for a final distribution. The timing and amount of any interim dividend were uncertain at the September 2026 report. By 7 September 2026, on the administrators' own totals, the administration had cumulative receipts of £380.6 million and payments of £265.6 million, converted to pounds at the exchange rates of that date, and the administrators' cumulative time costs and expenses stood at £51.8 million and £41.0 million. They reported that the directors had estimated unsecured claims at about $1.6 billion for GCUK and about $14.5 million for GCMC, that certain creditors had lodged claims of significant value above the directors' estimates, that claims had not yet been called for or formally adjudicated, and that further contingent claims could arise from trade credit insurance policies or litigation by obligors, insurers or others. The Insolvency Service's press release of 4 June 2026 describes GCUK as having collapsed into administration with liabilities of more than £1.6 billion, a figure the same release also gives for the combined liabilities of the three Greensill companies of which Lex Greensill was a director; the directors' and administrators' figures are in US dollars.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-006", "src-015", "src-008" ], "entity_ids": [ "gcuk", "gcmc" ] }, { "id": "display-claim-d78a51181cc2262e242f1b6e", "kind": "analysis", "text": "In their progress report for March to September 2026 the administrators stated that their investigations concerning former directors were continuing and that they were advancing actions in that regard, without giving details so as not to prejudice their position; their remaining work includes negotiations with third parties, including pre-appointment GCUK directors, to recover contributions to the estate's losses. Settlements following their statutory investigations reached in the period had a total consideration of £1.8 million, of which £1.19 million was received in the period and £570,000 remained due on deferred terms, with a final payment scheduled for March 2028; the report names no director, states no claim amount and does not identify the settlement counterparties. A Part 7 claim, a claim started under the standard procedure of Part 7 of the Civil Procedure Rules, BL-2025-000562, Greensill Capital (UK) Limited (in administration) v Greensill and others, was filed in the Business List of the High Court on 29 April 2025 and is listed as a claim for breach of fiduciary duty against seven defendants: Alexander (Lex) Greensill, Sean Hanafin, Divya Eapen, Alastair Eadie, Neil Garrod, Jonathan Lane and Bartholomeus Ras. A court docket summary and a press report (April 2025) describe it as a claim brought by the company's administrators against former directors. The claim is the company's allegation against the defendants; its particulars, the sums claimed and any defences are not in the record, no hearing or judgment was found, and no response by the defendants was found.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-015", "src-072", "src-044" ], "entity_ids": [ "gcuk", "lex-greensill", "sean-hanafin", "divya-eapen", "alastair-eadie", "neil-garrod", "jonathan-lane", "bart-ras" ] }, { "id": "display-claim-b5d8f73b2cbbbc779166176a", "kind": "analysis", "text": "The same report describes the main open recoveries and proceedings. About $587.2 million (at March 2021 exchange rates) remained outstanding from GFG across 33 separate balance sheet items, with no recoveries in the period; the administrators said that significant time had passed in numerous unsuccessful negotiations and non-binding term sheets on GFG settlement offers, and that they continued to explore recovery under the security and guarantees granted by GFG in connection with the GFG programmes. GCUK remained an inactive party to the Australian insurance proceedings, providing discovery with costs covered by the active parties; it remained joined to two English insurance proceedings between investors and insurers, stayed against GCUK except for discovery under court orders dated 22 November 2024; and it had been joined as a defendant, as accredited lender, to proceedings by Greensill Bank AG against the Secretary of State for Business and Trade over the bank's investments in loans under the government-guaranteed Coronavirus Business Interruption Loan Scheme (CBILS) and Coronavirus Large Business Interruption Loan Scheme (CLBILS) and the guarantees.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-015" ], "entity_ids": [ "gcuk", "gfg", "greensill-bank", "dbt" ] }, { "id": "display-claim-7218e16f028cb64c77797224", "kind": "analysis", "text": "Chapter 15 of the US Bankruptcy Code allows a US court to recognise a foreign insolvency proceeding, which can then protect the debtor against lawsuits in the United States; recognition as a foreign main proceeding treats the foreign case as the principal one. On 18 August 2021 the joint administrators Christine Mary Laverty, Trevor Patrick O'Sullivan and William George Edward Stagg, as foreign representatives of GCUK, filed a Chapter 15 petition in the United States Bankruptcy Court for the Southern District of New York (case 21-11473 (MEW)) seeking recognition of GCUK's English administration as a foreign main proceeding. An order of 13 September 2021 in Bluestone Resources Inc. v Greensill Capital (UK) Limited in the US District Court for the Southern District of New York refers to the bankruptcy court's order granting recognition of a foreign main proceeding involving GCUK and stays that case against GCUK. In the Chapter 11 case of Greensill Capital Inc. (21-10561 (MEW)), under a revised assignment of intellectual property filed as Exhibit C to the second plan supplement, Greensill Capital Inc. agreed, as part of a global settlement of disputes between the estates, to assign to GCUK, acting by its administrators, its rights in software and related intellectual property developed for GCUK; the parties were also bound by a Services Agreement effective 25 March 2021. In the six months to 7 September 2026 GCUK received $446,854 as a final dividend from Greensill Capital Inc., and its administrators continued to monitor the liquidations of Greensill Asia and Greensill India for possible recoveries for GCMC's estate.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-064", "src-105", "src-062", "src-015" ], "entity_ids": [ "gcuk", "chris-laverty", "trevor-osullivan", "will-stagg", "bluestone", "greensill-inc", "greensill-asia", "greensill-india", "gcmc" ] }, { "id": "display-claim-94e688aff44f4cb77983c35c", "kind": "analysis", "text": "The administrators of Greensill Capital (UK) Limited (GCUK) reported in April 2021 that, following the appointment of administrators to Greensill Capital Pty Limited, GCUK and Greensill Capital Management Company (UK) Limited (GCMC), most of the group's subsidiaries were being sold or wound down through solvent or insolvent processes in their own jurisdictions; most overseas subsidiaries had provided origination services to GCUK and held no material assets. Greensill Capital Pty Limited, the Australian parent of GCUK, went into voluntary administration, an Australian procedure in which a company's directors hand control to an external administrator, in March 2021, when its directors appointed Matthew Byrnes, Philip Campbell-Wilson and Michael McCann of Grant Thornton Australia Limited as administrators under section 436A of the Corporations Act. The disclosure statement in the Chapter 11 case of Greensill Capital Inc. dates the appointment 8 March 2021 and the GCUK administrators' progress report of 2026 dates it 9 March 2021; the two sources differ by one day and neither explains the difference. Greensill Capital Pty Limited (ACN 154 088 132) went into liquidation by resolution of its creditors on 22 April 2021, according to ASIC, with Grant Thornton Australia Limited appointed: ASIC's published notices name Matthew James Byrnes as liquidator and Philip Campbell-Wilson and Michael Gerald McCann as joint appointees, and the Insolvency Service also states that the company went into liquidation in April 2021. ASIC described the company as a major creditor of its UK subsidiary, GCUK, and reported to the Australian Parliament's joint committee that the liquidator was conducting further investigations and that ASIC was continuing to work closely with it. The GCUK administrators' progress report of 2026 gives the date of the liquidators' appointment as 22 April 2022, which conflicts with ASIC and the Insolvency Service.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029", "src-015", "src-034", "src-042", "src-011", "src-008" ], "entity_ids": [ "gcuk", "gcpty", "gcmc", "matthew-byrnes", "philip-campbell-wilson", "michael-mccann", "greensill-inc" ] }, { "id": "display-claim-f73effa46c291004e74ae495", "kind": "analysis", "text": "Greensill Bank AG, the Bremen bank of the Greensill group, is subject to insolvency proceedings in the courts of Bremen, with Dr Michael Frege as its insolvency administrator, the officer who manages and realises the estate. According to an announcement by Michael Frege's law firm dated 17 March 2021, the proceedings followed an insolvency application by the German financial regulator BaFin, after which the district court in Bremen appointed Michael Frege. In May 2021 the Federal Court of Australia recognised the bank's administrators, enabling them to recover the bank's assets located in Australia. In a written answer to the Australian Parliamentary Joint Committee on Corporations and Financial Services, ASIC stated that in March 2021 BaFin filed a criminal complaint with prosecutors against the management of Greensill Bank AG, a German subsidiary of Greensill Capital Pty Limited; ASIC understood that the complaint was filed with prosecutors in Bremen and related to balance sheet manipulation. This is ASIC's account of a complaint made by BaFin; a criminal complaint is not a charge or a finding, and ASIC does not name the managers concerned or state what became of the complaint. The National Audit Office's report of July 2021 on the British Business Bank's accreditation of Greensill Capital notes that it was reported in June 2021 that Ebner Stolz, the auditor of Greensill Capital's German bank, had withdrawn its certifications of the bank's 2019 annual accounts in April 2021; the NAO repeats press reports and does not itself establish the withdrawal or its reasons. A press report (May 2025) states that Michael Frege filed a claim for damages against former senior managers of the bank in the Bremen Regional Court (Landgericht Bremen), as confirmed to the publication by a court spokesperson; the freely available part of the report names neither the defendants nor the amount claimed, and the claim's content and status are not established in the record.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-108", "src-051", "src-034", "src-077", "src-109" ], "entity_ids": [ "greensill-bank", "michael-frege", "gcpty", "ebner-stolz" ] }, { "id": "display-claim-cdc7f6ee6d0c0e804983c067", "kind": "analysis", "text": "Greensill Limited, a UK company of the Greensill group, went into liquidation on 30 July 2021, when Andrew Charters of Grant Thornton UK LLP and Sarah O'Toole were appointed joint liquidators; Paul Allen and Geoffrey Rowley were appointed liquidators on 4 January 2022, and Andrew Charters and Sarah O'Toole resigned on 12 May 2022; Companies House lists Greensill Limited (11344883) with the company status Liquidation. The German subsidiary, Greensill GmbH, had seven employees, provided services to GCUK and had no realisable assets, according to the administrators' proposals, which put the book value of GCUK's investments at about $8.5 million, relating mainly to subsidiaries in China and Germany and an investment in GAM Investments, and the book value of its investments in group undertakings at about $14.4 million. Commercial-register publications for Greensill GmbH, as summarised by company-data aggregators, show Alexander Greensill and Danyon Mayall Lloyd as managing directors from the company's registration on 28 March 2019; a publication of 16 March 2021 records that Danyon Mayall Lloyd was no longer a managing director, and one of 26 May 2023 records the liquidation of the company, Simon Slobbe as liquidator and that Alexander Greensill was no longer a managing director. The register entries themselves are not in the record, and the dates given are publication dates. For Greensill Capital Securities (Malta) Limited, a company-data aggregator summarising the Malta Business Registry lists filings made on 4 August 2022 comprising a resolution for its dissolution and consequential voluntary winding up, a declaration of solvency and a notice of appointment of a liquidator, whose name is not shown in the summary. The filings themselves are not in the record; a declaration of solvency, in which directors state that the company can pay its debts, indicates a solvent winding-up.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-015", "src-008", "src-026", "src-029", "src-036", "src-037", "src-118" ], "entity_ids": [ "greensill-limited", "andrew-charters", "sarah-otoole", "paul-allen", "geoffrey-rowley", "grant-thornton-uk", "gcuk", "greensill-gmbh", "lex-greensill", "danyon-lloyd", "simon-slobbe", "gcs-malta" ] }, { "id": "display-claim-b8eb9bf68ec2fa53e2560fd7", "kind": "analysis", "text": "GAM Greensill Supply Chain Finance Fund SCSp, a Luxembourg special limited partnership (société en commandite spéciale, RCS B207546), was also wound up. Its shareholders decided unanimously on 2 March 2021 to put the fund into voluntary liquidation and on 7 June 2021 appointed GAM Trade Finance S.à r.l. as liquidator, whose managers appointed Steve (Stéphane) Kieffer as its permanent representative on 14 March 2022, according to notices published in Luxembourg's electronic register of companies and associations (RESA) on 21 March 2022. A company-data aggregator summarising the Luxembourg register gives 15 July 2016 as the fund's date of formation and records it as dissolved on 15 December 2022; according to the same kind of summary, GAM Trade Finance S.à r.l. (RCS B204853) was registered on 14 March 2016 with capital of €12,500 and GAM (Luxembourg) SA as its shareholder at registration, with the stated purpose of acquiring, holding and managing interests in this fund and in GAM Greensill Supply Chain Finance Plus Fund SCSp and the power to act as their general partner and manager.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-093", "src-088", "src-018", "src-099" ], "entity_ids": [ "gam-scf", "gam-trade-finance", "steve-kieffer", "gam-lux", "gam-scf-plus" ] }, { "id": "display-claim-aa6d0ec70ddb28ee01af731a", "kind": "analysis", "text": "Chapter 11 of the US Bankruptcy Code allows a debtor to reorganise, or as here to liquidate, under a plan approved by the court. Greensill Capital Inc., the group's Delaware company, filed a voluntary Chapter 11 petition in the United States Bankruptcy Court for the Southern District of New York on 25 March 2021 (case 21-10561 (MEW), Judge Michael E. Wiles); the GCUK administrators' proposals of April 2021 give the date the case was commenced as 26 March 2021. According to the papers in the case, Greensill Capital Inc. was a direct wholly owned subsidiary of GCMC, itself directly wholly owned by Greensill Capital Pty Limited, and owned 100% of Finacity Corporation, which had wholly owned subsidiaries of its own. At the petition date the board of Greensill Capital Inc. had two members, Alexander (Lex) D. Greensill and an independent director, Jill Frizzley, appointed by resolution dated 20 March 2021 to review actions related to the company's wind-up and the Chapter 11 case; the case's service list gives Jill Frizzley's firm as Wildrose Partners LLC. The company's plan of liquidation came before the court at a combined hearing on 26 October 2021, and a court docket summary records the plan as confirmed on that date; the same summary records joint status reports of mediation parties filed by the Greensill U.S. Liquidation Trust on 9 May 2023 and 8 March 2024 and the closing of adversary proceeding 1:23-ap-1027, a lawsuit within the bankruptcy case, on 30 August 2023, without naming the parties.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-057", "src-071", "src-062", "src-029", "src-042" ], "entity_ids": [ "greensill-inc", "us-liquidation-trust", "gcmc", "gcpty", "finacity", "lex-greensill", "jill-frizzley" ] }, { "id": "display-claim-c728a2595115df3a2849cb82", "kind": "analysis", "text": "According to its disclosure statement, the document in which a debtor explains its plan to creditors, Greensill Capital Inc. was the base of the group's sales force in the United States and the Americas, employing more than 70 people across 13 states at 1 January 2021, and all revenue from those sales went directly to GCUK; GCUK performed many of its administrative functions, such as payroll, taxes and finance, and lent to it under a Call Account Loan Agreement dated 1 January 2019. The disclosure statement attributes the group's severe financial distress in early 2021 to a combination of factors, among them the expiry of a key insurance policy of GCUK, which removed significant insurance cover for newly originated assets, the withdrawal of substantial financial support by certain key creditors, and pressure on and from key investors to reduce the group's exposure to the GFG Alliance. This is the debtor's description, not a finding of the Bankruptcy Court; it broadly matches the account in the GCUK administrators' proposals. After the filing, the Services Agreement between Greensill Capital Inc. and GCUK, amended and restated on 11 June 2021, did not provide for GCUK to pay vacation time accrued before 17 March 2021 or pay in lieu of notice in certain cases; to limit uncovered costs, Greensill Capital Inc. told nearly all its remaining employees on 31 July 2021 that 31 October 2021 would be their last day of employment.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-042", "src-057" ], "entity_ids": [ "greensill-inc", "gcuk", "gfg" ] }, { "id": "display-claim-5662a7575d1f8ec4be26b6e2", "kind": "analysis", "text": "Greensill Capital Inc. had acquired all the equity of Finacity Corporation in 2019 under a stock purchase agreement dated 10 June 2019, modified by a letter agreement of 20 December 2019; its Chapter 11 schedules, the lists of assets, debts and contracts a debtor files with the court, list Adrian Katz and related Katz parties as unsecured creditors for $5,304,000.00 of earn-out payments under that agreement. On 29 March 2021 Greensill Capital Inc. asked the Bankruptcy Court for authority to sell its 100% interest in Finacity by auction, with a group including Finacity's chief executive Adrian Katz as stalking-horse bidder, the first bidder whose offer sets the floor for the auction, at $3 million; after objections by the creditors' committee and negotiations involving GCUK, the court approved a sale to White Oak Global Advisors, LLC on 18 August 2021, and the sale closed on 21 September 2021 for $7 million in cash. The schedules also list an employee contract with William R Hartley-Urquhart, also known as Roland Hartley-Urquhart, among the company's executory contracts, those still to be performed on both sides, and Greensill Capital (IOM) Limited, an Isle of Man company listed for service care of Harborview Directors Limited in Douglas, as an unsecured creditor for $88,844.00 of invoices under an intercompany jet agreement.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-042", "src-057", "src-062", "src-070" ], "entity_ids": [ "greensill-inc", "finacity", "adrian-katz", "gcuk", "roland-hartley-urquhart", "greensill-iom" ] }, { "id": "display-claim-339c438c1624f8a9c06b4031", "kind": "analysis", "text": "The core of the plan was a Global Settlement, which resulted from negotiations among the debtor, the creditors' committee, GCUK, the Katz parties and other interested parties. GCUK's claim under the intercompany loan, which GCUK put at about $53 million at the petition date, was allowed at $52,840,506.80 but subordinated to general unsecured claims: GCUK receives 20% of the liquidation trust's net recoveries until those claims are paid in full and 100% thereafter, any residue goes to GCMC as sole shareholder, and a separate GCUK letter-of-credit claim was allowed at $526,000 as a general unsecured claim. GCUK contributed to Greensill Capital Inc. all its rights to causes of action arising from the 2019 acquisition of Finacity, and the plan releases GCUK, GCMC and the UK administrators from the estate's claims; the plan as filed did not provide for a release of the debtor's directors and officers. After the Finacity sale, the disclosure statement describes the remaining assets of Greensill Capital Inc. as consisting almost entirely of potential causes of action, besides about $260,000 in cash at 31 July 2021, an intercompany receivable of about $1.4 million face value owed by Greensill Capital Pty Limited, art pieces previously displayed at its former corporate headquarters in New York and claims relating to a $5 million directors' and officers' insurance policy with Axis Insurance Company; the plan funds a liquidation trust to pursue over $65 million of retained causes of action. A revised schedule of retained causes of action, filed by Greensill Capital Inc. on 22 October 2021 as Exhibit A to its second plan supplement, lists as potential defendants of claims retained by the liquidation trust, among others, Alexander D. Greensill, Greensill Capital Pty Limited, Greensill Capital (IOM) Limited and fourteen other individuals who had been directors or officers of Greensill companies, as well as Bain & Company, Euler Hermes North America Holding and Bank of America Corporation. The schedule states that the list is for representative purposes only, is not exhaustive, is subject to further diligence and investigation, and is not to be construed to mean that any listed person will be a defendant; it records potential claims, not claims made or established against anyone.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-042", "src-062" ], "entity_ids": [ "greensill-inc", "gcuk", "gcmc", "us-liquidation-trust", "adrian-katz", "finacity", "gcpty", "axis-insurance", "lex-greensill", "greensill-iom" ] }, { "id": "display-claim-96e1b3cef0c0c5a2df58af52", "kind": "analysis", "text": "Greensill Asia Pte. Limited (Singapore registration no. 201825907W), which according to GCUK's administrators served as the group's Asian hub employing local staff for GCUK, entered liquidation in March 2021: under a notice given under section 161(4) of Singapore's Insolvency, Restructuring and Dissolution Act 2018, Aw Eng Hai of Foo Kon Tan LLP was appointed provisional liquidator with effect from 23 March 2021 by a directors' resolution of 22 March 2021, after a director's statutory declaration that the company could not by reason of its liabilities continue its business. The National Company Law Tribunal in Mumbai later described Greensill Asia as being in creditors' voluntary liquidation, and in September 2026 the GCUK administrators were still monitoring its liquidation.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-092", "src-029", "src-112", "src-015" ], "entity_ids": [ "greensill-asia", "aw-eng-hai", "gcuk" ] }, { "id": "display-claim-8ebb299bfa8ce012d6467941", "kind": "analysis", "text": "Greensill Asia was also the main shareholder of the group's Indian company, Greensill India Finance Private Limited (corporate identity number U65999MH2020FTC343142), which had been incorporated on 2 August 2020 as a subsidiary of Greensill Asia Pte Ltd to carry on business as a non-banking finance company. It went into voluntary liquidation in 2022: its board decided on 2 March 2022 to wind it up voluntarily, an extraordinary general meeting on 30 March 2022 appointed Subrata Monindranath Maity as liquidator, and Purnima Shetty replaced Subrata Monindranath Maity on 6 July 2022. According to the tribunal, when the liquidation began on 30 March 2022 the company's shareholders were Greensill Asia Pte Ltd, with 19,999,999 shares (99.99%), and GCMC, with one share (0.01%), and GCUK's administrators described Greensill Asia as its immediate parent. The liquidation did not end in dissolution. On 11 June 2024 the National Company Law Tribunal, Mumbai Bench, dismissed the liquidator's petition under section 59(7) of the Insolvency and Bankruptcy Code for the dissolution of the company (CP (IB)/930/MB/2022) and suspended the liquidation, because the subscribers had paid in only Rs. 8,70,00,000 of the Rs. 20,00,00,000 subscribed capital after the parent Greensill Asia became insolvent, and the balance of Rs. 11,30,00,000, which Greensill Asia's liquidator had declared on 26 October 2021 it could not pay, was valued at nil. The tribunal left the company free to pursue other routes to liquidation or dissolution. In September 2026 the GCUK administrators were continuing to monitor the liquidations of Greensill Asia and Greensill India for potential recoveries for the estate of GCMC.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-112", "src-029", "src-015" ], "entity_ids": [ "greensill-india", "greensill-asia", "gcmc", "gcuk", "subrata-maity", "purnima-shetty" ] }, { "id": "display-claim-86148e920b26bb42fca30755", "kind": "analysis", "text": "Greensill Capital (UK) Limited (GCUK) is a private limited company registered at Companies House under number 08126173. It was incorporated on 2 July 2012 under the name Greensill Capital Management Company (UK) Limited and has carried its present name since 18 July 2012. Companies House records its nature of business as SIC 64999, financial intermediation not elsewhere classified, and its status as \"In Administration\": on 8 March 2021 the High Court (Mr Justice Michael Green) made an administration order on the application of its sole director, Alexander David Greensill. The court recorded that Credit Suisse and the Peter Greensill Family Trust, notified as lenders, consented, that the Bank of England did not intend to exercise its powers and that Credit Suisse Asset Management, appearing for the noteholders, did not oppose. GCUK's administration is registered as case 000435 of 2021; the judgment, [2021] EWHC 700 (Ch), was issued under the number of the parallel case of Greensill Capital Management Company (UK) Limited, CR-2021-000436. On 4 September 2026 the High Court extended both administrations to 7 September 2028, and the administrators intend to end them by conversion to creditors' voluntary liquidations, insolvent liquidations in which the creditors can nominate the liquidator. The registered office was moved on 22 March 2021 from One Southampton Street, Covent Garden, London WC2R 0LR to 4 Hardman Square, Spinningfields, Manchester M3 3EB, and on 15 November 2021 to 11th Floor Landmark, St Peter's Square, 1 Oxford Street, Manchester M1 4PB; since 20 May 2025 the address has been recorded as care of Grant Thornton UK Advisory & Tax LLP at the same building.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-001", "src-052", "src-029", "src-015", "src-017", "src-006" ], "entity_ids": [ "gcuk", "gcmc", "lex-greensill", "alastair-eadie", "grant-thornton-advisory" ] }, { "id": "display-claim-d1c1c87aa16e3bcc3af774e4", "kind": "analysis", "text": "GCUK also appears in three other official registers. The Financial Conduct Authority told the chair of the House of Commons Treasury Committee in a letter of 4 May 2021 that GCUK had been registered since 6 May 2014 as an \"Annex 1\" firm under the Money Laundering Regulations, so that the FCA supervised it only for compliance with anti-money laundering rules. That registration regime is different from authorisation under the Financial Services and Markets Act, and GCUK's wider activities, including supply chain finance origination (arranging finance under which a client's suppliers are paid early) and employer salary advance schemes, were not regulated by the FCA; after GCUK entered administration the FCA decided, for the time being, not to cancel the registration. The Global Legal Entity Identifier Foundation (GLEIF) gives GCUK legal entity identifier 2138004D9J9DZUANAI93, first registered on 16 October 2014 and validated against Companies House number 08126173, with the previous legal name Greensill Capital Management Company (UK) Limited. Its registration status is \"LAPSED\" because the renewal due on 28 March 2025 was not made, and in place of parent relationship records it shows reporting exceptions for the direct and ultimate parent. The Solicitors Regulation Authority's register lists \"Greensill Capital (UK) Limited (in administration)\", head office in Manchester (SRA organisation number 605096), as an organisation where an SRA-regulated solicitor works, marked \"Not regulated by an approved regulator for legal services\": the company appears there as the workplace of an in-house solicitor, not as a regulated law firm.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-016", "src-004", "src-103", "src-069" ], "entity_ids": [ "gcuk" ] }, { "id": "display-claim-c61bdfb1d055bb2c75c78c52", "kind": "analysis", "text": "GCUK filed full accounts at Companies House for the year to 31 December 2017 on 6 July 2018, for 2018 on 9 October 2019 and for 2019 on 13 January 2021. No later accounts or confirmation statement have been filed: the register shows the accounts to 31 December 2020, which were due by 30 September 2021, as overdue, and the last confirmation statement is dated 2 July 2020, the next one (statement date 2 July 2021) having been due by 16 July 2021. In the months before the administration the company changed its constitution three times. The Companies House filing index records a resolution adopting articles of association with a statement of the company's objects on 9 November 2020, a resolution altering the articles with new memorandum and articles on 18 November 2020, and a further resolution altering the articles, with new memorandum and articles and a statement of objects, on 5 March 2021. The index does not show what the resolutions changed, and the resolutions and articles themselves have not been reviewed.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-081", "src-017", "src-001", "src-035" ], "entity_ids": [ "gcuk" ] }, { "id": "display-claim-1eda4d788e36591e04cfb586", "kind": "analysis", "text": "The register also records the end of the board. On 16 March 2021, after the administration had begun, forms TM01 (notices that a director's appointment has ended) were filed terminating the directorships of William Crothers with effect from 4 February 2021 and of Sean Denis Robson-Hanafin, Bartholomeus Gerardus Joannes Ras, Neil Albert Garrod, Divya Sara Eapen and Alastair Kenneth Eadie with effect from 12 February 2021. A second-filed TM01 for Sean Denis Robson-Hanafin was registered on 26 March 2024, and the officer list now gives 20 December 2020 as the end of that directorship. On 25 June 2026 a TM01 was filed terminating the appointment of Alexander David Greensill as a director with effect from 17 June 2026. The officer list now records 20 officers and 20 resignations, so no director or secretary of the company is shown as currently appointed.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-017", "src-006", "src-003", "src-035" ], "entity_ids": [ "gcuk", "bill-crothers", "sean-hanafin", "bart-ras", "neil-garrod", "divya-eapen", "alastair-eadie", "lex-greensill" ] }, { "id": "display-claim-119f5a1763440c708b540218", "kind": "analysis", "text": "During the administration GCUK filed a statement of affairs (form AM02, the statement of the company's assets and liabilities at the start of the administration) on 11 June 2021, notice of the establishment of a creditors' committee (form COM1) on 3 August 2021 and the result of a meeting of creditors (form AM07) on 28 August 2021. The administrations of GCUK and of Greensill Capital Management Company (UK) Limited (GCMC) were extended repeatedly after their first year. According to the administrators' progress report filed on 10 October 2026, the period was extended by creditors' consent to 7 March 2023, then by the court for 24 months to 7 March 2025 and, by order of 18 March 2025, for 18 months to 7 September 2026; GCUK filed the corresponding notices of extension (form AM19) on 17 February 2022, 17 March 2023 and 19 March 2025. The administrations did not end on 7 September 2026: according to the same report, the High Court extended them on 4 September 2026 for a further 24 months to 7 September 2028, and GCUK filed a further notice of extension on 16 September 2026.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-006", "src-015" ], "entity_ids": [ "gcuk", "gcmc" ] }, { "id": "display-claim-f2be77d3488de14b43eebac4", "kind": "analysis", "text": "Saffery Champness LLP audited GCUK's accounts for 2017, 2018 and 2019 and reported each year that they gave a true and fair view of the company's affairs and of its profit for the year. Its report on the 2018 accounts is dated 1 July 2019, and its report on the 2019 accounts 26 May 2020, four days after the directors signed their report for that year on 22 May 2020. An earlier auditor is named in a disclosure by GCUK's administrators: Grant Thornton was the appointed auditor in 2013, resigned as auditor in July 2015 without undertaking the 2014 audit, and in 2014 provided VAT and other tax advice to GCUK for fees of about £90,000.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018", "src-082", "src-097", "src-029" ], "entity_ids": [ "gcuk", "saffery-champness", "grant-thornton-uk" ] }, { "id": "display-claim-ec7203e210090254b6bd6bae", "kind": "analysis", "text": "The 2017 accounts compare a profitable year with a loss-making 2016. Revenue rose to $115.9 million from $42.1 million, and $103.8 million of it came from supply chain finance products. The operating result moved from a loss of $57.4 million in 2016 to a profit of $34.5 million in 2017, and the result after tax from a loss of $54.4 million to a profit of $31.9 million. At 31 December 2017 total assets were $368.9 million (2016: $152.6 million), total liabilities $270.1 million (2016: $117.7 million) and net assets $98.8 million (2016: $34.9 million); no dividend was paid. In the strategic report the directors explained that the 2016 administrative expenses of $99.5 million (2017: $86.1 million) included one-off impairments on historic loans, and said that after a strategic decision in early 2016 to improve the quality of the portfolio they did not expect the large losses of 2016 to recur. That is the directors' own explanation; the accounts do not itemise the impairments or identify the loans concerned.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-082", "src-097" ], "entity_ids": [ "gcuk" ] }, { "id": "display-claim-4cf2cb49bc8ca00dfc0ddf58", "kind": "analysis", "text": "For 2018 GCUK reported revenue of $233.6 million, 101% more than in 2017, made up of $112.5 million from supply chain finance products and $121.1 million of other income; administrative expenses of $193.5 million; an impairment charge of $13.3 million after the adoption of the IFRS 9 accounting standard; and a profit after tax of $33.3 million. At 31 December 2018 total assets were $277.7 million, total liabilities $148.7 million and equity $129.1 million, and again no dividend was paid. In 2019 revenue reached $419.6 million: $209.8 million from Europe, the Middle East and Africa (2018: $77.1 million), $176.2 million from the Americas (2018: $102.8 million) and $33.6 million from Asia Pacific (2018: $53.7 million). After impairment expenses of $47.3 million the operating profit was $37.5 million and the profit after tax $31.8 million. At 31 December 2019 total assets were $682.3 million, including $251.1 million of cash and $281.7 million of financial assets, against total liabilities of $527.0 million, leaving net assets of $155.3 million. For the group as a whole, the National Audit Office's July 2021 report relays Greensill's own figures: $143 billion of financing provided in 2019 to more than eight million customers and suppliers in more than 170 countries, and, for the year to 31 December 2019, global revenues of over $475 million, an operating profit of more than $52 million, total assets of more than $5.3 billion and net assets of $440 million. The NAO did not audit these figures, and the consolidated accounts of the parent, Greensill Capital Pty Limited, are not in the record.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-097", "src-018", "src-077" ], "entity_ids": [ "gcuk", "gcpty" ] }, { "id": "display-claim-e133985d0676f4025b817674", "kind": "analysis", "text": "GCUK raised equity by issuing shares for $37.8 million in 2016 and $32.0 million in 2017, including 320,000 ordinary dollar shares of $0.01 each issued at $100 per share on 29 September 2017; its share premium account stood at $134.8 million from the end of 2017 to the end of 2019. In 2019 GCUK contributed $5,326,000 to the Greensill Capital Employee Benefit Trust, a contribution recognised as a distribution directly in reserves and shown as a financing cash outflow. At 31 December 2019 trade and other payables were $448.8 million, including $219.5 million owed to fellow group undertakings and $197.3 million of accruals. The chief executive's statement in the accounts attributed the rise in current liabilities from $149 million to $513 million mainly to increases of $189 million in amounts due to fellow group undertakings and $168 million in accruals.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-082", "src-018" ], "entity_ids": [ "gcuk" ] }, { "id": "display-claim-059488602bee4bbd04a5b175", "kind": "analysis", "text": "GCUK reported no employees other than its directors in 2017, 2018 and 2019, and the 2019 accounts state that the directors were paid by another group company. Key management personnel, including all directors, received $1,994,705 in 2016, $3,815,171 in 2017, $1,929,131 in 2018 and $14,643,229 in 2019 for their services to the company; most of this was paid by a fellow group company and recharged to GCUK as a management fee. The 2019 accounts attribute the increase to a doubling of the size of the executive team, the granting of share options and what they call the outstanding performance of the business. During 2019 a member of the key management personnel lent GCUK $25,000,000, and the loan was fully repaid within the year; the accounts do not identify the lender or state the purpose, terms or interest of the loan.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018", "src-082", "src-097" ], "entity_ids": [ "gcuk" ] }, { "id": "display-claim-807507a13e901bcdf10177d4", "kind": "analysis", "text": "The related-party notes record the balances and charges between GCUK, its parent Greensill Capital Pty Limited and the parent's other subsidiaries. At 31 December 2017 the parent owed GCUK $136,396,264, whereas a year earlier GCUK had owed the parent $16,256,362, and GCUK owed $238,881,818 to the parent's other subsidiaries. In 2017 those fellow subsidiaries charged GCUK management fees of $29,070,698, mainly for salaries, bonuses, travel and accommodation, the parent charged $1,967,300, and GCUK charged the parent $4,724,977 in interest. In 2018 the fellow subsidiaries charged management fees of $58,731,997, mainly for employee costs, the parent charged $5,122,945 and GCUK's own subsidiaries $210,000, while GCUK charged the parent $2,266,310 of interest; at 31 December 2018 the parent owed GCUK $50,553,731 and GCUK owed $30,452,731 to fellow subsidiaries. In 2019 group undertakings charged GCUK management fees of $212.7 million (2018: $67.1 million). At 31 December 2019 they owed GCUK $12.7 million (2018: $50.7 million), while GCUK owed them $219.5 million (2018: $30.5 million) plus $15.1 million of accrued fees. The 2019 accounts also record $9,000 of property rent paid to a member of key management personnel, $78,000 of revenue from an entity under common control of a member of key management personnel and $369,000 of administration services bought from an entity under common control.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-082", "src-097", "src-018" ], "entity_ids": [ "gcuk", "gcpty" ] }, { "id": "display-claim-0083f143ac6ae9de3d32cb59", "kind": "analysis", "text": "After selling its shareholding in Greensill Bank AG to Greensill Capital Pty Limited in 2018, GCUK held contingent convertible loan notes issued by the bank worth $3,965 thousand at the end of 2018; at the end of 2019 it held contingent convertible loan notes and silent participations in the bank, a related party, worth $13,404 thousand, after a revaluation gain of $2,035,000 in 2019. In 2017 GCUK acquired 11,936,000 C shares in \"GAM Greensill SCF SCSp\" (GAM Greensill Supply Chain Finance Fund SCSp) in exchange for assuming a matching payment obligation of $1,207,438,000; the shares and the obligation were offset under the IAS 32 accounting standard, so that their net carrying value was nil. In 2019 GCUK subscribed a further $681,000 in the fund on 13 May and $25,000,000 on 19 June; the $25,000,000 was redeemed on 17 December 2019, leaving investments in subsidiaries of $793 thousand at the year end. Notices published on 21 March 2022 in Luxembourg's electronic register of companies and associations (RESA) record that the fund's shareholders decided on 2 March 2021 to put it into voluntary liquidation, and a company-data aggregator summarising the Luxembourg register records the partnership as dissolved on 15 December 2022.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018", "src-097", "src-082", "src-093", "src-088" ], "entity_ids": [ "gcuk", "greensill-bank", "gcpty", "gam-scf" ] }, { "id": "display-claim-5165570a6341a60a287915e0", "kind": "analysis", "text": "At the end of 2018 GCUK held derivatives valued at $25,000 thousand, consisting of a warrant (a right to acquire shares) over the shares of another company, valued with a model. At the end of 2019 it held derivatives of $51,561 thousand, relating to an equity warrant and foreign exchange forward contracts, and trading assets of $213,318 thousand held for a short time before distribution to investors. The accounts also measure what GCUK's continuing involvement in assets it had transferred to unconsolidated structured entities (separate vehicles not included in GCUK's own accounts) cost it: the cost of providing insurance and credit default swaps for the end investors and the charge for expected credit losses on those assets came to $55.3 million in 2019 (2018: $18.7 million) and $71.8 million cumulatively. GCUK had no contractual obligation to repurchase any of the transferred assets.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018", "src-097" ], "entity_ids": [ "gcuk" ] }, { "id": "display-claim-201df737db15d9721fe6d509", "kind": "analysis", "text": "Greensill Capital (UK) Limited (GCUK) is a wholly owned subsidiary of Greensill Capital Pty Limited (GCPty), a proprietary company incorporated in Queensland, Australia, and the parent company of the Greensill group; GCUK's 2019 accounts describe GCUK as the main trading entity among the subsidiaries that make up the group. The High Court's judgment in Credit Suisse Virtuoso SICAV-SIF v SoftBank Group Corp ([2025] EWHC 2631 (Ch)) records that the group was founded by Lex Greensill and focused on supply chain financing (paying a client's suppliers early and recovering the money from the client later); that GCUK was the group's main operating and trading company in the UK, provided financial support and management for the wider group and performed a central treasury function; and that GCPty was a non-trading holding company that raised debt and equity, including from the SoftBank Group. In a letter of 9 July 2021 to the chair of the Treasury Committee, the joint administrators of GCUK and of Greensill Capital Management Company (UK) Limited (GCMC) wrote that the strategic decisions affecting the wider group appeared to have been taken largely at the level of the Australian parent. That is the administrators' own assessment, for which the letter does not set out the evidence; they were not appointed over GCPty, which is in liquidation under the control of other insolvency practitioners.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018", "src-029", "src-005", "src-035", "src-004" ], "entity_ids": [ "gcuk", "gcpty", "lex-greensill", "softbank", "gcmc" ] }, { "id": "display-claim-7db1ee0f2a1e07c71295ff43", "kind": "analysis", "text": "GCUK's statement of affairs lists GCPty, care of accountants in Bundaberg, Queensland, as its only shareholder, holding 1,347,865 ordinary shares of $0.01 each (called up $13,479) and one ordinary share of £1; the 2018 accounts give the same issued share capital. GCUK did not prepare consolidated accounts, relying on the exemption in section 401 of the Companies Act 2006: its results were included in the consolidated financial statements of GCPty, which the accounts said were available from an address in Bundaberg. In its accounts for 2017, 2018 and 2019 GCUK named GCPty as its immediate and ultimate parent company, and its directors stated that they considered Alexander Greensill to be the ultimate controlling party. Since 6 April 2016 GCUK's register of persons with significant control (the people who ultimately own or control a company) has listed one person, Alexander David Greensill (Lex Greensill), whose nature of control is recorded as significant influence or control over the trustees of a trust. For the ownership of GCPty itself, the National Audit Office's report of 7 July 2021 states that it was 64.55% owned by its founder, staff and directors, including 28.06% held by a trust associated with Lex Greensill, 25.11% by the SoftBank Vision Fund and 10.34% by General Atlantic, a US private equity investor. The NAO gives these percentages without a date or a source, and they have not been checked against GCPty's share register, which is not in the record.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-007", "src-097", "src-018", "src-082", "src-002", "src-077" ], "entity_ids": [ "gcuk", "gcpty", "lex-greensill", "lex-family-trust", "svf1", "general-atlantic" ] }, { "id": "display-claim-c2e3695315a5a293c8999d0d", "kind": "analysis", "text": "Greensill Capital Management Company (UK) Limited (GCMC, Companies House 08037769) is a separate company from GCUK, although GCUK used that name from 2 to 18 July 2012. GCMC was incorporated in England and Wales on 19 April 2012, is wholly owned by GCPty, which holds its single ordinary share, and has been in administration since 8 March 2021 (High Court case 000436 of 2021). Its register of persons with significant control has listed Lex Greensill since 6 April 2016 with the same nature of control as at GCUK: significant influence or control over the trustees of a trust. GCMC was the employer of the group's UK staff. GCUK had no staff of its own apart from its directors; GCMC provided staff and management services to GCUK under an intercompany support services agreement, recharged the costs to GCUK and relied on GCUK for its funding. According to the administrators, GCMC employed about 580 people for GCUK before the administration, and it had 569 employees at the date of their appointment, when GCUK had none.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-015", "src-029", "src-001", "src-013", "src-002", "src-018" ], "entity_ids": [ "gcmc", "gcuk", "gcpty", "chris-laverty", "will-stagg", "russell-simpson", "lex-greensill" ] }, { "id": "display-claim-31950f6c267c518b9d6a3469", "kind": "analysis", "text": "According to the administrators' proposals, GCMC was also the group's principal intermediate holding company, owning the entire share capital of 12 subsidiaries in the UK and abroad, most of them special purpose vehicles (companies set up for a single financing purpose) established to originate transactions for GCUK. Its subsidiaries included Earnd (UK) Limited and Greensill Capital Inc., a Delaware corporation and parent of Finacity Corporation. The papers in the US bankruptcy case of Greensill Capital Inc. under Chapter 11 of the Bankruptcy Code (21-10561 (MEW), Southern District of New York) describe it as a direct wholly owned subsidiary of GCMC, itself directly wholly owned by GCPty, and as the owner of 100% of Finacity Corporation, which had wholly owned subsidiaries of its own. GCMC was also the 100% shareholder of a United Arab Emirates subsidiary that was being set up to originate business in the Middle East; according to the proposals, that entity's main asset was about $400,000 of cash and it had entered a local winding-up. The proposals record that GCMC was owed $28.4 million by other group companies, including about $13.6 million by GCUK, of which the directors estimated about $2.7 million would be recovered, and about $14.5 million by Earnd (UK) Limited.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029", "src-057", "src-042" ], "entity_ids": [ "gcmc", "gcuk", "greensill-inc", "finacity", "earnd-uk", "gcpty" ] }, { "id": "display-claim-bbeab632c9afb4ee0268720b", "kind": "analysis", "text": "At 31 December 2017 GCUK's own subsidiaries were Greensill Bank AG (Germany, banking), in which it held 100% of the shares and voting power, Greensill Capital Securities Limited, also 100% owned, and three Luxembourg partnerships in which GCUK held 100% of the voting power but only a small ownership interest: GAM Greensill Supply Chain Finance Fund SCSp (0.01%), GAM Greensill Supply Chain Finance Plus Fund SCSp (0.003%) and GAM Greensill Absolute Return SCF Fund SCSp (0.002%). The carrying value of its investments in subsidiaries was $58,986 thousand at the end of 2017 and $54,256 thousand at the end of 2016. During 2018 GCUK subscribed for a further 497,512 shares in the bank at €40.20 per share, and on 14 December 2018 it transferred its investment in the bank to GCPty for €40.20 per share. GCUK kept contingent convertible loan notes issued by the bank, which its 2018 accounts describe as a former subsidiary sold to GCPty during the year; the High Court's judgment of 18 March 2026 ([2026] EWHC 639 (Ch)) describes Greensill Bank AG as another subsidiary of GCPty.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-082", "src-097", "src-005" ], "entity_ids": [ "gcuk", "greensill-bank", "gcsl", "gam-scf", "gam-scf-plus", "gam-ar", "gcpty" ] }, { "id": "display-claim-c311da10e054f09eca280dce", "kind": "analysis", "text": "At 31 December 2018 GCUK's subsidiaries were Greensill Capital Securities Limited (financing), Greensill Capital Investments Limited and Greensill Limited (both dormant), each 100% owned, and GAM Greensill Supply Chain Finance Fund SCSp, in which GCUK held 100% of the voting power and a 0.004% ownership interest; Greensill Bank AG and the two other GAM Greensill funds were no longer listed. A year later GCUK owned 100% of Greensill Capital Securities Limited (09595415, arrangement of securities), Greensill Capital Investments Limited (10489840), Greensill Limited (11344883), Greensill Trading Limited (12329861), Greensill Trading 2 Limited (12354521), Greensill Trading 3 Limited (12365031) and Greensill Trading 4 Limited (12373206), described as financing companies, as well as Greensill GmbH (Frankfurt am Main, HRB 114964, management services) and Greensill Capital Securities (Malta) Limited (C91376, arrangement of securities). It also listed GAM Greensill Supply Chain Finance Fund SCSp (Luxembourg, B207546) as a subsidiary, with 100% of the voting power but a 0.172% ownership interest. The 2019 accounts list Greensill Bank AG, Finacity Corporation, a US receivables securitisation business, and Earnd (UK) Limited among the group's other trading companies, the last two acquired in 2019; Earnd (UK) Limited (formerly Freeup Finance Limited), a developer of technology that lets workers be paid earned but unpaid wages early, joined the group in October 2019.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-097", "src-082", "src-018" ], "entity_ids": [ "gcuk", "gcsl", "gc-investments", "greensill-limited", "gam-scf", "greensill-bank", "gam-scf-plus", "gam-ar", "greensill-trading", "greensill-trading-2", "greensill-trading-3", "greensill-trading-4", "greensill-gmbh", "gcs-malta", "finacity", "earnd-uk" ] }, { "id": "display-claim-eae879e77beb9d2fc2be83bd", "kind": "analysis", "text": "Greensill Limited (Companies House 11344883), an English special purpose vehicle, has had GCUK registered as its person with significant control since 3 May 2018, holding 75% or more of the shares and voting rights and the right to appoint and remove directors. In [2025] EWHC 2631 (Ch) the High Court described it as wholly owned by GCUK, without employees of its own, and as delegating its management and administration entirely to GCUK under a Participation Agreement. According to the court, its directors at all material times were Alexander (Lex) Greensill and Alastair Eadie, both also directors of GCUK, and its annual report for 2019 named Mr Greensill as its ultimate controlling party in the directors' opinion. GCUK is also the registered person with significant control, holding 75% or more of the shares, of four financing subsidiaries: Greensill Trading Limited (12329861) since 22 November 2019, Greensill Trading 2 Limited (12354521) since 9 December 2019, Greensill Trading 3 Limited (12365031) since 16 December 2019 and Greensill Trading 4 Limited (12373206) since 20 December 2019; for the last two the register also records 75% or more of the voting rights and the right to appoint and remove directors.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-012", "src-005", "src-035", "src-050", "src-065", "src-066", "src-067", "src-018" ], "entity_ids": [ "greensill-limited", "gcuk", "lex-greensill", "alastair-eadie", "greensill-trading", "greensill-trading-2", "greensill-trading-3", "greensill-trading-4" ] }, { "id": "display-claim-22435290118b3b6a33bab9d4", "kind": "analysis", "text": "Outside England, GCUK held three more companies. Greensill GmbH, registered at the Frankfurt am Main district court under HRB 114964, was registered on 28 March 2019 with share capital of €25,000, according to a company-data aggregator summarising the commercial register; its purpose was to provide services, in particular management services, to companies of the Greensill group. Greensill Capital Securities (Malta) Limited (registration C 91376), registered at 171 Old Bakery Street, Valletta, is listed in GCUK's 2019 accounts as a wholly owned subsidiary arranging securities. A company-data aggregator summarising the Malta register in September 2020 gives 4 April 2019 as its date of establishment, lists GCUK as the shareholder of its 1,300 issued shares (EUR 1,300) and names its directors as Adam De Domenico, Steven Michael Hollands, Wasif Islam Raza and Ludwig Clemens Sels. GCUK was also the sole shareholder of Shenzhen Greensill Commercial Factoring Limited, set up in 2020 to originate business in China (factoring being the purchase of receivables at a discount); according to the administrators' proposals, it employed eight people but had not begun trading, and its main assets were about $6 million of cash and a local banking licence. The same proposals put the book value of GCUK's investments at the date of the administrators' appointment in March 2021 at about $8.5 million, relating mainly to the subsidiaries in China and Germany and an investment in GAM Investments, and the book value of its investments in group undertakings at about $14.4 million, on which the directors estimated a full recovery; Greensill GmbH then had seven employees, provided services to GCUK and had no realisable assets.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018", "src-024", "src-068", "src-029" ], "entity_ids": [ "greensill-gmbh", "gcuk", "gcs-malta", "adam-de-domenico", "steven-hollands", "wasif-raza", "ludwig-sels", "shenzhen-factoring" ] }, { "id": "display-claim-065bcad9d130bac08bb73079", "kind": "analysis", "text": "Several English Greensill companies have since been dissolved. Greensill Trading Limited (Companies House 12329861), incorporated on 22 November 2019, and Greensill Capital Trading Limited (09268343), incorporated on 17 October 2014 as Greensill Capital Management Company (Ireland) Limited and renamed on 19 April 2016, were both dissolved on 23 November 2024. Greensill Capital Investments Limited (10489840), incorporated on 21 November 2016, filed its last accounts for the year to 31 December 2021 and was dissolved on 31 October 2024. Greensill Global Trading Limited (12680973), a private limited company incorporated on 18 June 2020, was dissolved on 21 November 2024. Earnd (UK) Limited (11391391) was incorporated on 31 May 2018 as Freeup Finance Ltd, took its present name on 28 April 2020 and was dissolved on 8 August 2025.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-049", "src-090", "src-038", "src-102", "src-101" ], "entity_ids": [ "greensill-trading", "gc-trading", "gc-investments", "greensill-global-trading", "earnd-uk" ] }, { "id": "display-claim-81a283555ca474c9f961249d", "kind": "analysis", "text": "Greensill Asia Pte. Limited (Singapore registration 201825907W) was created on 30 July 2018 according to its GLEIF record (a company-data aggregator gives 29 July 2018); its legal entity identifier 9845000ACC9C90VH8A22 was first registered on 11 December 2020 and has lapsed, with renewal due since 11 December 2022. Greensill Asia owned almost all of Greensill India Finance Private Limited (corporate identity number U65999MH2020FTC343142): according to the National Company Law Tribunal, Mumbai Bench, when the Indian company's liquidation began on 30 March 2022 its shareholders were Greensill Asia Pte Ltd, with 19,999,999 shares (99.99%), and GCMC, with one share (0.01%), and GCUK's administrators described Greensill Asia as Greensill India's immediate parent. On 11 June 2024 the tribunal dismissed the liquidator's petition for the Indian company's dissolution through voluntary liquidation and suspended the liquidation, while leaving the company free to explore other routes to liquidation, dissolution or winding up. Company-data aggregators summarising Indian Ministry of Corporate Affairs records list Alexander David Greensill as a director of Greensill India Finance Private Limited from 2 August 2020 and Divya Sara Eapen as a former director whose appointment ended on 26 April 2021. That board list comes from two aggregators rather than the primary ministry record, and the two disagree about a third director, so it is neither complete nor verified.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-116", "src-056", "src-112", "src-029", "src-055" ], "entity_ids": [ "greensill-asia", "greensill-india", "gcmc", "gcuk", "lex-greensill", "divya-eapen" ] }, { "id": "display-claim-efc584eb50aafb10990d94b2", "kind": "analysis", "text": "GAM Greensill Supply Chain Finance Fund SCSp is a Luxembourg special limited partnership (société en commandite spéciale, RCS B207546) registered at 25 Grand-Rue, Luxembourg; a company-data aggregator summarising the Luxembourg register gives 15 July 2016 as its date of formation and records it as dissolved on 15 December 2022. The GLEIF record of GAM Greensill Supply Chain Finance Plus Fund SCSp (Luxembourg RCS B210763, care of GAM (Luxembourg) S.A.) gives a creation date of 15 November 2016; its legal entity identifier 5493009TYYUD7Y2CEC23 has lapsed, with renewal due since 28 June 2023, and the record still shows the entity as active, with no liquidation event recorded. The GLEIF record of GAM Greensill Absolute Return SCF Fund SCSp (Luxembourg RCS B218565, also care of GAM (Luxembourg) S.A.) gives a creation date of 17 October 2017 and records a liquidation that started with effect from 10 February 2022 and was completed with effect from 30 June 2024; the entity is shown as inactive and its legal entity identifier 54930068MF2HD5ZCWW60 as retired.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-088", "src-018", "src-119", "src-117" ], "entity_ids": [ "gam-scf", "gam-scf-plus", "gam-lux", "gam-ar" ] }, { "id": "display-claim-b2ad263ef7aafcedb4bae837", "kind": "analysis", "text": "A special limited partnership is managed by its general partner, and for these funds that was GAM Trade Finance S.à r.l. (Luxembourg RCS B204853). According to a company-data aggregator summarising the Luxembourg register, it was registered on 14 March 2016 with capital of €12,500 and GAM (Luxembourg) SA as its shareholder at registration; its stated purpose was to acquire, hold and manage interests in GAM Greensill Supply Chain Finance Fund SCSp and GAM Greensill Supply Chain Finance Plus Fund SCSp, and it could act as their general partner and manager. Aggregator summaries of Luxembourg register publications show it registered as general partner of the Supply Chain Finance Fund on 15 July 2016, of the Plus Fund on 6 December 2016 and of the Absolute Return Fund on 17 October 2017, and in March 2022 as liquidator of the Plus Fund (16 March) and of the Absolute Return Fund (17 March); its own registration was terminated on 16 December 2024. Steve Kieffer, a manager of GAM (Luxembourg) SA, was one of its managing directors from 20 June 2018 to 16 December 2024, alongside other managing directors, according to the same kind of aggregator summary.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-099", "src-107" ], "entity_ids": [ "gam-trade-finance", "gam-lux", "gam-scf", "gam-scf-plus", "gam-ar", "steve-kieffer" ] }, { "id": "display-claim-2141ac79126edc99b434a9de", "kind": "analysis", "text": "Companies House records 20 officers of Greensill Capital (UK) Limited (GCUK), directors and company secretaries together, and 20 resignations, so no director or secretary is shown as currently in office. Alexander David Greensill (Lex Greensill) was a director throughout, from 2 July 2012 to 17 June 2026; the High Court in [2026] EWHC 639 (Ch) and the Insolvency Service in its announcement of 4 June 2026 both state that Lex Greensill was a director of GCUK, of Greensill Limited and of the Australian parent company, Greensill Capital Pty Limited. The first board, appointed on 2 July 2012, also included Peter Edward Greensill, a director until 22 January 2018, whose officer record lists three appointments, all in Greensill group companies, and Jason Richard Alexander Austin, a director until 21 June 2019 and the company secretary until 16 September 2015.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-003", "src-005", "src-008", "src-014" ], "entity_ids": [ "gcuk", "lex-greensill", "greensill-limited", "gcpty", "peter-greensill", "jason-austin" ] }, { "id": "display-claim-e87209aa58ec7585b2e57216", "kind": "analysis", "text": "Five more directors joined between 2014 and 2016: Maurice Nicholas Beech Thompson on 25 September 2014, David Campbell Brierwood on 1 January 2015, William Roland Hartley-Urquhart on 20 May 2015 (whose officer record shows no other appointment), Patrick Joseph Allin on 8 February 2016 and William Crothers on 1 August 2016. The directors' report in the 2017 annual report lists Alexander Greensill, Peter Greensill, Jason Austin, Maurice Thompson, Roland Hartley-Urquhart, David Brierwood, Patrick Allin and William Crothers as directors during the year and up to signature, and records that Peter Greensill, Maurice Thompson, Roland Hartley-Urquhart, David Brierwood and Patrick Allin resigned on 22 January 2018; Companies House gives the same end date for the four directors who had joined from 2014. That left Lex Greensill, Jason Austin and William Crothers on the board; William Crothers remained a director until 4 February 2021.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-003", "src-027", "src-082" ], "entity_ids": [ "maurice-thompson", "gcuk", "david-brierwood", "roland-hartley-urquhart", "patrick-allin", "bill-crothers", "lex-greensill", "peter-greensill", "jason-austin" ] }, { "id": "display-claim-c3d7c6d1bca5c76e63cd3646", "kind": "analysis", "text": "Jonathan Edward Myott Lane became company secretary on 16 September 2015 and held the post until 30 June 2020; Jonathan Lane was also a director from 14 December 2018 to 24 July 2019. Christopher William Bates was a director for less than a month, from 14 December 2018 to 9 January 2019. On 19 February 2019 Alastair Kenneth Eadie and Bartholomeus Gerardus Joannes Ras became directors, both serving until 12 February 2021, and Rachel Justine Donnelly was appointed company secretary, a post held until 11 December 2019. The officer records of Bartholomeus Ras and Rachel Donnelly show no other appointment.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-003", "src-023", "src-073" ], "entity_ids": [ "jonathan-lane", "gcuk", "christopher-bates", "alastair-eadie", "bart-ras", "rachel-donnelly" ] }, { "id": "display-claim-760a06f748ff5586b854dfe5", "kind": "analysis", "text": "Neil Albert Garrod and Sean Denis Robson-Hanafin became directors on 24 July 2019; Neil Garrod served until 12 February 2021, and Companies House gives 20 December 2020 as the end of Sean Robson-Hanafin's directorship. Hayley Louise James was company secretary from 30 June 2020 to 21 October 2021. Divya Sara Eapen was a director from 13 July 2020 to 12 February 2021, and Bradley Jay Gans, whose officer record shows no other appointment, from 15 December 2020 to 28 December 2020.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-003", "src-074", "src-028" ], "entity_ids": [ "neil-garrod", "gcuk", "sean-hanafin", "hayley-james", "divya-eapen", "bradley-gans" ] }, { "id": "display-claim-0df079724c08607abc9e57fd", "kind": "analysis", "text": "The 2019 annual report of GCUK names Alexander Greensill, William Crothers, Alastair Eadie, Bartholomeus Ras, Neil Garrod and Sean Robson-Hanafin as its directors and Jonathan Lane as company secretary. Most of these directorships ended in the weeks before the administration, although the terminations were filed only on 16 March 2021, after it had begun: William Crothers's with effect from 4 February 2021, and those of Sean Robson-Hanafin, Bartholomeus Ras, Neil Garrod, Divya Eapen and Alastair Eadie with effect from 12 February 2021. A second-filed form for Sean Robson-Hanafin was registered on 26 March 2024, and the officer list now gives 20 December 2020 as the end of that directorship. An internal SoftBank email of 4 February 2021, quoted in the High Court judgment [2025] EWHC 2631 (Ch), stated that SBIA, the manager of the SoftBank Vision Funds, had just been informed that \"the chairman, head of BoD risk committee and head of BoD audit committee have resigned\", that this was not public, and that, given SoftBank Group's stance and this development, SBIA had paused the proposed transaction concerning Greensill. The email, written by an SBIA managing partner, names neither the people nor the Greensill company whose board was meant, and the court made no finding about the resignations.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018", "src-017", "src-006", "src-003", "src-035" ], "entity_ids": [ "gcuk", "lex-greensill", "bill-crothers", "alastair-eadie", "bart-ras", "neil-garrod", "sean-hanafin", "jonathan-lane", "divya-eapen", "softbank", "svf1", "svf2" ] }, { "id": "display-claim-360f9b15c7d97e8bed82527c", "kind": "analysis", "text": "When the High Court (Mr Justice Michael Green, [2021] EWHC 700 (Ch)) made the administration orders on 8 March 2021, the application for GCUK was made by its sole director, Alexander David Greensill, and that for Greensill Capital Management Company (UK) Limited (GCMC) by Alexander David Greensill and Alastair Kenneth Eadie. The court recorded that Credit Suisse and the Peter Greensill Family Trust, notified as lenders, consented to the orders, that the Bank of England did not intend to exercise its powers and that Credit Suisse Asset Management, appearing for the noteholders, did not oppose them. The judgment was issued under GCMC's case number, CR-2021-000436, while GCUK's own administration is registered as High Court case 000435 of 2021. On 4 September 2026 the High Court extended both administrations to 7 September 2028; the administrators intend to end them by conversion to creditors' voluntary liquidations.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-052", "src-029", "src-015" ], "entity_ids": [ "gcuk", "gcmc", "lex-greensill", "alastair-eadie" ] }, { "id": "display-claim-a730c96955e88525ae2a27ac", "kind": "analysis", "text": "GCUK's 2019 annual report sets out its directors' roles in the wider group. It describes Lex (Alexander) Greensill as co-founder and CEO of the Greensill Group, who before starting Greensill was Managing Director and Head of Supply Chain Finance for Europe, Middle East and Africa at Citibank and established Morgan Stanley's global supply chain finance business; the report also states that Lex Greensill is a solicitor of the Supreme Court of England and Wales and of the Supreme Court of Queensland and was awarded the CBE for services to the UK economy in 2017. The Financial Conduct Authority likewise referred to Lex Greensill as CEO of Greensill in a letter of 4 May 2021 to Mel Stride MP, reporting two formal meetings between FCA staff and Lex Greensill: on 12 September 2019, a discussion of Greensill's activities in the UK held at Greensill's request, and on 9 December 2020, as part of the evidence gathering for the Woolard Review into the future of unsecured credit.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018", "src-016" ], "entity_ids": [ "lex-greensill", "gcuk" ] }, { "id": "display-claim-fc6bd2f3086a8460104ef734", "kind": "analysis", "text": "The same report describes William (Bill) Crothers as Vice Chairman Public Sector and a member of the Group Audit Committee, who was a senior civil servant for eight years, most recently the UK Government's Chief Commercial Officer, founded and chaired the Crown Commercial Service as its first executive chairman, and earlier spent 21 years at Accenture. Neil Garrod was the Greensill Group's Chief Financial Officer, having previously spent 18 years at Vodafone, 10 of them as Global Group Treasurer. Sean Robson-Hanafin was President of the Greensill Group, previously Head of Corporate Banking for UK and Europe at Standard Chartered, with 14 years at Citigroup as a Managing Director and service as a Senior Advisor to the UK Government's Cabinet Office on capital markets and corporate finance.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018" ], "entity_ids": [ "bill-crothers", "gcuk", "neil-garrod", "sean-hanafin", "standard-chartered" ] }, { "id": "display-claim-e6ec2155f097e81f32ecd3fc", "kind": "analysis", "text": "Alastair (Al) Eadie is described as Group Finance Director, with over 30 years' experience in roles at MSCI, Aviva, UBS, EY and Accenture, and as a fellow chartered accountant and qualified treasurer. Bartholomeus (Bart) Ras was UK Managing Director of the Greensill Group and Global Head of its Innovation and Incubator team, having earlier been CFO of Philips Supply Management and Purchasing, EMEA Head of Supply Chain Finance at Citi and Global Head of Business Development for HSBC Global Trade and Receivable Finance. Two other officers' group roles appear in the High Court's judgment in [2025] EWHC 2631 (Ch). It describes Divya Eapen as the Chief Risk Officer of the Greensill Group at the time of a video meeting on 27 January 2021 with the Chief Risk Officer of SBIA, the manager of the SoftBank Vision Funds, and Jonathan Lane as the group's senior internal lawyer, recording that on 14 October 2020 Lex Greensill forwarded internally to Jonathan Lane, among others, the proposal under which SoftBank Group would buy the outstanding Katerra notes.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018", "src-035" ], "entity_ids": [ "alastair-eadie", "gcuk", "bart-ras", "divya-eapen", "svf1", "svf2", "jonathan-lane", "lex-greensill", "softbank", "katerra" ] }, { "id": "display-claim-320630c4c2e0c2050d9574d5", "kind": "analysis", "text": "Two chairman titles appear outside GCUK's register of officers. The Financial Conduct Authority's letter of 4 May 2021 described Maurice Thompson as Chair of Greensill and reported an unplanned meeting with Maurice Thompson in February 2020 at which Greensill's employer salary advance scheme was briefly discussed; the letter does not say which Greensill company Maurice Thompson chaired, and Companies House records Maurice Thompson's directorship of GCUK as having ended on 22 January 2018. A company-data aggregator's executive profile, citing the team page of the Greensill website as captured in 2019, describes John Gorman as a co-founder and \"Chairman Emeritus\" of Greensill and an entrepreneur in real estate, financial services, manufacturing and agriculture, and attaches the title to GCUK. That description rests only on the aggregator's copy of the former website. John Gorman does not appear among the 20 officers of GCUK in the Companies House register, so the title was not a registered office of that company, and the record does not show which Greensill entity, if any, John Gorman held a position in.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-016", "src-003", "src-087", "src-078" ], "entity_ids": [ "maurice-thompson", "gcuk", "john-gorman" ] }, { "id": "display-claim-417d8dcc503f71183609656a", "kind": "analysis", "text": "Many of GCUK's officers also held office in other Greensill companies. Companies House lists as directors of Greensill Capital Management Company (UK) Limited (GCMC) Alexander David Greensill (19 April 2012 to 17 June 2026), Peter Edward Greensill (19 April 2012 to 24 January 2021), Jason Richard Alexander Austin (19 April 2012 to 21 June 2019) and Alastair Kenneth Eadie (21 June 2019 to 21 April 2021). The joint administrators' proposals list Lex Greensill, Jonathan Lane and Alastair Eadie as GCMC's directors and officers, none of them holding shares, in the administration that began on 8 March 2021 (High Court, 000436 of 2021). The officers of Greensill Limited were Lex Greensill (3 May 2018 to 17 June 2026), Jason Austin (3 May 2018 to 24 June 2019) and Alastair Eadie (24 June 2019 to 2 March 2021) as directors, and Jonathan Lane (3 May 2018 to 23 June 2021) and Hayley Louise James (from 23 June 2021, listed as active) as company secretaries.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-010", "src-014", "src-026", "src-019", "src-029", "src-040" ], "entity_ids": [ "gcmc", "lex-greensill", "peter-greensill", "jason-austin", "alastair-eadie", "jonathan-lane", "greensill-limited", "hayley-james" ] }, { "id": "display-claim-85abf81abcf810aafd1a331b", "kind": "analysis", "text": "Lex Greensill was a director of Greensill Capital Trading Limited from 17 October 2014, of Laufer Limited from 17 October 2016 and of Greensill Capital Investments Limited from 21 November 2016, in each case with no resignation recorded before the company was dissolved. Jason Austin was a director of all three from the same dates to 24 June 2019; Peter Greensill was a director of Greensill Capital Trading Limited from 27 November 2014 to 24 January 2021, and Alastair Eadie of Laufer Limited and Greensill Capital Investments Limited from 24 June 2019 to 2 March 2021. Lex Greensill and Alastair Eadie were the directors of Greensill Trading Limited from 22 November 2019, Greensill Trading 2 Limited from 9 December 2019, Greensill Trading 3 Limited from 16 December 2019 and Greensill Trading 4 Limited from 20 December 2019. Alastair Eadie resigned from all four on 2 March 2021, while no resignation is recorded for Lex Greensill before the companies were dissolved; Jonathan Lane was company secretary of Greensill Trading Limited from 22 November 2019 to 23 September 2021.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-010", "src-026", "src-014", "src-019", "src-059" ], "entity_ids": [ "gc-trading", "lex-greensill", "jason-austin", "peter-greensill", "laufer", "alastair-eadie", "gc-investments", "greensill-trading", "greensill-trading-2", "greensill-trading-3", "greensill-trading-4", "jonathan-lane" ] }, { "id": "display-claim-16a2f0fddc2ecd99b0638c12", "kind": "analysis", "text": "The directors of Earnd (UK) Limited were Neil Garrod (30 October 2019 to 4 March 2021), William Crothers (17 April 2020 to 4 February 2021), Sean Robson-Hanafin (17 April 2020 to 20 December 2020) and Alastair Eadie (17 April 2020 to 4 March 2021), followed by Lex Greensill from 4 March 2021, with no resignation recorded before the company was dissolved. Greensill Global Trading Limited had Alastair Eadie (18 June 2020 to 26 April 2021) and Sean Robson-Hanafin (18 June 2020 to 20 December 2020) as directors and then Lex Greensill from 26 April 2021, again with no resignation recorded before dissolution. At Greensill Capital Securities Limited, Companies House records Lex Greensill as a director from 18 May 2015 to 9 April 2018 and again from 2 December 2019, Wasif Islam Raza from 9 April 2018 to 8 October 2020 and Neil Garrod from 2 December 2019 to 1 April 2022, with Hayley James as company secretary from 25 September 2020 to 29 September 2021. A company-data aggregator's summary of Companies House filings also records Ludwig Clemens Herbert Sels as appointed a director together with Wasif Raza on 9 April 2018, when Lex Greensill ceased to be a director, and as no longer a director from 29 January 2021. No Companies House officer page for Ludwig Sels is in the record and the aggregator's dates may be filing dates rather than effective dates, although Companies House itself confirms that Wasif Raza was appointed and Lex Greensill resigned on 9 April 2018.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-010", "src-022", "src-021", "src-020", "src-019", "src-085", "src-063", "src-086" ], "entity_ids": [ "earnd-uk", "neil-garrod", "bill-crothers", "sean-hanafin", "alastair-eadie", "lex-greensill", "greensill-global-trading", "gcsl", "wasif-raza", "hayley-james", "ludwig-sels" ] }, { "id": "display-claim-806fcf25a876a77fb3644585", "kind": "analysis", "text": "For the German companies, the management records come from company-data aggregators' summaries of commercial-register publications; the register entries themselves are not in the record, and the dates are those of publication. According to those summaries, Alexander Greensill and Danyon Mayall Lloyd were managing directors of Greensill GmbH from its registration on 28 March 2019; a publication of 16 March 2021 records that Danyon Lloyd was no longer a managing director, and one of 26 May 2023 records the liquidation of the company, Simon Slobbe as liquidator and that Alexander Greensill was no longer a managing director. For Greensill Bank AG (Amtsgericht Bremen, HRB 4088), an aggregator's copy of a register announcement of 5 August 2020 records that Danyon Lloyd and one other member left the bank's management board (Vorstand) and that Ann-Christin Rebekka Rathjen and Ingo Schwartz were entered as management board members, each also holding Prokura (a registered commercial power of attorney). The aggregator copies show the Bremen entry under the name ARIMA Beteiligungs GmbH, a name the record does not explain, and a second aggregator dates the corresponding publication 6 August 2020.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-036", "src-037", "src-120" ], "entity_ids": [ "greensill-gmbh", "lex-greensill", "danyon-lloyd", "simon-slobbe", "greensill-bank", "ann-christin-rathjen", "ingo-schwartz" ] }, { "id": "display-claim-fc6ab8e1799e56b30b0d3ddc", "kind": "analysis", "text": "An aggregator's copy of a register announcement of 26 April 2021 for the same Bremen entry records that Markus Antonius Nünnerich and Ann-Christin Rathjen left the management board of Greensill Bank AG. The same aggregator's profile lists Ann-Christin Rathjen as holder of Prokura at the bank from 14 May 2018 to 4 August 2020 and again from 27 April 2021, and as a management board member from 5 August 2020 to 26 April 2021; the profile lists the periods without labelling each one, and this pairing of periods with roles follows the announcements of 5 August 2020 and 26 April 2021. Other roles at the bank appear in the Commercial Court's judgment [2024] EWHC 3068 (Comm), which considered whether GCUK had authority to bind Greensill Bank AG to the letters of engagement, addressed to GCUK and signed by a GCUK officer, under which Marsh Ltd provided insurance broking from 2014. The court held that Marsh had not shown to a high degree of probability that GCUK had actual or ostensible authority to bind the bank, or that the bank ratified the letters, and found the involvement of the bank's 2014 chief executive Danyon Lloyd, of Group General Counsel Jonathan Lane, who was not an officer of the bank, and of Jason Austin, described as a co-founder of the Greensill business, a GCUK director and a member of the bank's supervisory board without executive powers, insufficient to infer that authority; without making a finding of fact at that interim stage, it considered that GCUK more likely than not lacked it.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-123", "src-041" ], "entity_ids": [ "greensill-bank", "markus-nuennerich", "ann-christin-rathjen", "marsh", "gcuk", "danyon-lloyd", "jonathan-lane", "jason-austin" ] }, { "id": "display-claim-a5f845c9fc35652be63de57c", "kind": "analysis", "text": "The Companies House appointments record of Alexander David Greensill lists 15 appointments. Apart from a directorship of Shotwick Park Estate Limited (14009366), held from 29 March 2022 to 5 June 2026, all of them are in Greensill group companies, including two separate directorships of Greensill Capital Securities Limited. The register of persons with significant control of Shotwick Park Estate Limited shows Lex Greensill over the same period with 75% or more of the shares and voting rights and the right to appoint or remove directors. On 5 June 2026 Peter Edward Greensill was entered with the same controls and removed the same day, and Lex Greensill was entered again with 75% or more of the shares, more than 25% but not more than 50% of the voting rights and the right to appoint or remove directors. A second Companies House officer record for Peter Edward Greensill, with identifying details matching the former director of GCUK, lists one appointment: director of Cultivar International UK Limited (13901285) since 8 February 2022.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-010", "src-100", "src-060" ], "entity_ids": [ "lex-greensill", "shotwick-park", "gcsl", "peter-greensill", "cultivar-uk", "gcuk" ] }, { "id": "display-claim-1834aacfc04106f9defa5c87", "kind": "analysis", "text": "Sean Robson-Hanafin has been a director of Silver Birch Finance Limited (13362558) since 28 April 2021 and of other Silver Birch companies, including Silver Birch Finance Holdings Limited (15 to 29 April 2021 and again since 31 July 2024), Silver Birch Trading Holdings Limited (since 20 July 2022) and Silver Birch Technology Limited (since 25 April 2025). A press report (May 2021), based on unnamed sources before the launch, said that Silver Birch Finance, a new trade finance venture co-founded by Sean Hanafin and joined by other former Greensill colleagues, was about to launch with its infrastructure funded by seed capital from partners at TDR Capital, and described Sean Hanafin as having worked for 18 months at Greensill, most recently as president and global head of origination for multinational corporates. The same report said that a spokesperson for Silver Birch Finance confirmed it would announce its launch that week, and that people close to the firm said it would not provide supply chain finance of the kind offered by Greensill Capital, its model being based on receivables and inventory finance rather than payables. The registry records show neither the founders and their roles nor the funding. A trade-press report (May 2025) said that Silver Birch, a working capital structuring and advisory firm led by chief executive Sean Hanafin and backed by partners at TDR Capital, had acquired the trade finance technology company Tradeteq, and that Silver Birch said the deal raised its outstanding working capital volumes by 50% to US$1.5bn. The acquisition terms and the volume figure are the company's statements as reported by the press, with no transaction document in the record; Companies House records Sean Robson-Hanafin as a director of Tradeteq Ltd (10234056) and of Tradeteq (Advisors) Ltd (09837868) since 8 May 2025.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-022", "src-047", "src-048" ], "entity_ids": [ "sean-hanafin", "silver-birch-finance", "tradeteq" ] }, { "id": "display-claim-2d6dfd7f9472bce2c7af9ebf", "kind": "analysis", "text": "Alastair Eadie has been a director of Fractus CFO Ltd (16828244) since 3 November 2025 and, from the same date, its person with significant control with 75% or more of the shares and voting rights and the right to appoint or remove directors. A company-data aggregator's executive profile lists Bartholomeus Ras as a former Managing Director, Working Capital Finance, EMEA, of Pemberton Capital Advisors LLP; the profile gives no dates and is not confirmed by a register record or company statement, so when the role was held relative to the directorship of GCUK is not stated. Maurice Thompson was a director of Caversham Finance Limited (00785922) from 1 November 2014 to 2 June 2018. Caversham Finance entered administration in March 2020, with Chris Laverty, Trevor O'Sullivan and Helen Dale of Grant Thornton appointed as joint administrators, when it owed GCUK £30.8 million; the debt was repaid in full in July and August 2020 from asset realisations, and GCUK's administrators recorded that there were no further connections between Caversham and GCUK.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-111", "src-019", "src-078", "src-003", "src-025", "src-029" ], "entity_ids": [ "alastair-eadie", "fractus-cfo", "bart-ras", "pemberton", "gcuk", "maurice-thompson", "caversham-finance", "chris-laverty", "trevor-osullivan", "grant-thornton-uk" ] }, { "id": "display-claim-ca5298c5c2f5a81d59efbbcd", "kind": "analysis", "text": "On 5 March 2021 Credit Suisse appointed Geoffrey Paul Rowley and Anthony John Wright of FRP Advisory Trading Limited as receivers (office-holders appointed by a secured creditor to deal with the assets charged to it) of a charged account and receivables of GCUK. Geoffrey Rowley is recorded at Companies House as a director of FRP Advisory Group plc and FRP Advisory Trading Limited since 14 November 2019 and as a designated member of FRP Advisory Services LLP since 9 December 2019. Three days later, on 8 March 2021, Christine Laverty, Trevor O'Sullivan and William Stagg of Grant Thornton UK LLP were appointed joint administrators of GCUK and GCMC; in a letter of 9 July 2021 to the House of Commons Treasury Committee they stated that they were not administrators or liquidators of the Australian parent, Greensill Capital Pty Limited, which is under the control of different insolvency practitioners. Christine Mary Laverty is recorded at Companies House as a member of Grant Thornton UK LLP from 1 February 2019 to 15 April 2025 and as a member of Grant Thornton UK Advisory & Tax LLP since 14 April 2025.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029", "src-058", "src-004", "src-075" ], "entity_ids": [ "geoffrey-rowley", "anthony-wright", "frp-advisory-trading", "credit-suisse", "gcuk", "chris-laverty", "trevor-osullivan", "will-stagg", "grant-thornton-uk", "gcmc", "gcpty", "grant-thornton-advisory" ] }, { "id": "display-claim-89d40137b5505b9b95afd0ce", "kind": "analysis", "text": "Greensill Capital (UK) Limited (GCUK) financed trade receivables, the amounts that buyers owe for goods and services. In [2026] EWHC 639 (Ch), a judgment of 18 March 2026, the High Court described its business as extending credit at a discount to customers in return for the assignment of receivables owed by the customers' debtors (accounts receivable financing), and extending discounted credit under supply chain financing, that is, advances that let a customer pay unpaid invoices from its own suppliers. The Commercial Court in [2024] EWHC 3068 (Comm) likewise described GCUK's business as including supply chain financing of a customer's payables and accounts receivable financing in which GCUK purchased receivables. According to the joint administrators' statement of proposals, GCUK was the group's main trading entity: it arranged supply chain finance and other working capital financing, used bespoke IT platforms to buy working capital and supply chain receivables, and sold the receivables, or notes backed by them, generally within 24 hours to financial institutions, specialist funds and Greensill Bank AG. In direct assignments the receivables were sold outright; for note issues they were transferred to insolvency-remote special purpose vehicles, companies set up so that they are not affected by the insolvency of the originator, which issued notes secured on them. GCUK also offered accounts receivable financing, instalment payment agreements and purchases of portfolios of supplier irrevocable payment undertakings.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-005", "src-041", "src-029" ], "entity_ids": [ "gcuk", "greensill-bank" ] }, { "id": "display-claim-27eb75b0409d0a4ccc8cb58a", "kind": "analysis", "text": "The administrators' proposals, whose diagram the Treasury Committee reproduced in its report of 20 July 2021, set out the cycle of a transaction. A supplier invoiced its customer, the obligor (the party that owes the payment); GCUK agreed to pay the invoice to the supplier at a discount to its face value; receivables of buyers below investment grade were sold with the benefit of insurance; the assets were sold to investors by direct assignment or as notes backed by the receivables; and GCUK paid the supplier out of the sale proceeds. At maturity the obligor paid GCUK the face value and GCUK repaid the investors, the difference between the discounted price and the face value being profit shared between GCUK and the investor. Ten software items developed for or on behalf of GCUK are listed in a revised intellectual property assignment agreement filed on 22 October 2021 in the US bankruptcy case of Greensill Capital Inc. under Chapter 11 of the Bankruptcy Code (21-10561 (MEW), Southern District of New York), under which Greensill Capital Inc. was to assign them to GCUK: the Accounts Receivable Module, the Greensill Payments Engine, the New Core System that packaged assets into investor offers and placed them, the Greensill Trading Module for offer and acceptance, a Client File Converter, an Allocation Tool, a Decision Engine, Shared Services, Verdi and Greensill Finance SAP. The Decision Engine, a Python script, recommended which obligors' assets could be sold to which investor, for example Airbus assets to Greensill Bank or Credit Suisse, using current exposure and headroom under insurance, investor and concentration limits.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029", "src-031", "src-062" ], "entity_ids": [ "gcuk", "greensill-inc", "greensill-bank", "credit-suisse" ] }, { "id": "display-claim-adbd3e801777ee1286ead841", "kind": "analysis", "text": "The High Court in [2026] EWHC 639 (Ch) described GCUK as funded partly by advances from Greensill Bank AG, a German company that was another subsidiary of Greensill Capital Pty Limited, and partly by securitisation: the receivables and their related rights were assigned to a Luxembourg note-issuing securitisation vehicle, and the notes were bought by third-party investors, many of whom invested through Credit Suisse Virtuoso SICAV-SIF and its sub-fund managed by Credit Suisse Asset Management (Switzerland) AG. The Treasury Committee's report 'Lessons from Greensill Capital', published on 20 July 2021, records that the Bank of England described Greensill's funding model as 'complex' and as having 'non-standard features'. According to the report, Greensill, unlike most other UK providers, funded its operations mainly from outside investors: it issued secured commercial paper through a special purpose vehicle registered in Luxembourg, packaging invoices into notes bought by its investors, for example a fund managed by Credit Suisse, while others were bought by Greensill Bank, and its reliance on investor funding made it vulnerable to a contraction in that funding. Those descriptions and the assessment of vulnerability are the Bank of England's characterisations in written evidence as reported by the Committee, not findings of a court, and they concern Greensill as a group rather than GCUK alone. The report also quotes a paper Greensill shared with the Bank of England, in which Greensill described itself as the first to take a traditionally bank-only product and open it up to the capital markets.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-005", "src-031" ], "entity_ids": [ "gcuk", "greensill-bank", "gcpty", "cs-virtuoso", "csam", "credit-suisse" ] }, { "id": "display-claim-187fa42cfe62325e52e96792", "kind": "analysis", "text": "To issue securitised notes, GCUK entered into agreements with Hoffman S.à r.l., a Luxembourg private limited company, as note issuer: the company that issued notes to investors and to which GCUK assigned the underlying payment rights. According to the High Court in [2025] EWHC 2631 (Ch), GCUK, Hoffman and Citibank N.A., London Branch, as note trustee (the party holding the noteholders' rights on their behalf), signed a Master Assignment Agreement on 21 December 2017, an umbrella agreement setting the terms on which GCUK could sell and assign to Hoffman its rights in Payment Obligations and related Additional Rights, while Hoffman, as issuer, was party with Citibank to a Master Trust Deed originally dated 13 October 2017 and supplemented on 21 December 2017, which governed the issue of notes under the Hoffman Note Programme. The same judgment describes one programme made under these documents. In the Fairymead multi-obligor programme that financed the Katerra group, GCUK originated the notes to fund the obligations under the Participation Agreement and the Receivables Purchase Agreement; Greensill Limited granted GCUK security for its obligations by a Security Agreement dated 19 December 2019, and on the same day GCUK notified Hoffman of a 'PBB Product Schedule' made under the Master Assignment Agreement, whose product code PBB was used in Offer Files from at least 14 September 2020 and in each relevant Offer File for the Fairymead Notes. GLAS Trust Corporation Limited, a professional trustee company, was appointed note trustee for the Fairymead Notes on 28 February 2023, replacing Citibank, which had acted as note trustee since the first issue of those notes in December 2019; GLAS was the second claimant in that case.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "gcuk", "hoffman", "citibank-london", "greensill-limited", "katerra", "glas" ] }, { "id": "display-claim-5a5bae413056627bc3b18793", "kind": "analysis", "text": "The Financial Conduct Authority's letter of 4 May 2021 to the Treasury Committee described two fund ranges. Credit Suisse Asset Management operated four supply chain finance sub-funds through fund vehicles in Luxembourg and Liechtenstein, which were qualified-investor alternative investment funds not open to retail investors and were supervised, with their management companies, by the Luxembourg CSSF and the Liechtenstein FMA; portfolio management for all of them was performed by Credit Suisse Asset Management (Switzerland) AG under FINMA supervision, and the FCA-regulated CSAM Limited and Credit Suisse UK Limited marketed and distributed them to UK investors. Until mid-2018 the Swiss GAM AG Group operated sub-funds of its Absolute Return Bond Fund range, Luxembourg alternative investment funds supervised by the CSSF with portfolio management by the FCA-authorised GAM Investment Management Limited, which invested among other things in Greensill supply chain finance assets and included sub-funds named 'GAM Greensill Supply Chain Finance Funds'; on 2 March 2021 GAM announced the liquidation of the last remaining GAM Greensill Supply Chain Finance Fund, which then held $842m in assets.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-016" ], "entity_ids": [ "csam", "gam-im" ] }, { "id": "display-claim-bfefee9c1c2d9e1b2059a4e6", "kind": "analysis", "text": "According to the same letter, the notes were placed by a GCUK subsidiary. Greensill Capital Securities Limited (GCSL), part of the GCUK group, arranged and distributed Greensill's loan notes to institutional investors, while the structuring of the notes and the provision of supply chain finance were carried out by GCUK. From 10 August 2017 GCSL was an appointed representative (a firm acting under the responsibility of an authorised principal) of the FCA-authorised Mirabella Advisers LLP, until Mirabella terminated that status on 5 March 2021; the FCA noted that originating a supply chain finance instrument is not a regulated activity. On 15 December 2025 the FCA announced that it had closed the investigation, opened on 4 May 2021, into Mirabella's oversight of GCSL as its appointed representative, having identified no breaches by Mirabella requiring further action. GCSL was not among the firms the FCA supervised under the Money Laundering Regulations, but GCUK, as an Annex 1 firm under those regulations, was required to ensure that its subsidiary applied the relevant anti-money-laundering policies, controls and procedures to the extent that it did business subject to the regulations. The FCA also stated that certain Greensill securities, whose structuring was carried out by GCUK, were classed as 'officially listed' because they were listed on multilateral trading facilities in the European Economic Area, which allowed them to be distributed to UK investors without being subject to the UK listing regime and its FCA scrutiny; it added that such venues might not have sought recognition as Recognised Overseas Investment Exchanges and cited the case as an example of regulatory arbitrage.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-016", "src-046" ], "entity_ids": [ "gcsl", "gcuk", "mirabella" ] }, { "id": "display-claim-3112207b8d66e0e71dead8ac", "kind": "analysis", "text": "Although most originated assets left GCUK's balance sheet, GCUK kept part of the risk. In the strategic report for 2019 it stated that it originated assets mainly for distribution to third parties or other group companies, that default risk on certain of them was mitigated by credit insurance on which the company took a first loss, meaning that the first part of a loss fell on GCUK rather than on the insurer, and that it was therefore indirectly exposed to default risk on the originated assets although they were mostly not held on its balance sheet. Among its key risks it also listed concentration on certain customers, key employees and suppliers after significant revenue growth over the previous two years. Note 28 to the 2019 accounts states that GCUK used bankruptcy-remote structured entities, which it sponsored but did not consolidate, to distribute assets to investors: financial assets with a carrying amount of $38.4bn (2018: $28.0bn) were transferred to them during 2019 at a total discount of $495m (2018: $290m), and GCUK covered their administrative expenses of $4,084,000 (2018: $4,965,000). GCUK derecognised the transferred assets (removed them from its balance sheet) but sometimes kept a small interest through first losses under insurance policies, credit default swaps or loss-absorption mechanisms required by the end investors, and kept similar first losses on assets transferred directly to Greensill Bank AG. The note put the maximum exposure to loss from the first losses under the insurance policies at $1,036m (2018: $428m) and the expected credit losses on that exposure at $59.3m (2018: $16.6m).", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018" ], "entity_ids": [ "gcuk", "greensill-bank" ] }, { "id": "display-claim-77b2c517def87e48c5cca24c", "kind": "analysis", "text": "In [2024] EWHC 3068 (Comm), a judgment of 3 December 2024, the Commercial Court described Greensill's trade credit insurance, which protects against buyers failing to pay, as a parallel policy structure: for each insured risk a 'master' policy named GCUK as insured and a 'parallel' policy named Greensill Bank AG. GCUK acted as servicer for the bank, originating the financings, arranging and paying for the cover and making disclosures and representations to insurers; it paid the substantive premium, the bank's policy requiring only a nominal $1, and was responsible for paying back to the insurer a sum equal to any deductible on a claim, the bank's policy having no deductible. The service level agreements between GCUK and Greensill Bank AG, quoted in the same judgment, described their working relationship as a long-term business partnership concerned mainly with the bank's refinancing of the supply chain finance business that GCUK acquired with commercial customers, with GCUK providing 'trust holdings' to the bank, and stated an 'at-arms-length principle' under which the two could operate as separate businesses that 'are not a group of companies'.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-041" ], "entity_ids": [ "gcuk", "greensill-bank" ] }, { "id": "display-claim-669b9818f86f986efb5fa868", "kind": "analysis", "text": "From 2014 Marsh Ltd provided insurance broking and other services to GCUK and Greensill Bank AG under a series of Letters of Engagement addressed to GCUK and signed by a GCUK officer, and most of Marsh's communications and instructions on both the master and the parallel policies were with GCUK, according to the Commercial Court in [2024] EWHC 3068 (Comm); the incorporated Terms of Engagement capped Marsh's liability for broking services at £7.5 million, later raised to £10 million, and gave the English courts exclusive jurisdiction over disputes. An 'insurance disclosure pack' that GCUK gave Marsh in September 2020, quoted in the same judgment, described GCUK as predominantly the originator of the assets to be insured and the party holding the relationship with Marsh and the insurers, and described Greensill Bank AG, together with other parties taking the benefit of the bank's insurances as loss payees, as an investor provided with the insurance that GCUK arranged through Marsh. For the Credit Suisse funds, Credit Suisse Asset Management's investor Q&A of 15 December 2022 states that insurance for the notes was generally bought as described in the fund documents, with the fund named as loss payee (the party to whom claims are paid) on policies under which Greensill entities such as Greensill Bank AG were the insured. The insurance was meant to cover both purchases of existing receivables and suppliers' undertakings relating to future services or deliveries, and claims had to be submitted by the policyholder, Greensill Bank. At 26 February 2021 insurance had been bought for all obligors and note programmes of the Credit Suisse (Lux) Supply Chain Finance Fund, for more than one-third of the notes of the Credit Suisse Nova (Lux) Supply Chain Finance High Income Fund and, in the two investment grade funds, for obligors rated A- or lower.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-041", "src-033" ], "entity_ids": [ "marsh", "gcuk", "greensill-bank", "csam", "cs-lux-scf" ] }, { "id": "display-claim-faa93c19739107b859902ec1", "kind": "analysis", "text": "Figures that Lex Greensill gave the Treasury Committee, reproduced in its report of 20 July 2021, put Greensill's total asset flow at $27,263m in 2018, $143,039m in 2019 and $142,937m in 2020, of which future receivables were $470m (2%), $10,615m (7%) and $15,401m (11%). Greensill Bank bought 6%, 7% and 11% of the total flow in those years, but 0% of the future receivables in 2018 and 73% in both 2019 and 2020; the Committee noted that as future receivables grew, Greensill switched from selling them mainly to other investors to selling them mainly to Greensill Bank. The figures were supplied by Lex Greensill, cover Greensill as a whole rather than GCUK alone, and are not independently checked in the record; the copy of Lex Greensill's written evidence shows 87% instead of the report's 89% for the 2020 share of the total flow sold to other investors, the report's figure being consistent with the 11% sold to Greensill Bank. In that written evidence, dated 22 June 2021, Lex Greensill said that the term 'prospective receivables', which Sanjeev Gupta had used in a letter of 7 April 2021 for Greensill's arrangements with its clients, including some GFG Alliance companies, was unknown to Greensill Capital and appeared in no client or investor documentation, and that Greensill Capital offered 'future receivables' programmes whose nature was fully disclosed to investors. That account was not tested in any proceedings in the record. The Committee reported that Mr Greensill declined to explain precisely what 'future receivables' were or how they differed from Mr Gupta's description, said it was 'left in some doubt' about how they operated, and considered that prospective receivables as Mr Gupta described them would appear to be a significantly riskier form of lending than traditional supply chain finance.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-031", "src-080" ], "entity_ids": [ "lex-greensill", "greensill-bank", "sanjeev-gupta", "gfg" ] }, { "id": "display-claim-9c4c9612897c25fa70cedbc7", "kind": "analysis", "text": "Greensill companies also took roles in financing programmes run by others. By a Fourth Omnibus Amendment dated 2 January 2018, filed as Exhibit 10.31 with the US Securities and Exchange Commission, Greensill Capital Inc. assigned to its affiliate GCUK its role as Purchaser Agent under the Amended and Restated Receivables Purchase Agreement of 22 November 2016, a receivables programme in which Wise Alloys Funding II LLC sold receivables, serviced by Wise Alloys LLC, to Hitachi Capital America Corp. and Intesa Sanpaolo S.p.A., New York Branch, with Constellium Holdco II B.V. as parent. The amendment raised the Facility Amount under the related Receivables Sale Agreement from USD 325,000,000 to USD 375,000,000 and Intesa's commitment from $125,000,000 to $175,000,000, extended the purchase termination date from 24 January 2018 to 24 January 2020, and was signed for both Greensill companies by Jonathan Lane as General Counsel. The Treasury Committee's report of 20 July 2021 states that Greensill provided the financing for the Pharmacy Early Payment Scheme, which let pharmacies receive funding earlier than under the standard government payment schedule. The Chancellor's evidence quoted in the report says the scheme was introduced by the Department of Health and Social Care in 2013 and delivered by Citibank, and that in 2018 Taulia replaced Citibank as provider under a contract with the NHS Business Services Authority made through a Crown Commercial Service framework and contracted Greensill to provide the financing, HM Treasury having no record of involvement in that process.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-043", "src-031" ], "entity_ids": [ "gcuk", "greensill-inc", "jonathan-lane", "taulia" ] }, { "id": "display-claim-07177d037c144cd807eacb0c", "kind": "analysis", "text": "Supply chain finance is a form of short-term funding in which a financier pays a company's suppliers early and collects payment from the company later. Credit Suisse Asset Management's investor Q&A of 15 December 2022 identifies four Credit Suisse supply chain finance funds and gives their net asset values (NAV) at 26 February 2021: the Credit Suisse (Lux) Supply Chain Finance Fund, USD 7,253 mn; the Credit Suisse Nova (Lux) Supply Chain Finance High Income Fund, USD 1,834 mn; the Credit Suisse Nova (Lux) Supply Chain Finance Investment Grade Fund, USD 260 mn; and the Liechtenstein-domiciled Credit Suisse Supply Chain Finance Investment Grade Fund, USD 669 mn, a total of USD 10,016 mn. The largest of the four by net asset value, the Credit Suisse (Lux) Supply Chain Finance Fund (the Lux fund), is a sub-fund of Credit Suisse Virtuoso SICAV-SIF, a Luxembourg investment company with an umbrella structure of sub-funds holding segregated assets and liabilities. According to the High Court in [2025] EWHC 2631 (Ch), the Lux fund's alternative investment fund manager was originally Credit Suisse Fund Management, which delegated portfolio management to Credit Suisse Asset Management (Schweiz) AG, and the fund held the beneficial interests in the Fairymead Notes, debt securities which had a principal face value of $439,999,710.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-033", "src-035" ], "entity_ids": [ "csam", "cs-lux-scf", "cs-virtuoso" ] }, { "id": "display-claim-40dfdbd2fa586af0a936ed8a", "kind": "analysis", "text": "The portfolio manager, Credit Suisse Asset Management (Schweiz) AG, dates from 2017. A press report (March 2017) of a Credit Suisse announcement said that Credit Suisse AG was transferring its Swiss asset management business to this new legal entity, which, subject to approval by FINMA, the Swiss financial market supervisor, would start operating at the end of March 2017 under its own licence as a manager of collective investment schemes, as part of a new holding structure jointly owned by Credit Suisse (Schweiz) AG and Credit Suisse AG; Michel Degen was named its chief executive, remaining under Eric Varvel as global head of asset management. The Swiss commercial register entry itself is not in the record; the company's record with GLEIF, the global register of legal entity identifiers (LEIs), gives February 2017 as its creation date. The company was deregistered in August 2024, when UBS Asset Management Switzerland AG succeeded to it, as the High Court recorded. The uncontentious facts recorded in [2025] EWHC 2631 (Ch) give the reporting line for 2019 to 2021: Eric Varvel was Credit Suisse's Global Head of Asset Management between late 2019 and mid-2021, Michel Degen, head of the Swiss and EMEA asset management divisions, reported to Varvel, and Degen's team included Luc Mathys, head of fixed income asset management, and Lukas Haas, a portfolio manager at Credit Suisse Asset Management.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-121", "src-113", "src-035" ], "entity_ids": [ "credit-suisse", "csam" ] }, { "id": "display-claim-4f54db10e10dfb7ad75dd71d", "kind": "analysis", "text": "In evidence in [2025] EWHC 2631 (Ch), Lex Greensill described the Credit Suisse supply chain finance funds as the principal source of the Greensill group's liquidity, saying they had provided over $10 billion of funding; that description and figure are Lex Greensill's evidence, not findings of the court. The court did find that Lex Greensill thought, at the time of Katerra's financial difficulties around October 2020, that a default on the Fairymead Notes would have been existential for Greensill. The judgment also records that on 24 March 2020, after the Covid-19 market decline had affected Greensill's liquidity, SoftBank Group Corp. invested $1.5 billion in the Lux fund. An internal SoftBank presentation gave the purpose as supporting the operations of Greensill Capital, whose supply chain deals the fund financed, and a side letter required the fund to acquire only notes from the Greensill group's supply chain finance programme while the investment lasted. The investment, agreed to run until 18 May 2020 and extended at the request of Greensill Capital Pty Limited, was fully redeemed and the side letter terminated by 16 July 2020. Credit Suisse's investment bank also worked on the group's capital raising: a Credit Suisse presentation of September 2020 addressed a potential initial public offering, the group engaged the bank's investment banking department for its fundraising, Credit Suisse attended the board meeting of Greensill Capital Pty Limited on 10 November 2020 to report on the debt and equity private placements, and documents showed the department hoped to earn $40-50 million in fees over the next 12-18 months. By December 2020 TDR Capital was the main prospective equity investor, with a $350M order subject to Lex Greensill personally investing $25M.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "lex-greensill", "credit-suisse", "katerra", "softbank", "cs-lux-scf", "gcpty" ] }, { "id": "display-claim-4159b07bc4e9d85ad90109bd", "kind": "analysis", "text": "Credit Suisse Asset Management agreed new concentration limits with the Greensill group in 2020; a concentration limit caps the share of a fund that may be exposed to one obligor (the party that owes payment), sponsor or programme. According to [2025] EWHC 2631 (Ch), on 3 July 2020 Lex Greensill, Adam Milenkovic, Chief Risk Officer of Credit Suisse's asset management division, and Luc Mathys signed an agreement limiting the Lux fund's exposure to multi-obligor programmes, note programmes backed by receivables (amounts owed for goods or services) from several obligors, to 5% by 31 December 2020, and its exposure to SoftBank Vision Fund-related companies to 7% in total and 3% per programme. On 22 July 2020 two Credit Suisse executives recorded that Lex Greensill was 'okay by year end' with bringing Vision Fund-backed companies down to 5%. Exchanges in December 2020, quoted in the judgment, concerned compliance with the limits. On 11 December a Greensill group employee told Lex Greensill that meeting the 3% per-programme and 5% overall SoftBank-sponsor limits required Katerra to be zeroed out, and Lex Greensill replied that Katerra should be excluded from the calculation because Credit Suisse had not reported it to the regulator as part of the exposure, it being a multi-obligor programme. On 21 December 2020 Lukas Haas of Credit Suisse Asset Management wrote that the 5% limit for single and multi-obligor programmes 'agreed between Lex and CS senior management earlier this year' had to be kept, with 'absolutly [sic] no room to deviate'.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "csam", "lex-greensill", "cs-lux-scf", "katerra" ] }, { "id": "display-claim-be34c02b0a2af70f039cd6d6", "kind": "analysis", "text": "On 31 December 2020 the Greensill group arranged a trade with Credit Suisse Virtuoso SICAV-SIF, the 'Secondary Trade', under which Greensill Capital (UK) Limited (GCUK), via Greensill Bank AG, was to buy all the outstanding Fairymead Notes, with a total notional value of $439,999,710, for settlement on 14 January 2021; the notes held by the Lux fund were due mainly on 15 March 2021, with the balance on 17 May 2021. It was common ground in [2025] EWHC 2631 (Ch) that the trade was cancelled on 7 January 2021, and internal Greensill and Credit Suisse confirmations of the cancellation followed on 11 and 12 January 2021. The court found that the Greensill group lacked the resources to perform the trade at any point up to the settlement date, and the Fairymead Notes all defaulted on maturity in March and May 2021. Credit Suisse executives and Lex Greensill gave different accounts of the exposure-reducing trades at the time. On 5 January 2021 Eric Varvel recorded in an internal email, quoted in the judgment, that Lex Greensill maintained that the trades bringing Credit Suisse's exposure down from 15% to 5% had been put in the market by Credit Suisse and then accepted by the Greensill team, that Lex Greensill claimed to have confirmed this with legal counsel, and that Lex Greensill continued to push for three more months. Michel Degen annotated the email 'THIS IS NOT TRUE', writing that the trades had been agreed and that Greensill's middle office had simply not instructed them, and told Lex Greensill directly that the trades had been agreed. In the judgment it was common ground that the Secondary Trade was entered into on 31 December 2020, and the court found on the evidence that Lex Greensill and Michel Degen had orally agreed it on 30 December 2020.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "gcuk", "greensill-bank", "cs-virtuoso", "cs-lux-scf", "lex-greensill", "credit-suisse" ] }, { "id": "display-claim-1ce8efae0582bd97fe547e00", "kind": "analysis", "text": "On 4 January 2021 Lex Greensill wrote to Eric Varvel that the funds' concentrations at 31 December 2020 exceeded the year-end targets for SoftBank Vision Fund companies and for GFG Alliance (GFG), and made proposals that Lex Greensill acknowledged were 'counter to the agreement struck in the summer of 2020': no further purchases from Vision Fund companies until the target was met, early repurchase of all Katerra notes when the Greensill equity raise closed, and GFG reductions matching a plan being agreed for Greensill Bank AG with BaFin, the German financial regulator, of $200mm in January 2021, $100mm by 31 March 2021 and $150mm by 30 June 2021. The email described all GFG assets as 100% insured and cited more than EUR700mm of government-guaranteed COVID loans for which GFG was eligible and an IPO of GFG's Australian subsidiary LibertyOneSteel. These are Lex Greensill's proposals and descriptions as quoted in the judgment, and the record does not establish that the stated insurance cover or refinancing sources existed as described. Eric Varvel replied the same day that the right approach was to complete the trades that had been confirmed, keeping both sides on-side with the Credit Suisse board and FINMA, and that breaking confirmed trades was not the right direction. After the Secondary Trade was cancelled on 7 January 2021, it was agreed instead that the remaining Fairymead Notes would be redeemed over a longer period, on terms that Michel Degen sent Lex Greensill that day, 'discussed and agreed with our CEO and EXB', to be confirmed before Credit Suisse informed FINMA of an extension of its new guidelines to 31 March 2021: the notes of the Katerra multi-obligor programme (438mn) were to mature on 15 or 31 March 2021 or be bought back by Greensill by 31 March 2021, with no roll-over of maturities before that date, and Vision Fund-related notes were to be at or below 5% of each supply chain finance fund by 31 March 2021; Lex Greensill replied the same evening 'We accept those terms'. Minutes of the board of Greensill Capital Pty Limited of the same day record Lex Greensill reporting wider conditions: because of the limits the fund was no longer buying GFG and SoftBank portfolio company assets, with a potential impact on GCUK's liquidity, and Credit Suisse had agreed to suspend its new rules until the end of March and resume buying GFG assets on condition of a $100m reduction in GFG assets by the end of January (an aggregate $200m reduction for January), a GFG seller concentration limit of 9% by the end of March and 5% by 30 June 2021, a $150m buy-back of SoftBank portfolio company assets when the equity raise closed, and a 12-month option for Credit Suisse to buy $150m of shares at the equity-raise valuation. Those conditions are as Lex Greensill reported them to the board; Credit Suisse's own email of that day, also quoted in the judgment, sets out only the Vision Fund and Katerra terms.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "lex-greensill", "credit-suisse", "gfg", "greensill-bank", "katerra", "gcpty", "gcuk" ] }, { "id": "display-claim-f3b375813d88970e3fda5090", "kind": "analysis", "text": "Credit Suisse's own note of a call with FINMA on 8 January 2021, quoted in the judgment, records that its head of risk Lara Warner and Eric Varvel informed FINMA that the concentration risk to SoftBank Vision Fund-sponsored papers had been reduced to 16% by year-end, missing the internal 5% target set by the Group CEO because Greensill had flagged very late that it needed more time; that no regulatory breach was associated with this internal guideline breach; and that Greensill had been told Credit Suisse would not renew its programmes and would run down the funds, targeting a run-off exposure of 7 per cent by mid-March. This is the bank's record of what it told the regulator; in its February 2023 conclusions FINMA found that the bank had made partly false and overly positive statements to it about the claims selection process and the funds' exposure to certain debtors. Later descriptions of Credit Suisse's position come from Lex Greensill's emails to SoftBank, also quoted in the judgment. On 29 January 2021 Lex Greensill told SoftBank executives that Credit Suisse had agreed to drop its 31 January reduction requirements for Vision Fund and GFG exposures and to raise the available GFG limit, freeing about $125mm of operating cash for Greensill, on the sole condition that View Glass notes of $270mm notional, covered by the SoftBank-Greensill credit default swap (a contract protecting the holder against a borrower's default), were repurchased and settled by 5 February 2021, and asked SoftBank to buy them back. On 4 February 2021 a SoftBank Group email recorded that Masayoshi Son and Rajeev Misra had concluded that SoftBank Group and SoftBank Vision Fund 2 should not act, and SoftBank Investment Advisers paused the transaction the same day. On 24 February 2021 Lex Greensill told SoftBank Investment Advisers that Credit Suisse had sketched out a plan, to go to its board for in-principle support, for 'a committed underwrite of the entire GFG book', and on 26 February 2021 wrote that the SoftBank Vision Fund 2 investment committee had declined a proposed co-purchase of $300mm of insured GFG paper, of which Credit Suisse was to take $150mm and SoftBank Vision Fund 2 $150mm; no Credit Suisse statement about that plan appears in the record. Days later, on 1 March 2021, the funds' boards suspended dealings in the funds and approved the start of their liquidation.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035", "src-032", "src-033" ], "entity_ids": [ "credit-suisse", "csam", "lex-greensill", "softbank", "svf2", "masayoshi-son", "gfg" ] }, { "id": "display-claim-c49e8b2c12c7e9139744045b", "kind": "analysis", "text": "According to FINMA's press release of 28 February 2023, Greensill told Credit Suisse it was planning an initial public offering with the bank and first needed a bridging loan; the Credit Suisse risk manager responsible for the loan identified a number of risks in Greensill's business model and recommended internally that it not be granted, but a senior manager overruled the recommendation. That is FINMA's account in its proceedings against Credit Suisse, and the release does not name the borrowing company, the amount or the date of the loan. In its answer QoN026-01 to the Australian Parliamentary Joint Committee on Corporations and Financial Services, the Australian Securities and Investments Commission (ASIC) stated that elements of Credit Suisse's relationship with the Greensill group were managed by Credit Suisse in Australia and that there had been reports that this included the booking of 50% of a USD140mil bridging loan and involvement in a potential private placement or initial public offering that never took place; ASIC said it was engaging with Credit Suisse on these matters. ASIC relayed these reports without stating the booking as established, and no Credit Suisse response on the point appears in the record.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-032", "src-034" ], "entity_ids": [ "credit-suisse" ] }, { "id": "display-claim-5be7da18389cf5f69722b2ae", "kind": "analysis", "text": "A slide deck for the board meeting of Greensill Capital Pty Limited on 26 January 2021, quoted in [2025] EWHC 2631 (Ch), listed among the 'Must Haves Q1 2021' the key outflows of GCUK: USD 140m to repay the Credit Suisse bridge loan and USD 125m of insurance collateral at the end of February, USD 400m for the Katerra repurchase in mid-March and a USD 40m Katerra balance at the end of March. Notes taken at the same meeting by an observer from SoftBank Investment Advisers recorded that the Katerra notes were all held by Credit Suisse Virtuoso, with $400M maturing in March and $40M in May, and that if Greensill ceased to be a going concern Credit Suisse could still claim under the Greensill Bank insurance policy, Greensill would need to pay $100M under the deductible (the part of a loss borne by the insured side) and 'TBCC' would effectively become another creditor of GCUK. These are an observer's notes of a board discussion, not a statement of agreed terms, and the judgment makes no finding on the deductible arrangement. GCUK's administrators later stated that on 4 March 2021 one of Greensill Capital Pty Limited's financial creditors accelerated a $140 million loan, calling it in early, and demanded immediate payment from GCUK as guarantor, which left GCUK unable to pay its debts as they fell due. The House of Commons Treasury Committee's report published on 20 July 2021 repeats that sequence and identifies the lender as Credit Suisse, and on 8 March 2021 the High Court found that US$140 million was immediately due and payable by GCUK as guarantor on a Credit Suisse AG facility to its holding company and that GCUK was cash-flow insolvent.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035", "src-031", "src-052", "src-029" ], "entity_ids": [ "gcpty", "gcuk", "credit-suisse", "katerra", "cs-virtuoso", "greensill-bank" ] }, { "id": "display-claim-e2d03f848280580c4a652a4f", "kind": "analysis", "text": "On 1 March 2021 the boards of the four Credit Suisse supply chain finance funds suspended redemptions and subscriptions and then approved the start of their liquidation. Credit Suisse Asset Management's December 2022 Q&A gives as reasons the considerable uncertainty about the valuation of some of the funds' assets and the reduced availability of insurance cover for new investments, which made it unachievable for the funds to stay invested in line with their investment policies; management fees were waived. Lex Greensill told the Treasury Committee that Greensill failed because its principal insurance provider decided not to renew its cover and, ultimately, Credit Suisse determined, roughly a week before the administration, that it would no longer fund Greensill's business; Lex Greensill attributed the failure to that withdrawal of insurance capacity. At the hearing on 8 March 2021 at which the High Court placed GCUK and Greensill Capital Management Company (UK) Limited in administration, the UK insolvency procedure in which an administrator takes over the running of a company ([2021] EWHC 700 (Ch)), counsel appeared for Credit Suisse Asset Management as noteholder, which the judge described as the beneficial owner of receivables whose funds had invested some $6.2 billion in them. Credit Suisse Asset Management did not oppose the orders, and Credit Suisse, as one of the lenders to the group, consented to them, as did the Peter Greensill Family Trust. In the funds' liquidation investors were repaid in instalments: Credit Suisse Asset Management reported that by 30 November 2022 about USD 6.78 bn had been returned to investors in the four funds in seven instalments and that, with the cash still held, the funds' cash position equalled about USD 7.4 bn, or 74% of their assets under management at suspension.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-033", "src-031", "src-052" ], "entity_ids": [ "csam", "credit-suisse", "gcuk", "gcmc", "pgft" ] }, { "id": "display-claim-40a6ff8184156810129e11a7", "kind": "analysis", "text": "By the sixth payout on 15 December 2021 the four funds had distributed 68% of their combined NAV of 26 February 2021: 64.8% for the Lux fund, 63.4% for the Nova High Income fund, 95.4% for the Nova Investment Grade fund and 99.7% for the Liechtenstein investment grade fund, whose final payment of about USD 31.3 mn on 11 November 2022 brought its total returned to about USD 667 mn, 99.7% of its NAV at suspension (the Q&A gives the same 99.7% for both dates without explaining it). Recovery efforts focused on programmes totalling USD 2.3 bn at 26 February 2021, essentially related to GFG Alliance, Katerra and Bluestone; at 30 November 2022 the GFG, Katerra and Bluestone notes made up 76.8% of the Lux fund's remaining notional note exposure. The four funds had provisioned about USD 308 mn, adjusted for the closure of the liquidated Liechtenstein fund, for estimated external recovery costs from 2021 to 2026: USD 249 mn in the Lux fund, USD 58 mn in the Nova High Income fund and USD 1 mn in the Nova Investment Grade fund. The provision covered among other things the operating expenses of the supply chain finance infrastructure, such as GCUK and Citi/TMF, for administration, recovery, insurance and trustee services, with Credit Suisse absorbing internal costs; the main cost categories were legal advice excluding insurance (47%), insurance advisers (21%) and Greensill servicing costs (21%).", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-033" ], "entity_ids": [ "csam", "gfg", "katerra", "bluestone", "cs-lux-scf", "gcuk" ] }, { "id": "display-claim-979121b87b0ec8f67e3d9028", "kind": "analysis", "text": "For GFG Alliance, Credit Suisse Asset Management agreed in October 2021 the full repayment, without a haircut (a reduction of the amount repaid), of the funds' exposure to GFG's Australian operations: an initial AUD 129 mn (about USD 96 mn), received in October 2021, and the remaining principal of AUD 240 mn (about USD 178 mn) with interest by mid-2023. By November 2022 about AUD 319 mn had come back from the Australian entities, AUD 152 mn to the Lux fund and AUD 168 mn to the Nova High Income fund. The remaining GFG exposure outside Australia was allocated in June 2022 as USD 651 mn to the Lux fund and USD 236 mn to the Nova High Income fund, and in November 2022 Credit Suisse Asset Management signed a non-binding term sheet with GFG and other creditors on a debt restructuring. In June 2022 it agreed with Bluestone and its shareholders a two-year standstill, a pause in enforcement, with recurring payments of up to USD 320 mn to all noteholders, calculated on Bluestone's operating performance, and a sharing of the proceeds of any sale of the Bluestone entities; about USD 11.5 mn had been received by 30 November 2022. Of the original Bluestone exposure of USD 850 mn, USD 690 mn related to the Credit Suisse funds and was allocated in June 2022 as USD 595 mn to the Lux fund and USD 95 mn to the Nova High Income fund. Credit Suisse Asset Management also reported in December 2022 that it had claimed for all insurable losses within the relevant limitation period: 17 insurance claims for the Lux fund covering USD 1,723 mn of exposure, of which 9 claims for USD 1,405 mn concerned GFG- and Bluestone-related entities, and 4 claims for the Nova High Income fund covering USD 469 mn, making 18 claims across the two funds for about USD 2.2 bn because one claim can cover both funds. All were claims under notes that included future receivables, amounts expected to become owed in the future.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-033" ], "entity_ids": [ "csam", "gfg", "cs-lux-scf", "bluestone" ] }, { "id": "display-claim-5ae8c872ef7107ddf6d510f7", "kind": "analysis", "text": "Two exposures went to court. According to its December 2022 investor Q&A, on 22 February 2022 Credit Suisse Asset Management began proceedings in the Federal Court of Australia in New South Wales over the funds' Catfoss Renewables exposure, in order to be joined to insurance cases already before the court under the same policy. In the Q&A it said it expected the insurer to challenge the validity of the relevant policies across most, perhaps all, of its insurance claims, while its own firm position was that the policies were valid and the insurers' claims unfounded; the insurer's defence is described there only as Credit Suisse Asset Management anticipated it. According to the High Court in [2025] EWHC 1380 (Ch), the insurers' defences in the Australian proceedings included a general defence that a policy referred to there as the Parallel Policy was invalid, alleging that the Greensill group made misrepresentations and non-disclosures when it procured cover for counterparties including the Catfoss group; in [2026] EWHC 639 (Ch) the court described the contention that misrepresentations relating to Catfoss made policies providing cover of about US$4.6 billion void as a defence raised by insurers in the Australian litigation. On 25 September 2026 Insurance Australia Group announced that Insurance Australia Limited had agreed to settle, on confidential terms, the proceedings brought by Credit Suisse entities against it and other parties in the Federal Court of Australia, whose claimed amounts had an aggregate face value of about A$2.8 billion plus interest.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-033", "src-030", "src-054", "src-005" ], "entity_ids": [ "csam", "catfoss-renewables", "ial" ] }, { "id": "display-claim-0189076b4829bdfb3c1cea14", "kind": "analysis", "text": "For the Katerra exposure, disclosed by Credit Suisse as 'Fairymead' in the Lux fund, Credit Suisse Asset Management chose litigation as its route to recovery, while pursuing insurance claims for GFG and Bluestone: on 23 December 2021 Credit Suisse filed two applications for document discovery in federal courts in California and Arizona, and on 3 August 2022 a preliminary application in the English courts for proposed proceedings against entities affiliated with SoftBank Group Corp. Credit Suisse Asset Management reported that at a hearing on 7 December 2022 the English court gave permission to bring the claim against SoftBank. In those proceedings the SoftBank defendants denied that the claimants had any entitlement to relief against them under section 423 of the Insolvency Act 1986, contending that the transactions were part of a linked set intended to put the Greensill group in funds; the claim, decided as [2025] EWHC 2631 (Ch), was dismissed on 15 October 2025.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-033", "src-035" ], "entity_ids": [ "credit-suisse", "csam", "cs-lux-scf", "katerra", "softbank", "gfg", "bluestone" ] }, { "id": "display-claim-a5e0a9ba3ce0607b3d7d6c85", "kind": "analysis", "text": "FINMA set out its view of the funds in a press release of 28 February 2023 concluding enforcement proceedings. It stated that Credit Suisse launched the first of four supply chain finance funds with Greensill in 2017, Greensill acting as financing company, securitising the claims (packaging them into tradable securities) and transferring the securities to the funds, with specific insurance meant to secure most claims against buyer default. FINMA found that Credit Suisse's asset management company had little knowledge and control over the specific claims, which Greensill rather than Credit Suisse selected and reviewed, and that Credit Suisse left Greensill to arrange the insurance in its own name; the funds were distributed to qualified investors with their risk shown as low, and around ten billion US dollars was invested when Credit Suisse closed them at short notice in March 2021. FINMA also found that the funds' risk character changed decisively over time: in some instances Greensill transferred to them future claims that had not yet arisen and so financed some companies whose creditworthiness was doubtful, while Credit Suisse did not at first realise the consequences, had no knowledge or control over how many claims were actually contractually owed, and relied on the insurance cover organised by Greensill. These are findings about Credit Suisse's conduct made in supervisory proceedings against the bank, to which no Greensill company was a party; they describe Greensill's transfers only as seen in those proceedings and are not findings against a Greensill company or determinations about GCUK.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-032" ], "entity_ids": [ "credit-suisse", "csam" ] }, { "id": "display-claim-06fb3fbbae98fd8da0986e9f", "kind": "analysis", "text": "On the same day FINMA concluded its enforcement proceedings against Credit Suisse over its business relationship with Lex Greensill and the Greensill companies. It found that over a period of years the bank had seriously breached its supervisory obligations on risk management and appropriate organisational structures, had not sufficiently fulfilled its supervisory duties as an asset manager, and had made partly false and overly positive statements to FINMA about the claims selection process and the funds' exposure to certain debtors. FINMA ordered remedial measures, including periodic executive-board review of about 500 key business relationships, a responsibility document for about 600 senior managers and an audit mandatary to check compliance, and opened four enforcement proceedings against former Credit Suisse managers, saying it would not comment on those proceedings or the identities of the individuals. FINMA recorded that Credit Suisse had adopted a wide range of organisational measures based on its own investigation, revising governance structures and strengthening control processes, which FINMA supported. The findings concern Credit Suisse, not GCUK. In Australia, ASIC's answer QoN026-01 to the Parliamentary Joint Committee stated that Greensill Capital Pty Limited, the Australian parent of the group, which went into liquidation by resolution of its creditors on 22 April 2021 with Grant Thornton Australia as liquidator, was a major creditor of its UK subsidiary GCUK, and that ASIC was considering whether the parent's financial reports for 2018 and 2019 complied with the Australian Accounting Standards and whether the audits of those accounts complied with the Australian Auditing Standards. ASIC described that review as in progress, and no outcome of it appears in the record.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-032", "src-034" ], "entity_ids": [ "credit-suisse", "lex-greensill", "gcpty", "gcuk" ] }, { "id": "display-claim-522b2d1b60afff2ee7140f1c", "kind": "analysis", "text": "According to a press report (June 2025), FINMA's full report, compiled in December 2022, was released during the trial of Credit Suisse Virtuoso's claim against SoftBank under a London court order. The report itself is not in the record; the press report quoted it as stating that the investments of large Greensill investors such as General Atlantic and SoftBank 'were primarily used to pay out private investors and to provide Greensill Bank, which was increasingly coming under regulatory scrutiny, with additional capital', and that under Lex Greensill's management the company had its own fleet of business jets. The quoted passage does not say which Greensill company received or used the funds. The same press report said the FINMA report showed that senior Credit Suisse managers received anonymous messages from 2018 questioning their 'character judgment' in choosing Greensill Capital as a partner and in giving it discretion over clients' money, and raising concern that a 'large proportion' of the loans went to companies in Sanjeev Gupta's steel businesses; according to the report, warnings continued until at least June 2019, and one senior manager forwarded the 2018 tip-off to Lex Greensill. FINMA's own February 2023 release states that the closure of another provider's Greensill-related fund led to enquiries at Credit Suisse in 2018 and that the media and FINMA repeatedly put critical questions to the bank, but does not quote the messages. The report was produced in FINMA's supervisory proceedings against Credit Suisse, to which no Greensill company was a party, and is not a court finding. According to the press report, a representative of Lex Greensill declined to comment, and UBS called the matter a legacy Credit Suisse matter whose conduct pre-dated UBS's acquisition of Credit Suisse.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-045", "src-032" ], "entity_ids": [ "general-atlantic", "softbank", "greensill-bank", "lex-greensill", "cs-virtuoso", "credit-suisse", "sanjeev-gupta", "gfg" ] }, { "id": "display-claim-f9b4f801f838f6be7f00ea22", "kind": "analysis", "text": "In 2024 the Credit Suisse entities concerned passed to UBS companies. Credit Suisse AG of Zurich (CHE-106.831.974) was deleted from the Swiss commercial register on 31 May 2024, its assets and liabilities passing by merger to UBS AG of Zurich and Basel (CHE-101.329.561), as published in the Swiss Official Gazette of Commerce; its GLEIF record (LEI ANGGYXNX0JLX3X63JN86) shows it as inactive after a merger effective 31 May 2024, with successor LEI BFM8T61CT2L1QCEMIK50. According to [2025] EWHC 2631 (Ch), Credit Suisse Asset Management (Schweiz) AG of Zurich (CHE-427.360.640) was deregistered from the commercial register of the Canton of Zurich on 30 August 2024, UBS Asset Management Switzerland AG having succeeded to its rights and obligations, and Credit Suisse Fund Management was deregistered on 1 October 2024, UBS Asset Management (Europe) SA having succeeded to it. The GLEIF record of the asset manager's LEI 529900QDWOQDW46HBC70 shows the entity as inactive following a merger and acquisition event recorded with effect from 29 August 2024 22:00 UTC, with successor LEI 254900SFTV4L52IHCW98. The Lux fund itself remains registered: the GLEIF golden copy of 21 October 2026 lists the Credit Suisse (Lux) Supply Chain Finance Fund (LEI 549300TIGSPHR48XV551) as an active Luxembourg sub-fund, first registered on 21 April 2017, with its address care of UBS Asset Management (Europe) S.A. at 33A avenue J.F. Kennedy, Luxembourg, and with relationship links to an umbrella fund and a fund manager.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-061", "src-114", "src-113", "src-035", "src-104" ], "entity_ids": [ "credit-suisse", "ubs", "csam", "ubs-am-ch", "ubs-am-eu", "cs-lux-scf" ] }, { "id": "display-claim-77232e37fdfedf454dcbd187", "kind": "analysis", "text": "SoftBank became a shareholder of the Greensill group in 2019. According to the High Court in [2025] EWHC 2631 (Ch), SoftBank Vision Fund L.P. (SVF1) invested about $800 million in Greensill Capital Pty Limited (GCPL), the group parent, in May 2019: about $527 million as convertible loan notes, debt that can be converted into shares, and the rest as common equity, which took SVF1's equity ownership of GCPL to 9.9%, below the 10% level that would have triggered regulatory consequences for equity control of Greensill Bank AG. A press report (May 2019), citing unnamed people close to the deal, had stated that the investment would double Greensill's valuation to about $3.5 billion and give the fund a stake of between 15 and 20 per cent, and that General Atlantic had invested $250 million less than a year earlier at a valuation of $1.64 billion; those figures are not established by the official record, and the stake differs from the 9.9% equity ownership recorded by the court. SVF1 invested further in GCPL through SVF Wyatt (Singapore) Pte Ltd: a convertible loan note of about $180 million issued on or around 23 September 2019, and conditional share purchase agreements of 18 October 2019 (about $444 million for 186,136 G Class shares and about $16 million for 7,152 G Class shares) and 6 November 2019 (about $30 million for 12,675 G Class shares), each share transfer being subject to the approval of BaFin, the German financial regulator. The annual report of Greensill Capital (UK) Limited (GCUK) for the year ended 31 December 2019 states that during 2019 SoftBank invested an aggregate $1.46 billion in the group parent company and became a significant shareholder of the group.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035", "src-091", "src-098", "src-018" ], "entity_ids": [ "svf1", "gcpty", "greensill-bank", "general-atlantic", "svf-wyatt", "gcuk", "softbank" ] }, { "id": "display-claim-5dd888b6e2309c5aa953d513", "kind": "analysis", "text": "SoftBank also supported Greensill's lending to companies backed by its Vision Fund. Under a Credit Enhancement Programme, SoftBank Group Corp. (SBG) provided credit support for certain financings by GCUK of Vision Fund portfolio companies through credit default swaps, contracts that underwrote the borrowers' bankruptcy risk, with the Greensill group absorbing any shortfall up to $100 million in any year (the 'Greensill First Loss'). By October 2019 GCUK had agreed such swaps with Cayman Project 2 Limited, an SBG subsidiary, for its facilities to View, Inc., Fair Financial Corp, Guazi Limited and OYO Hospitality UK Limited, in each of which SoftBank Vision Fund L.P. had invested. A draft application to the credit committee of GCPL dated 29 September 2019 described a revised Credit Enhancement Programme as a joint venture between an SBG special purpose vehicle and GCUK; on 2 October 2020 SBG informed Greensill that it was terminating the process for establishing that joint venture.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "softbank", "gcuk", "cayman-project-2", "svf1", "gcpty" ] }, { "id": "display-claim-740a9aa68b88126dab772a8f", "kind": "analysis", "text": "Katerra was a Vision Fund portfolio company: by September 2019 SVF1's vehicle SVF Abode (Cayman) Limited had invested about $1.75 billion in the Katerra group, and when SVF1's investment committee approved a further investment on 5 November 2020, SVF1 owned 47.4% of the equity of Katerra Inc. (Cayman Islands), the group parent. The Greensill group financed Katerra through the Fairymead Multi-Obligor Programme. Katerra group companies sold or purportedly sold receivables, rights to payments owed to them, to Greensill Limited under a receivables purchase agreement of 9 December 2019; under a Participation Agreement of 19 December 2019 Greensill Limited granted its parent GCUK participations in those receivables, which GCUK assigned to Hoffman S.à r.l. and Hoffman to Citibank N.A., London Branch as note trustee, as the intended security for notes originated and administered in England by GCUK and issued by Hoffman through its Compartment MZ. The Credit Suisse (Lux) Supply Chain Finance Fund (the Lux fund), a sub-fund of Credit Suisse Virtuoso SICAV-SIF, invested in these notes, with a face value of about $440 million, and all of them defaulted when they matured or fell due in March 2021 (another passage of the judgment says on maturity in March and May 2021). The High Court found that Greensill Limited was a link in this securitisation chain, the packaging of receivables into notes sold to investors: Katerra was a secured borrower from Greensill Limited, which had to pay participation amounts equal to Katerra's payments to GCUK, and those obligations were assigned to Hoffman so that they would fall outside Greensill Limited's insolvency estate in any insolvency of the Greensill group. Greensill Limited had no assets other than its claims against Katerra and no employees, and Lex Greensill, a trained solicitor, appreciated these facts.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "svf1", "svf-abode", "katerra", "cs-lux-scf", "cs-virtuoso", "gcuk", "hoffman", "greensill-limited", "citibank-london", "lex-greensill" ] }, { "id": "display-claim-fb5f748b2ea35ac2d4ae5307", "kind": "analysis", "text": "Whether SoftBank also stood behind the Katerra facility was disputed. SBG gave the Greensill group no written guarantee or credit default swap for the funding provided to the Katerra group under the December 2019 receivables purchase agreement. The High Court found that the Greensill group and SBG differed over whether SBG had committed to credit support for the facility: Lex Greensill contended, including in emails of 19 December 2019 and 11 October 2020, that Masayoshi Son had given a personal commitment, SBG contended that there was no binding agreement, and Lex Greensill accepted in evidence that there was no written agreement, explaining that the group was naturally advancing the strongest position it could in the continuing negotiations over the Credit Enhancement Programme. The court found that the parties compromised this dispute in the negotiations leading to the November 2020 agreements, but that those negotiations were primarily driven by the pressing need to rescue Katerra from collapse and to salvage the Greensill fundraising, which required Katerra's indebtedness under the receivables purchase agreement to be addressed. SBG's 2020 investment in the Credit Suisse supply chain finance sub-fund gave rise to further requests: when GCPL sought extensions of the redemption timetable, SBG asked in exchange for shares in GCPL and for GCPL to sell its corporate jets and be audited by a Big 4 firm, requests the court recorded as uncontentious facts. In an internal email of June 2020 quoted in the judgment, Rajeev Misra of SoftBank questioned Lex Greensill's reliability and proposed a high penalty of 3% extra GCPL equity unless the auditor was upgraded by November, all aircraft were sold within four months and the December quarter-end audit was done by a Big 4 firm, and on 6 August 2020 Masayoshi Son emailed Lex Greensill urging cost cuts because the group's funding was still fragile. Both emails are internal or bilateral communications; the court found that Rajeev Misra wrote in frustration at the repeated extension requests, and it did not consider that there was a consistent or settled view within the SoftBank group that Lex Greensill was not to be trusted. In terms proposed by Lex Greensill on 14 October 2020, Greensill would sell the private jets before its IPO rather than by December 2020; at the trial, Lex Greensill's evidence that the SoftBank defendants had imposed very tough terms concerned personal obligations relating to the private jets and a personal guarantee that Lex Greensill had had to concede. SBG's investment in the sub-fund had been fully redeemed by 16 July 2020; among the agreements of 10 November 2020 an amendment deed cut the strike price of GCPL shares under its September 2019 convertible loan note to a SoftBank Vision Fund vehicle from $2,385.10 to $1,974.75 in return for SBG's delayed redemption timetable, and GCPL and Lex Greensill undertook that GCPL would sell its corporate jets, failing which a SoftBank fund would receive GCPL shares.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "softbank", "katerra", "lex-greensill", "masayoshi-son", "gcpty", "cs-lux-scf" ] }, { "id": "display-claim-2374807965c6de44a25d90dc", "kind": "analysis", "text": "The November 2020 agreements grew out of Katerra's difficulties. On 13 and 14 October 2020 Tom Cheung of SoftBank Investment Advisers and Lex Greensill exchanged proposed terms under which SBG would repurchase the Fairymead (Katerra) notes at par, $440 million, in return for warrants, rights to subscribe for shares, over shares in GCPL; the proposal evolved into a $440 million injection into GCPL. The High Court found that it was Lex Greensill who sought to persuade the SoftBank defendants to inject the $440 million to prevent a default under the Katerra receivables purchase agreement and to salvage the Greensill fundraising, rejecting the case that SoftBank had imposed the terms ('There was no take-it-or-leave-it moment'). A letter titled 'Katerra Inc. – Summary of Terms' dated 2 November 2020, signed on behalf of Commonwealth Real Estate LP, Katerra Inc. (Cayman Islands) and a SoftBank Vision Fund investment vehicle, made it a pre-closing condition of a proposed investment in Katerra that the indebtedness of Katerra and certain subsidiaries to Greensill Limited, about $440,000,000, be fully discharged for no more than $176,000,000, with releases of claims by Katerra and Greensill. In a draft email of 3 November 2020 prepared for Masayoshi Son, Lex Greensill wrote that SBG and SoftBank Vision Fund 2 should ensure the agreements were executed and the funds transferred to Greensill by Friday 6 November 2020, so that the group would not have 'a disclosure issue' with its incoming equity and debt investors and, 'more importantly', with its insurers covering the Katerra, Fair, View and OYO transactions.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "lex-greensill", "softbank", "gcpty", "katerra", "greensill-limited", "svf1", "masayoshi-son", "svf2" ] }, { "id": "display-claim-a31bf0a64af79e1681926d4f", "kind": "analysis", "text": "On 5 November 2020 the investment committee of SoftBank Vision Fund 2 approved a $440 million investment in GCPL convertible loan notes on the terms of a SoftBank Investment Advisers memo, which stated that Greensill anticipated using the proceeds to buy from external investors the notes that had funded the Katerra facility and to manage that risk internally, and that Greensill had hired Credit Suisse and Citibank to arrange a pre-IPO round, a private fundraising ahead of a planned initial public offering, targeting about $1 billion (about $600 million of equity and $400 million of debt); the same day SVF1's committee approved a further $200 million investment in Katerra. On 10 November 2020 SVF II Wyatt Subco (Singapore) Pte. Ltd., an investment vehicle of SoftBank Vision Fund 2, subscribed for the $440 million of notes. That day an Omnibus Deed was concluded between GCPL, GCUK, SBG, Lex Greensill and SVF II Holdings (Singapore) Pte. Ltd., and under a sale and purchase deed (the 'LG Fair Loss SPA') GCPL, as trustee for the Lex Greensill family trust, sold shares in GCPL to SBG; an amended and restated LG Fair Loss SPA of 8 December 2020 gave SBG a longer timeframe for absorbing an additional $50 million first loss and extended the crystallisation date to 15 May 2021. The notes were unsecured and convertible into 86,713 new F shares of GCPL, subject to a German regulatory condition, and the Omnibus Deed recited that, as part of the consideration for them, GCPL would assume any and all losses in respect of the Katerra notes and the Katerra programme. By an amendment deed of 23 December 2020 between SVF II Wyatt Subco, SVF Wyatt (Singapore) Pte Ltd and GCPL, the conversion entitlement was increased to 141,218 new F Class shares.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "svf2", "gcpty", "katerra", "credit-suisse", "svf1", "svf2-wyatt", "gcuk", "softbank", "lex-greensill", "lex-family-trust", "svf-wyatt" ] }, { "id": "display-claim-5b6df434f7617432aeb8118c", "kind": "analysis", "text": "The Omnibus Deed also settled earlier arrangements between the two groups. Under clause 2.1 Lex Greensill, GCPL and GCUK released SBG, Vision Fund II and related parties from claims relating to the Katerra programme, the Katerra notes, any credit default swap, guarantee or other credit enhancement for Katerra (or the failure to provide one), and the joint venture, occasionally referred to as Credition Global Limited, that SBG and GCUK had discussed forming to guarantee financings by GCUK and its affiliates of SoftBank portfolio companies. By clause 4.2 SBG waived the 'CDS Greensill First Loss 2020-2021', defined as the annual first loss of US$100,000,000 payable by GCUK under the Credit Enhancement Programme on or before 8 October 2021; the deed defined the 'Katerra Notes' as the notes issued by Hoffman S.à r.l., compartment MZ, backed by payment obligations originated under the Katerra programme. Clause 3 obliged GCPL and GCUK to account to Vision Fund II for any amounts recovered on the Katerra notes or the Katerra programme, to use best endeavours to recover such amounts, and to recover and remit to Vision Fund II at least US$176,000,000 by 31 December 2020, and clause 11.1 required the parties to keep the deed, its existence and the transactions it contemplated confidential. On 4 December 2020 the GCPL board approved a variation removing the obligation to recover and remit $176 million, and the Amended Omnibus Deed entered into on 23 December 2020 by GCPL, GCUK, SBG, Lex Greensill and SVF II Holdings replaced clause 3 with an obligation to remit to Vision Fund II any Katerra recoveries from parties other than the SoftBank entities and any Katerra equity received.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "lex-greensill", "gcpty", "gcuk", "softbank", "svf2", "katerra", "hoffman" ] }, { "id": "display-claim-132ad07583c2ced1b3aa080e", "kind": "analysis", "text": "The $440 million paid under the convertible loan notes was credited to the general account of GCUK on or around 10 November 2020, and GCPL did not use it to repurchase or redeem the Fairymead notes. Internal Greensill emails quoted in the judgment recorded on 18 November 2020 that the cash was 'being used for other stuff', including paying off a Credit Suisse loan, and on 27 November 2020 that the group seemed 'to have gone through all the $440m intended for Katerra having only paid $70m toward it'. Two later accounts break the sum down; the court did not itself determine how each part was used beyond finding that it was not used to repurchase or redeem the notes. An April 2021 email from the Greensill group's external counsel, quoted by the court among the documents, said that $250 million had been paid to Greensill Bank AG to be held as collateral in respect of GFG positions, and that the balance was used as transient asset-purchase liquidity, for example $70 million used on 25 November 2020 to buy assets onto GCUK's balance sheet until 16 December 2020, and as operating liquidity for GCUK, whose monthly operating costs were about $35 million, until the administration. Notes by SoftBank Investment Advisers' chief risk officer of a meeting on 27 January 2021 with Divya Eapen, chief risk officer of the Greensill group, recorded that part of the $440 million had been placed as cash collateral at Greensill Bank and part used by GCUK to buy Liberty notes that could not be sold, itemised as $30 million of insured notes (receivables from Liberty Commodities), $110 million of other Liberty receivables (Rehbein and Seaview), $250 million of cash collateral at Greensill Bank and $80 million of unrestricted cash at GCUK. Those are a counterparty's notes of what the risk officer said, the four amounts together exceed $440 million, and the court made no finding on the breakdown; the same notes recorded that legal counsel and Lex Greensill believed GCUK could use the cash until the maturity of the notes held by Credit Suisse Virtuoso. On 5 January 2021 BaFin blocked withdrawals by the Greensill group from Greensill Bank AG, which affected the $250 million deposited with the bank in November 2020.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "gcuk", "gcpty", "credit-suisse", "greensill-bank", "gfg", "divya-eapen", "liberty-commodities", "lex-greensill", "cs-virtuoso" ] }, { "id": "display-claim-b1ecca547b102ae830edbdab", "kind": "analysis", "text": "In late November and December 2020 the parties settled how Katerra's debt to Greensill would be released. On 28 November 2020 SoftBank Investment Advisers told the Greensill group's counsel that its principals had confirmed that Greensill would release its security interest over Katerra's CLT facility, pledged under the Greensill–Katerra facility, so that a SoftBank Vision Fund vehicle could fund Katerra on a secured basis. On 29 November 2020 SoftBank Investment Advisers proposed revised steps: amending the $440 million convertible loan note to increase the number of F class shares into which it converts, cancelling Greensill's obligation to pay over $176 million of Katerra recoveries, Greensill forgiving and terminating its $440 million facility to Katerra, and Katerra issuing to Greensill warrants for 5% of its fully diluted equity, to be transferred to SoftBank Vision Fund 2. Jonathan Lane, the group's counsel, replied that this fitted the group's understanding save for the warrant pass-through, to which there was no objection in principle, but that external counsel was needed on fraudulent conveyance risk, the risk of a transfer being challenged as made to defeat creditors. On 1 December 2020 Katerra Inc. (Cayman Islands) issued a $25,000,000 bridge note to SVF Abode (Cayman) Limited, and Greensill Limited agreed with the Katerra sellers to release all liens on their assets under the receivables purchase agreement other than liens on the purchased receivables. On 11 December 2020 the Greensill group delivered the signature pages of Lex Greensill, GCUK and GCPL to the Amended Omnibus Deed into escrow with the group's external counsel, pending SoftBank Investment Advisers' consent to release the Vision Funds' pages. On 12 December 2020 Katerra, SVF Abode (Cayman) Limited and Wolff Principal Holdings LP signed indicative terms for settling claims under Katerra's construction contracts, conditional on SVF Abode investing $175 million in cash and extinguishing $25 million owed to it under the 1 December 2020 promissory note, and on the extinguishment of $440 million principal of indebtedness of Katerra and certain subsidiaries to Greensill Limited in exchange for preferred shares equal to 5% of the fully diluted equity. US antitrust (HSR) approval for SVF1's investment in Katerra was given on 22 December 2020, and on 23 December 2020 SoftBank Investment Advisers consented to release its signature pages on the Amended Omnibus Deed and the amended convertible loan note.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "katerra", "svf-abode", "greensill-limited", "svf2", "jonathan-lane", "lex-greensill", "gcuk", "gcpty", "svf1" ] }, { "id": "display-claim-ce3358aa3e85cdb0950e1afa", "kind": "analysis", "text": "The group's planned equity raise meanwhile lost its lead investor. After TDR Capital, the lead investor in Greensill's pre-IPO equity raise, indicated by 23 December 2020 that it would not proceed with its planned investment, Lex Greensill asked SoftBank on 23 December 2020 for a $1.5 billion bridge facility; minutes of the GCPL board of 31 December 2020 record that SoftBank declined to provide a bridge facility but would consider an equity investment of up to $250 million alongside other investors, noting that crossing a 50% equity threshold would require it to consolidate Greensill Bank AG, 'a red line'. On 30 December 2020 Greensill Limited, Katerra Inc. (Cayman Islands), its Delaware intermediate holding company and the other Katerra sellers entered into a Contribution and Exchange Agreement (CEA), under which Greensill Limited contributed its claims under the receivables purchase agreement in exchange for 762,144 Series A preferred shares of Katerra Inc. (Cayman Islands); all obligations under the Greensill finance documents were deemed paid and discharged in full, the documents were terminated and all security held by Greensill Limited was released. The same day, by a Share Transfer Agreement (TA), Greensill Limited transferred those 762,144 shares to SVF II Abode (Cayman) Limited, an investment vehicle of SoftBank Vision Fund 2, and SVF Abode (Cayman) Limited, for SVF1, subscribed for 11,416,921 Series A preferred shares of Katerra Inc. (Cayman Islands) for $174,922,250 in cash and the contribution of the $25,000,000 owed under the December 2020 bridge note, shares that the High Court found were worth the $200 million price. By 6 July 2021 the Vision Funds' vehicles held 99.6% of Katerra's equity, SVF II Abode's block amounting to 6.25%.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "lex-greensill", "softbank", "gcpty", "greensill-bank", "greensill-limited", "katerra", "svf2-abode", "svf2", "svf-abode", "svf1" ] }, { "id": "display-claim-d38ee2fd81a4a8d83fc23a03", "kind": "analysis", "text": "The Lux fund later challenged the 30 December 2020 transactions. Credit Suisse Virtuoso SICAV-SIF, for the Lux fund, and GLAS Trust Corporation Limited, as note trustee, sued SBG, SVF II Abode (Cayman) Limited, SVF Abode (Cayman) Limited, SVF Habitat (Cayman) Limited, SoftBank Vision Fund L.P., SoftBank Vision Fund II-2 L.P. and Greensill Limited (in liquidation) in the High Court, Financial List (case FL-2022-000014), under section 423 of the Insolvency Act 1986, under which a court may make orders restoring the position after a transaction at an undervalue entered into for the purpose of putting assets beyond the reach of creditors or otherwise prejudicing their interests. Greensill Limited, acting by its liquidators, took a mostly neutral position, and the claimants sought no substantive relief against it. Lord Justice Miles heard the case in June and July 2025 and gave judgment on 15 October 2025 in [2025] EWHC 2631 (Ch). The claimants contended that the CEA and TA left Greensill Limited with effectively no assets, rendered the intended security for the Fairymead notes valueless and benefited the SoftBank defendants, who they said were culpably involved. The SoftBank defendants denied that the claimants had any entitlement to relief against them under section 423, contending that the transactions were part of a linked set intended to put the Greensill group in funds to repurchase or repay the notes, that the $440 million was provided in November 2020 on that understanding, that they only discovered after 30 December 2020 that it had not been so used, and that their only benefit, shares in Katerra, became valueless when the Katerra group entered bankruptcy in June 2021. On those cases the court found that Greensill Limited had the purpose required by section 423 and that the transaction was at an undervalue, but that the SoftBank defendants did not know of or share that purpose, and it dismissed the claim, making no order against them; no appeal against the judgment appears in the record.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "cs-virtuoso", "cs-lux-scf", "glas", "softbank", "svf2-abode", "svf-abode", "svf1", "svf2", "greensill-limited", "katerra" ] }, { "id": "display-claim-e11db18efedee65ce2551a0a", "kind": "analysis", "text": "The court held that the CEA was a transaction at an undervalue. By releasing its rights under the receivables purchase agreement Greensill Limited gave up valuable assets, its rights over the purchased receivables and related security, whose value would otherwise have passed to the noteholders, and obtained no consideration in money or money's worth. The SoftBank defendants, with Greensill Limited's liquidators taking a mostly neutral position, argued that the release left Greensill Limited no worse off because it also relieved it of its obligation to pay participation amounts, and that the arrangement for the $440 million to be used to buy or redeem the Fairymead notes was itself consideration to Greensill Limited; the court rejected both arguments. It held that any notional relief from paying participation amounts was offset by Greensill Limited's liability for breaching its undertaking in the Participation Agreement not to agree amendments or waivers without the participation holders' prior written consent, which it was common ground had not been given. The court valued those rights at 30 December 2020 at $86.2 million: actual receivables with a face value of $250 million and type 1 future receivables with a face value of $10 million at a 22% recovery rate ($57.2 million), plus $29 million of secured collections. It found that Lex Greensill understood that the CEA would break the securitisation chain: Lex Greensill accepted in evidence that Jonathan Lane, the group's senior internal lawyer, had said at the time that by writing off the debt Greensill Limited was effectively killing off the assets underpinning the notes, an asset effectively held by Credit Suisse Virtuoso, and that this could not be done without speaking to the beneficial owner, while saying that this conversation took place after the $440 million had been received. The court also found that Lex Greensill knew Credit Suisse would not consent to the release of the receivables purchase agreement, did not ask for its consent and concealed the position from it, giving the misleading impression that the release would take effect only after a buy-back of the Fairymead notes, and it rejected Lex Greensill's evidence that the SoftBank defendants had prevented disclosure by insisting on the Omnibus Deed's confidentiality provisions.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "greensill-limited", "katerra", "lex-greensill", "jonathan-lane", "cs-virtuoso", "credit-suisse", "softbank" ] }, { "id": "display-claim-0b9966834980b591f403100d", "kind": "analysis", "text": "On purpose, the court found that Greensill Limited, through Lex Greensill, entered the CEA and TA on 30 December 2020 with the purpose of prejudicing the noteholders' interests, releasing its only asset in order to keep SoftBank on side while Lex Greensill sought a $1.5 billion loan to meet BaFin's demands concerning Greensill Bank, although Lex Greensill would have preferred to pay the noteholders in full. Lex Greensill had consistently explained in evidence that the purpose of the $440 million injection was the purchase or redemption of the Fairymead notes, and the SoftBank defendants contended that when Lex Greensill decided on 4 December 2020 to cause the transactions the intention was that the sub-fund would be made whole; the court did not accept this analysis, holding among other things that the purpose had to be ascertained when the transaction was entered into and that Lex Greensill had authorised Greensill Limited to enter into the agreements on 30 December 2020. It found that the SoftBank defendants did not know or suspect that the transactions were entered into for the purpose of prejudicing the claimants, believed in good faith that the $440 million would be used to pay the Fairymead noteholders, did not share in or know of Greensill Limited's purpose, and did not orchestrate the transactions, which were commercially negotiated agreements. On 6 June 2021 Katerra Inc. (Cayman Islands), its Delaware intermediate holding company and 31 affiliates, including the Katerra sellers, had filed for bankruptcy protection under Chapter 11 of the US Bankruptcy Code, the US court-supervised reorganisation procedure, in the Bankruptcy Court for the Southern District of Texas; at the 2025 trial the claimants submitted that the bankruptcy was ongoing and had not been completed, so that its overall recovery was not known. The court made no order against the SoftBank defendants and dismissed the claim: relief could at most have been capped at the $11.3 million value of the Katerra shares received by SoftBank Vision Fund 2, and Katerra's bankruptcy in June 2021, when the shares were cancelled, amounted to 'the extreme case of the value of an asset falling to nil'; there was no independent basis for relief against SBG.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "greensill-limited", "lex-greensill", "softbank", "svf2", "katerra", "greensill-bank", "svf1" ] }, { "id": "display-claim-0d67b5717d8f5f93cb71dbac", "kind": "analysis", "text": "The same transactions were the subject of the disqualification proceedings against Lex Greensill under the Company Directors Disqualification Act 1986, which allows a person to be barred from acting as a company director. In proceedings issued in March 2024, the Secretary of State for Business and Trade alleged, in evidence given in an affirmation by a chief investigator of the Insolvency Service, that in November and December 2020 Lex Greensill caused GCUK and Greensill Limited to enter into transactions with SoftBank group companies to the detriment of investors in the Katerra notes programme, and caused or allowed GCUK to apply $440 million received in November 2020 otherwise than to redeem the Katerra notes, causing the noteholders losses exceeding that amount (the 'Katerra Allegations'). In an application to strike out the proceedings, that is, to end them without a trial, Lex Greensill contended that the Secretary of State should have obtained documents and witness evidence from Credit Suisse, that documents referred to in the Credit Suisse v SoftBank proceedings tended to support Lex Greensill's case that Credit Suisse was aware of the implications of the Katerra restructuring, and that emails with Credit Suisse employees, not available to the court, tended to suggest that Lex Greensill had not lied to Credit Suisse as the Secretary of State alleged. Those were contentions, not findings; in the separate Credit Suisse v SoftBank proceedings, to which the Secretary of State was not a party, the High Court had found that Lex Greensill's communications concealed the true position from the Credit Suisse claimants. Mr Justice Trower dismissed the strike-out application on 18 March 2026 ([2026] EWHC 639 (Ch)), holding that questions about potentially exculpatory material were a matter for trial. The allegations were not tried: the proceedings ended when the Secretary of State accepted a disqualification undertaking on 2 June 2026, before the six-week trial due to begin on 8 June 2026. The Insolvency Service's announcement of 4 June 2026 states that in late 2020 Lex Greensill caused GCUK, Greensill Limited and GCPL to enter into transactions that removed the legal protections underpinning the Lux fund's investment in Katerra-backed notes, so that the receivables no longer required payment, the security was released and the payment obligations supporting the fund's trade credit insurance were cancelled, without the required written consents, and caused or allowed GCUK to use $440 million received in November 2020 for purposes other than redeeming the notes, which all defaulted with a loss of $440 million to the fund. That account was published with the undertaking, under which a director does not dispute certain facts for the purposes of the disqualification proceedings only, and is not a court finding; separately, the High Court recorded in [2025] EWHC 2631 (Ch) that it was common ground that the prior written consent required under the Participation Agreement had not been given.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-005", "src-008", "src-035" ], "entity_ids": [ "lex-greensill", "gcuk", "greensill-limited", "softbank", "credit-suisse", "gcpty", "cs-lux-scf", "katerra" ] }, { "id": "display-claim-1172082ba6b3300268debcc6", "kind": "analysis", "text": "GFG Alliance (the Gupta Family Group Alliance) is, as the House of Commons Treasury Committee described it in July 2021, a collection of global businesses and investments owned by Sanjeev Gupta and the Gupta family that includes the LIBERTY Steel Group; the joint administrators of Greensill Capital (UK) Limited (GCUK) define the 'GFG Group' as the entities of the Gupta Family Group under the control of Sanjeev Gupta. The Committee identified the relationship with GFG Alliance as one particular concentration of risk for Greensill, meaning a large share of its business depending on one client group. David Cameron, an adviser to Greensill, told the Committee that throughout David Cameron's time at Greensill the concentration of loans to GFG was an issue for the business, regularly discussed at board meetings from before 2020, and that it was understood to be actively managed with plans to reduce it over time; the Committee also recorded that David Cameron described the relationship between Greensill and GFG Alliance as 'symbiotic'. That is David Cameron's evidence, in a written response to the Committee dated 18 June 2021 and orally, as quoted in the Committee's report of July 2021; the Committee made no finding on how the concentration was managed.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-015", "src-031" ], "entity_ids": [ "gfg", "sanjeev-gupta", "liberty-steel", "gcuk", "david-cameron" ] }, { "id": "display-claim-2aa3d421245f9193951e8581", "kind": "analysis", "text": "Questions about the relationship had been raised in public in 2019. The Treasury Committee recorded, among reputational issues raised in press reporting before the period of Greensill's lobbying covered by its report, a press report (March 2019) on concerns about links between Lex Greensill, Sanjeev Gupta and Tim Haywood of GAM, one of whose funds provided finance to Greensill, and a parliamentary question tabled by Lord Myners in June 2019 asking whether the Government was investigating the management, investment valuations and manager–investee relationships of the GAM Greensill Supply Chain Finance Fund. These were press concerns and a parliamentary question, not findings, and no answer to the question appears in the record. An article published on 7 July 2019 by Reuters News & Media Limited and reproduced in the High Court judgment [2020] EWHC 1325 (QB), on a libel claim, a claim for defamation in published form, that GCUK and Lex Greensill brought against Reuters over the article, reported that a May 2018 update by Greensill to bond investors and brokers stated that the Scottish Government had approved a guarantee relating to the Kinlochleven hydro plant owned by GFG Alliance, against which bonds issued in 2017 on behalf of Sanjeev Gupta were secured, whereas the Scottish Government said no approval had been given. The meaning Reuters contended for in the libel claim added that an April 2017 pre-sale document produced by GCUK for GAM Holding AG, which bought £220 million of the bonds, stated that such a guarantee would allow GFG to repurchase the bonds early; the article also said that Greensill had helped GFG raise billions of dollars through bond sales, including the 2017 Kinlochleven sale. In the article Greensill said the May 2018 update 'was based upon information provided by GFG' and that it never knowingly issues false statements, GFG said it 'did not mislead anyone' and had never told any party that such guarantees had been put in place, and GAM said it did not feel misled by Greensill. The article also reported that the Kinlochleven bonds were sold in early 2019, GFG saying it had purchased and refinanced them early that year. The judgment of 14 May 2020 decided only what the article meant, not whether its allegations were true, and according to the National Audit Office's chronology Greensill dropped the libel claim on 27 May 2020.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-031", "src-098", "src-077" ], "entity_ids": [ "lex-greensill", "sanjeev-gupta", "gam-holding", "gam-scf", "gcuk", "gfg", "reuters" ] }, { "id": "display-claim-3534e38500c202a5c1cd6211", "kind": "analysis", "text": "On about 8 December 2020 BaFin, the German financial regulator, required the Greensill group to accelerate the reduction of its exposure to GFG Alliance. Minutes of the board of Greensill Capital Pty Limited (GCPL) of 31 December 2020, quoted in [2025] EWHC 2631 (Ch), record that BaFin required that only $25 of every $100 of GFG receivables due to be rolled over, that is, refinanced on maturity, be rolled over (a 75% reduction), a requirement the group considered not sustainable, and internal SoftBank Investment Advisers documents recorded that Greensill Bank AG had to reduce its GFG exposure from about $2 billion (stated in a 27 December 2020 update as $2.05 billion) to $600 million by 31 December 2020. On 5 January 2021 BaFin also blocked withdrawals by the Greensill group from Greensill Bank AG, which affected $250 million deposited with the bank in November 2020. Minutes of the GCPL board meeting of 7 January 2021, also quoted in the judgment, record Lex Greensill reporting that a seller concentration reduction plan had been agreed with BaFin, including a further reduction of the exposure to nil by 31 December 2021; the Treasury Committee reported in July 2021 Lex Greensill's evidence that BaFin's December 2020 plan 'was going to be impossible for Greensill to comply with' and that BaFin later agreed to an alternative proposal from Greensill. GCUK's joint administrators reported in their proposals, covering 8 March to 16 April 2021, that from the end of 2020 GCUK and GCPL sought further debt or equity to reduce the group's exposure to GFG and meet insurance collateral requirements, by mandating investment banks for an equity raise, seeking bridge financing from existing shareholders and engaging an investment bank to arrange a structured finance facility through a special purpose securitisation vehicle issuing notes backed by insured receivables from the GFG supply chain finance programmes (supply chain finance being funding in which a financier pays a company's suppliers early and collects from the company later), but that none of these solutions could be implemented.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035", "src-031", "src-029" ], "entity_ids": [ "gfg", "gcpty", "greensill-bank", "lex-greensill", "gcuk" ] }, { "id": "display-claim-e2ac03ec9379dc5df6f9bf5b", "kind": "analysis", "text": "The administrators have given differing figures for GFG's debt to GCUK. Their proposals give two figures for the GFG exposure on GCUK's balance sheet at the start of the administration: in the section on trade assets, about $355 million owed by GFG company obligors out of trade assets of about $490 million, the rest, about $135 million, being owed by other obligors; and in the section on the administrators' independence, about $230 million of GFG-related receivables held on GCUK's own balance sheet, besides notes secured on GFG companies' obligations that GCUK had sold to investors, principally five. Both figures appear in the same report without reconciliation, and the report does not say whether they are measured on different bases. In their progress report for the six months to 7 September 2026 the administrators gave a third, higher figure: about $587.2 million (at March 2021 exchange rates) outstanding from GFG, across 33 separate balance sheet items, with no recoveries in the period. They said that significant time had passed in numerous unsuccessful negotiations and non-binding term sheets on GFG settlement offers, and that they continued to explore recovery under the security and guarantees granted by GFG in connection with the GFG programmes. In the other direction, GCUK's statement of affairs as at 8 March 2021, the statement of its assets and liabilities at the start of the administration, with a creditor schedule dated 28 April 2021, lists 'GFG', with a Singapore address, among GCUK's creditors with 12,105,337.92, in a filing whose form gives amounts in US dollars while the schedule's amount column is marked in pounds sterling. The schedule does not say which GFG entity is meant or what the debt is for, and GFG companies owed GCUK much larger amounts.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029", "src-015", "src-007" ], "entity_ids": [ "gcuk", "gfg" ] }, { "id": "display-claim-bdcd56a7a84f23d122977423", "kind": "analysis", "text": "In the section of their report on GFG, the administrators stated that legal and diligence work on previously proposed consensual settlements was supported by a funding indemnity, of which GCUK's proportional share came to about $7.2 million, with no further funding expected; the receipts and payments accounts annexed to their report for the period to 7 September 2026 carry, in the US dollar, Australian dollar and euro accounts, a line headed 'Costs being covered by GFG funding'. The narrative passage does not name who provided the funding indemnity, the link to GFG rests on those account headings, and the amounts on the scanned accounts cannot be read reliably. The administrators also reported that GFG entities continue to enter insolvency processes in various jurisdictions, that GCUK holds direct or indirect security interests (rights over assets that secure a debt) over these entities, and that between March and September 2026 six more entered local insolvency processes, including Liberty Pipes (Hartlepool) Limited and Liberty Capital (UK) Limited in England and Whyalla Ports Pty Ltd in Australia.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-015" ], "entity_ids": [ "gcuk", "gfg", "liberty-pipes", "liberty-capital-uk" ] }, { "id": "display-claim-936dfb10dc36d3234b59c373", "kind": "analysis", "text": "In September 2025 GCUK's administrators began proceedings in Australia, the 'IB Proceedings', to determine the validity of GCUK's security over Liberty Holdings Australia Ltd. The proceedings were later extended to its security over Liberty OneSteel (MDR) UK Limited and, between March and September 2026, to security that Liberty Holdings Australia had granted to Liberty Capital (UK) Limited and that was then transferred to Liberty Capital Investment Limited; the administrators state that the security granted to Liberty Capital (UK) Limited was granted in breach of GCUK's security, which is their position, not a court finding. The substantive hearing, due in early September 2026, was deferred on the application of Liberty Holdings Australia and Liberty OneSteel (MDR) and is to take place in November 2026; the validity of GCUK's security remains the subject of these pending proceedings. On 22 September 2025, immediately before the IB Proceedings began, GFG commenced a Part 7 claim, an ordinary claim under the Civil Procedure Rules, in the Commercial Court in England against GCUK, Greensill Bank AG and UBS. The administrators state that the English claim was brought in breach of GCUK's statutory moratorium, the bar on legal proceedings against a company in administration without the administrators' consent or the court's permission, which was not permitted to be lifted. After an interlocutory hearing on jurisdiction, judgment was given in favour of GCUK on 4 February 2026 that the dispute should be decided by the Australian courts, and the English proceedings are stayed until the outcome of the IB Proceedings; that judgment is known from the administrators' report and was not found in the record. According to the administrators' progress report for the period to 7 September 2026, the English claim remains stayed, and the administrators continue to engage with GFG to see whether a suitable settlement can be reached.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-015" ], "entity_ids": [ "gcuk", "liberty-holdings-au", "liberty-onesteel-mdr", "liberty-capital-uk", "liberty-capital-investment", "gfg", "greensill-bank", "ubs" ] }, { "id": "display-claim-5aa19bbf561d9fd1cdfe44eb", "kind": "analysis", "text": "The Serious Fraud Office opened an investigation in May 2021 into suspected fraud, fraudulent trading and money laundering in relation to the financing and conduct of the business of companies within GFG Alliance, including its financing arrangements with GCUK; the Treasury Committee reported the investigation in July 2021 and said that it awaited its outcome. An investigation is not a finding of wrongdoing, no charge or outcome of it appears in the record, and a press report (February 2024) stated that GFG has consistently denied any wrongdoing. GFG also featured in the early scope of the Insolvency Service's investigation of the Greensill companies: on 4 May 2022 the Insolvency Service told Lex Greensill's solicitors that its investigation of GCUK, Greensill Capital Management Company (UK) Limited and Greensill Limited, then in a scoping phase, was likely to cover, among other matters, the controls in place to limit the risk of funding receivables based on invoices which may not have been accurate, particularly in relation to the Gupta Family Group of companies (GFG). That was a list of matters likely to be investigated, recorded in [2026] EWHC 639 (Ch), not a finding, and the allegations eventually made in the disqualification proceedings against Lex Greensill concerned Katerra, Catfoss and insurance non-disclosure. In an affirmation for the Secretary of State in those proceedings, as summarised in that judgment, the Insolvency Service's chief investigator alleged that GCUK's inability to manage the 'GFG $7.5 billion exposure risk' was 'ultimately key to the failure and cessation of GCUK's business', and asserted that Lex Greensill kept the GFG relationship closely in Lex Greensill's own hands, with limited involvement at senior level by other directors and management of GCUK; the $7.5 billion figure is the Insolvency Service's and is not explained or tested in the judgment. In the application to strike out the proceedings it was argued for Lex Greensill that this evidence invited adverse inferences about a cause of the insolvencies although no misconduct by Lex Greensill in relation to GFG was alleged. The court recorded that it was no part of the Secretary of State's case that the alleged misconduct caused the insolvencies, the financial position being only context, and noted an instance in the evidence where Lex Greensill expressed agreement with the investigator's view that the inability to manage the GFG exposure risk was a cause of GCUK's failure; Lex Greensill had told the Treasury Committee in 2021 that the group's concentrations on insurance and clients were too high and were the principal contributing factor to the failure. Mr Justice Trower dismissed the strike-out application on 18 March 2026, and the allegations were not tried because the proceedings ended with a disqualification undertaking accepted on 2 June 2026.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-031", "src-034", "src-110", "src-005", "src-008" ], "entity_ids": [ "gfg", "gcuk", "gcmc", "greensill-limited", "lex-greensill" ] }, { "id": "display-claim-d83d6fa436d94e9a9bb6bbd0", "kind": "analysis", "text": "Allegations about the Greensill–Liberty business have also been made in civil proceedings. A press report (February 2024) of court filings stated that Zurich Insurance Company, sued in the High Court by the administrators of Greensill Bank AG in a dispute over trade credit insurance, which covers sellers against buyers' failure to pay, alleged in a defence and counterclaim dated 26 January 2024 that the claims against it arose out of a 'fraudulent scheme' involving Lex Greensill, GCUK, Sanjeev Gupta and three Liberty businesses of GFG Alliance, including that receivables purportedly sold by Liberty to GCUK were not genuine, that a receivables purchase agreement was a 'sham' and that Zurich had not been told of a German investigation of Greensill Bank or of the true nature of the Greensill–Liberty business; the report put the dispute at $405 million. A spokesperson for Lex Greensill said that Lex Greensill 'wholly rejects' the allegations as without foundation and would address them in a defence and any counterclaims, and a GFG Alliance spokesperson said GFG 'was not involved in any insurance arrangements which Greensill had in place'. These are allegations in an insurer's statement of case as reported by the press, and no court ruling on them or outcome of the proceedings appears in the record. In a complaint filed in March 2021 in the US District Court for the Southern District of New York against Lex Greensill, GCUK and Roland Hartley-Urquhart, Bluestone Resources Inc. and related plaintiffs alleged that in January 2020 the defendants introduced them to GFG Alliance, which they understood from Greensill to be an important Greensill client, and strongly encouraged them to supply metallurgical coal to GFG; the complaint says that the first delivery, in June 2020, was given an extended payment period to December 2020, that GFG paid late, and that Roland Hartley-Urquhart at first vouched for GFG. Those allegations were not adjudicated: on 1 July 2022 the court dismissed the action by an order referring to a settlement agreement, and on 2 August 2022 the plaintiffs' voluntary dismissal of all claims against all defendants with prejudice, so that they cannot be brought again, was so ordered; no defendant had filed an answer, and the settlement terms were not found in the record.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-110", "src-106", "src-105" ], "entity_ids": [ "zurich-company", "greensill-bank", "lex-greensill", "gcuk", "sanjeev-gupta", "gfg", "bluestone", "roland-hartley-urquhart" ] }, { "id": "display-claim-a92f8caee8bae60e5eacc48c", "kind": "analysis", "text": "The Federal Court of Australia's judgment of 28 April 2026 in White Oak Commercial Finance Europe (Non-Levered) Limited v Insurance Australia Limited (No 3) [2026] FCA 530 refers to proceedings in the United Kingdom brought by White Oak against Marsh Ltd over White Oak's investment in the Greensill Liberty Commodities Limited Receivable Purchase Agreement programme; the National Audit Office lists Liberty Commodities Limited among companies with connections to GFG Alliance. Marsh & McLennan Companies' quarterly report to the SEC for the period ended 30 September 2026 states that White Oak filed the claim against Marsh Ltd in the High Court in London in June 2023 and that Marsh Ltd reached a settlement with White Oak in May 2025 to resolve the matter in the United Kingdom; the High Court in [2026] EWHC 639 (Ch) describes the White Oak trial as having settled after the trial had concluded.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-095", "src-077", "src-053", "src-005" ], "entity_ids": [ "white-oak", "marsh", "liberty-commodities", "gfg" ] }, { "id": "display-claim-1ce683660e050bfef14b5296", "kind": "analysis", "text": "Companies House records Alexander David Greensill, known as Lex Greensill, as a director of Greensill Capital (UK) Limited (GCUK) from 2 July 2012 to 17 June 2026; the form TM01 terminating the appointment with effect from 17 June 2026 was filed on 25 June 2026. Since 6 April 2016 GCUK's register of persons with significant control has listed one person, Lex Greensill, with the nature of control recorded as significant influence or control over the trustees of a trust. GCUK's accounts for 2017, 2018 and 2019 named Greensill Capital Pty Limited as its immediate and ultimate parent company, and in those accounts the directors stated that they considered Alexander Greensill to be the ultimate controlling party. The National Audit Office's report of 7 July 2021 states that this Australian parent was 64.55% owned by its founder, staff and directors, including 28.06% held by a trust associated with Lex Greensill, with 25.11% held by the SoftBank Vision Fund and 10.34% by General Atlantic, a US private equity investor; the report gives no date or source for these percentages, and they have not been checked against the parent's share register, which is not in the record.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-003", "src-006", "src-002", "src-082", "src-097", "src-018", "src-077" ], "entity_ids": [ "lex-greensill", "gcuk", "gcpty", "lex-family-trust", "svf1", "general-atlantic" ] }, { "id": "display-claim-c677bc108c269abd2eb0da37", "kind": "analysis", "text": "GCUK's 2019 annual report describes Lex Greensill as co-founder and CEO of the Greensill Group, who had previously been Managing Director and Head of Supply Chain Finance for Europe, Middle East and Africa at Citibank and had established Morgan Stanley's global supply chain finance business; it adds that Lex Greensill is a solicitor of the Supreme Court of England and Wales and of the Supreme Court of Queensland and was awarded the CBE for services to the UK economy in 2017. The High Court's judgment in [2025] EWHC 2631 (Ch) records that the group, which focused on supply chain financing, was founded by Lex Greensill, and that GCUK was its main operating and trading company in the UK, providing financial support and management for the wider group and performing a central treasury function. The Financial Conduct Authority likewise referred to Lex Greensill as CEO of Greensill in a letter of 4 May 2021 to Mel Stride MP, which reported two formal meetings between FCA staff and Lex Greensill, on 12 September 2019 and 9 December 2020.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018", "src-035", "src-016" ], "entity_ids": [ "lex-greensill", "gcuk" ] }, { "id": "display-claim-4a2821326bafe78170840892", "kind": "analysis", "text": "By March 2021 Lex Greensill was GCUK's only director. When the High Court (Mr Justice Michael Green, [2021] EWHC 700 (Ch)) made the administration order for GCUK on 8 March 2021, the application had been made by its sole director, Alexander David Greensill, while that for Greensill Capital Management Company (UK) Limited was made by Alexander David Greensill and Alastair Kenneth Eadie; the judgment carries the latter company's case number, CR-2021-000436, and GCUK's own administration is High Court case 000435 of 2021. The court recorded that Credit Suisse and another lender to the group, both notified, consented to the orders, that the Bank of England did not intend to exercise its powers and that Credit Suisse Asset Management, appearing for the noteholders, did not oppose them; on 4 September 2026 the High Court extended both administrations to 7 September 2028, and the administrators intend to end them by conversion to creditors' voluntary liquidations. On 28 April 2021 Lex Greensill made GCUK's statement of affairs as at 8 March 2021, which put its total assets at $1,472,148,187 at book value and $475,446,600 estimated to realise, figures that are the directors' estimates at the date of administration and do not account for the costs of the administration.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-052", "src-029", "src-015", "src-007" ], "entity_ids": [ "gcuk", "gcmc", "lex-greensill", "alastair-eadie" ] }, { "id": "display-claim-32f84f6b2680bc23ad3a8359", "kind": "analysis", "text": "The High Court in [2026] EWHC 639 (Ch) and the Insolvency Service in its announcement of 4 June 2026 both state that Lex Greensill was a director of GCUK, of Greensill Limited and of the Australian parent company, Greensill Capital Pty Limited. Companies House lists Alexander David Greensill as a director of Greensill Capital Management Company (UK) Limited (GCMC) from 19 April 2012 to 17 June 2026, alongside Peter Edward Greensill (19 April 2012 to 24 January 2021), Jason Richard Alexander Austin (19 April 2012 to 21 June 2019) and Alastair Kenneth Eadie (21 June 2019 to 21 April 2021), and GCMC's register of persons with significant control has listed Lex Greensill since 6 April 2016 with the same nature of control as at GCUK. At Greensill Limited, Lex Greensill was a director from 3 May 2018 to 17 June 2026; the High Court in [2025] EWHC 2631 (Ch) states that Lex Greensill and Alastair Eadie, both also GCUK directors, were its directors at all material times, and Greensill Limited's annual report for 2019 named Lex Greensill as its ultimate controlling party in the directors' opinion.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-005", "src-008", "src-010", "src-014", "src-026", "src-019", "src-013", "src-002", "src-040", "src-035" ], "entity_ids": [ "lex-greensill", "gcuk", "greensill-limited", "gcpty", "gcmc", "peter-greensill", "jason-austin", "alastair-eadie", "jonathan-lane", "hayley-james" ] }, { "id": "display-claim-47b80e9e96738ad9b6063157", "kind": "analysis", "text": "Further Companies House entries place Lex Greensill on the boards of other UK Greensill companies: Greensill Capital Trading Limited from 17 October 2014, Laufer Limited from 17 October 2016 and Greensill Capital Investments Limited from 21 November 2016, and, together with Alastair Eadie, Greensill Trading Limited, Greensill Trading 2 Limited, Greensill Trading 3 Limited and Greensill Trading 4 Limited from dates between 22 November and 20 December 2019. For all seven companies no resignation is recorded for Lex Greensill before the company was dissolved, whereas Alastair Eadie resigned from the four Greensill Trading companies on 2 March 2021. At Greensill Capital Securities Limited, Lex Greensill was a director from 18 May 2015 to 9 April 2018 and again from 2 December 2019.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-010", "src-026", "src-014", "src-019", "src-059", "src-085", "src-021", "src-063" ], "entity_ids": [ "gc-trading", "lex-greensill", "jason-austin", "peter-greensill", "laufer", "alastair-eadie", "gc-investments", "greensill-trading", "greensill-trading-2", "greensill-trading-3", "greensill-trading-4", "jonathan-lane", "gcsl", "wasif-raza", "neil-garrod", "hayley-james" ] }, { "id": "display-claim-00870cba1b8d98377faae36b", "kind": "analysis", "text": "For Greensill GmbH, company-data aggregators' summaries of commercial-register publications show Alexander Greensill and Danyon Mayall Lloyd as managing directors from the company's registration on 28 March 2019, and a publication of 26 May 2023 recording the company's liquidation and that Alexander Greensill was no longer a managing director; the register entries themselves are not in the record, and the dates given are publication dates. Aggregators summarising Indian Ministry of Corporate Affairs records list Alexander David Greensill as a director of Greensill India Finance Private Limited from 2 August 2020, but they are not the primary record and disagree about a third director, so that board list is neither complete nor verified. At the date of the Chapter 11 petition of Greensill Capital Inc., its board had two members: Lex Greensill and an independent director, Jill Frizzley, appointed by resolution dated 20 March 2021 to review actions related to the company's wind-up and the Chapter 11 case.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-036", "src-037", "src-055", "src-042" ], "entity_ids": [ "greensill-gmbh", "lex-greensill", "danyon-lloyd", "simon-slobbe", "greensill-india", "divya-eapen", "greensill-inc", "jill-frizzley" ] }, { "id": "display-claim-10c8b9b7a0d972d1d8da43df", "kind": "analysis", "text": "Two further UK directorships began in the spring of 2021: Lex Greensill became a director of Earnd (UK) Limited on 4 March 2021 and of Greensill Global Trading Limited on 26 April 2021, on the days on which Alastair Eadie's directorships of those companies ended, and no resignation is recorded for Lex Greensill before either company was dissolved. In all, the Companies House appointments record of Alexander David Greensill lists 15 appointments, including two separate directorships of Greensill Capital Securities Limited; apart from a directorship of Shotwick Park Estate Limited, which Companies House records from 29 March 2022 to 5 June 2026, all of them are in Greensill group companies.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-010", "src-022", "src-021", "src-020", "src-019" ], "entity_ids": [ "earnd-uk", "neil-garrod", "bill-crothers", "sean-hanafin", "alastair-eadie", "lex-greensill", "greensill-global-trading", "shotwick-park", "gcsl" ] }, { "id": "display-claim-4a757ef923d5b76d141c117c", "kind": "analysis", "text": "Lex Greensill dealt with Credit Suisse over the limits on its supply chain finance funds' Greensill exposures, as recorded in [2025] EWHC 2631 (Ch). Lex Greensill signed, with Adam Milenkovic, Chief Risk Officer of Credit Suisse's asset management division, and Luc Mathys, the agreement of 3 July 2020 limiting the Credit Suisse (Lux) Supply Chain Finance Fund's exposure to multi-obligor programmes to 5% by 31 December 2020 and to SoftBank Vision Fund-related companies to 7% in total and 3% per programme. On 11 December 2020, told by a group employee that meeting the limits required Katerra to be zeroed out, Lex Greensill replied that Katerra should be excluded from the calculation because Credit Suisse had not reported it to the regulator as part of the exposure, while Lukas Haas of Credit Suisse Asset Management wrote on 21 December 2020 that the 5% limit 'agreed between Lex and CS senior management earlier this year' had to be kept; on 7 January 2021 Lex Greensill accepted Credit Suisse's terms that the Katerra programme notes mature or be bought back by 31 March 2021 and that Vision Fund-related notes be at or below 5% of each fund by that date. In evidence Lex Greensill described the funds as the group's principal source of liquidity, saying they had provided over $10 billion of funding, which is Lex Greensill's evidence rather than a finding of the court; the court did find that, at the time of Katerra's difficulties around October 2020, Lex Greensill thought a default on the Fairymead Notes would have been existential for Greensill.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "csam", "lex-greensill", "cs-lux-scf", "katerra", "credit-suisse" ] }, { "id": "display-claim-6bcb108d0d87c6bc22a1f176", "kind": "analysis", "text": "Lex Greensill also dealt with SoftBank for the group in late 2020. After Lex Greensill and Tom Cheung of SoftBank Investment Advisers exchanged terms on 13 and 14 October 2020 for SoftBank Group Corp. to repurchase the Fairymead (Katerra) notes at par, $440 million, the proposal evolved into a $440 million injection into Greensill Capital Pty Limited, and the High Court found that it was Lex Greensill who sought to persuade the SoftBank defendants to make it, to prevent a default under the Katerra receivables purchase agreement and to salvage the Greensill fundraising, rejecting the case that SoftBank had imposed the terms. Lex Greensill was also a party to the Omnibus Deed, under which Lex Greensill, Greensill Capital Pty Limited and GCUK released SoftBank Group Corp., Vision Fund II and related parties from claims relating to the Katerra programme, the Katerra notes and any credit enhancement for Katerra. In [2025] EWHC 2631 (Ch), its judgment of 15 October 2025, the court held that Greensill Limited, acting through Lex Greensill, entered the Katerra agreements of 30 December 2020 for the purpose of prejudicing the noteholders' interests: it gave up its only asset in order to keep SoftBank on side while Lex Greensill sought a $1.5 billion loan to meet BaFin's demands concerning Greensill Bank, although Lex Greensill would have preferred to pay the noteholders in full. Lex Greensill had consistently explained in evidence that the $440 million injection was for the purchase or redemption of the Fairymead notes, and the SoftBank defendants contended that the intention, when Lex Greensill decided on 4 December 2020 to cause the transactions, was that the sub-fund would be made whole; the court did not accept that analysis, holding among other things that the purpose had to be ascertained when the agreements were entered into and that Lex Greensill had authorised Greensill Limited to enter into them on 30 December 2020. It also found that Lex Greensill knew Credit Suisse would not consent to the release of the receivables purchase agreement, did not ask for its consent and concealed the position, giving the misleading impression that the release would follow a buy-back of the notes, and it rejected Lex Greensill's evidence that SoftBank had prevented disclosure through the Omnibus Deed's confidentiality provisions. The claim against the SoftBank defendants was nonetheless dismissed: relief could at most have been capped at the $11.3 million value of the Katerra shares received by SoftBank Vision Fund 2, which were cancelled in Katerra's bankruptcy in June 2021.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035" ], "entity_ids": [ "lex-greensill", "softbank", "gcpty", "katerra", "gcuk", "svf2", "greensill-limited", "greensill-bank", "credit-suisse" ] }, { "id": "display-claim-45f519341f87055ea6265f1c", "kind": "analysis", "text": "As chief executive of GCUK, Lex Greensill pursued Greensill's applications to government Covid-19 schemes in 2020. Lex Greensill first contacted the British Business Bank's Chief Commercial Officer about accreditation under the Coronavirus Large Business Interruption Loan Scheme (CLBILS) on 17 April 2020, before GCUK asked, in a Formal Proposal of 23 April 2020, for a lending allocation of £1 billion. On 26 June 2020, in a call by Second Permanent Secretary Charles Roxburgh with Lex Greensill and Bill Crothers, a GCUK director, HM Treasury told Greensill for the final time that it would not be eligible for the Covid Corporate Financing Facility (CCFF), to which Greensill never gained access. The House of Commons Treasury Committee found that most of the lobbying on Greensill's behalf in 2020 was carried out by Lex Greensill, Bill Crothers and former Prime Minister David Cameron, an adviser to Greensill Capital, David Cameron or David Cameron's office making 56 contacts with the government in the period it examined. It concluded that the Treasury took the right decision in preventing Greensill from accessing the CCFF, and it accepted that David Cameron, who told it that lobbying the UK Government 'was never intended to be part of my role', did not break the rules on lobbying by former ministers, while saying those rules were not strong enough; a press report (January 2026) stated that a later inquiry found David Cameron's actions within the rules and that no registration as a lobbyist had been required. A review by Nigel Boardman, conducted at the request of the Prime Minister, examined government decisions on the development and use of supply chain finance and associated schemes, especially the role of Lex Greensill and Greensill Capital.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-077", "src-031", "src-094" ], "entity_ids": [ "lex-greensill", "gcuk", "british-business-bank", "bill-crothers", "david-cameron" ] }, { "id": "display-claim-19fefa16d4a92d9b2eed3279", "kind": "analysis", "text": "In the Federal Court of Australia, BCC Trade Credit Pty Ltd and the Tokio Marine companies defended claims under the Greensill trade credit insurance policies partly on the contention that the policies were not validly entered into because of fraudulent non-disclosure or misrepresentation by GCUK and by Lex Greensill, among others; as summarised by the High Court in [2025] EWHC 1380 (Ch), this defence alleges misrepresentations and non-disclosures in procuring cover for the Catfoss group, Bluestone Resources and Liberty France Aluminium, made deliberately and dishonestly with Lex Greensill personally responsible. In the English disqualification proceedings Lex Greensill denied withholding relevant information from BCC's head of trade credit, Greg Brereton, or making misrepresentations to Mr Brereton or BCC, and Credit Suisse Asset Management stated in December 2022 its firm position that all relevant policies were valid and the insurers' claims unfounded. These pleaded defences have not been adjudicated: Greensill Bank AG and Credit Suisse settled their claims in 2026 on confidential terms and abandoned their indemnity claims, and White Oak, the sole remaining applicant, pressed its claim, including the non-disclosure and misrepresentation issues, at a trial that began in October 2026. Separately, a press report (February 2024) of court filings stated that Zurich Insurance Company, sued in the High Court by the administrators of Greensill Bank AG over trade credit insurance, alleged in a defence and counterclaim dated 26 January 2024 that the claims arose out of a 'fraudulent scheme' involving Lex Greensill, GCUK, Sanjeev Gupta and three Liberty businesses of GFG Alliance, including that receivables purportedly sold by Liberty to GCUK were not genuine. A spokesperson for Lex Greensill said that Lex Greensill 'wholly rejects' the allegations as without foundation and would address them in a defence and any counterclaims, a GFG Alliance spokesperson said GFG was not involved in Greensill's insurance arrangements, and no court ruling on the allegations and no outcome of those proceedings was found.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-079", "src-054", "src-033", "src-005", "src-030", "src-096", "src-110" ], "entity_ids": [ "bcc", "tmnf", "tmma", "gcuk", "lex-greensill", "catfoss-renewables", "catfoss-dbt", "bluestone", "csam", "greg-brereton", "zurich-company", "greensill-bank", "sanjeev-gupta", "gfg" ] }, { "id": "display-claim-ce86d70f9112c0df11f302a3", "kind": "analysis", "text": "The Secretary of State for Business and Trade brought disqualification proceedings against Lex Greensill in the High Court (CR-2024-001426) under section 6 of the Company Directors Disqualification Act 1986, concerning Lex Greensill's conduct as a director of GCUK, Greensill Limited and Greensill Capital Pty Limited. The Secretary of State alleged three broad areas of misconduct: the Katerra transactions with SoftBank Group companies in November and December 2020 and the use of $440 million received by GCUK; misrepresentations and non-disclosures from September 2018 to trade credit insurers covering finance to Catfoss Renewables Ltd and Catfoss DBT Ltd; and, from August 2020, what the boards of GCUK and Greensill Capital Pty Limited were told about the trade credit insurance. The Secretary of State stated that the claim was not based on the alleged misconduct having caused the companies' insolvencies. Lex Greensill disputed the allegations and, as ICC Judge Mullen recorded in July 2024, regarded the case as unbalanced and unfounded and was concerned that untested allegations might be reported in the press without an effective opportunity to rebut them. On 18 March 2026 Mr Justice Trower dismissed Lex Greensill's application to strike out the claim ([2026] EWHC 639 (Ch)), and the Insolvency Service stated that the Court of Appeal refused permission to appeal. The proceedings ended before the six-week trial due to begin on 8 June 2026: Lex Greensill gave a nine-year disqualification undertaking, which the Secretary of State accepted on 2 June 2026; in such an undertaking the director does not dispute certain facts for the purposes of the disqualification proceedings only, it is not a court finding, and the allegations were not tried. The Companies House register of disqualified officers records the undertaking as running from 23 June 2026 to 22 June 2035, during which Lex Greensill may not act as a director or be involved in the promotion, formation or management of a company without the court's permission. Announcing the undertaking on 4 June 2026, the Insolvency Service described the conduct as causing the Katerra transactions of late 2020 and causing or allowing GCUK to use $440 million received in November 2020 for purposes other than redeeming notes held by the Credit Suisse (Lux) Supply Chain Finance Fund, in breach of the duty to exercise reasonable care, skill and diligence; the undertaking's statement of facts is not in the record, so it does not show whether the Catfoss or insurance non-disclosure allegations were covered.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-005", "src-008", "src-079", "src-009" ], "entity_ids": [ "lex-greensill", "gcuk", "greensill-limited", "gcpty", "softbank", "katerra", "catfoss-renewables", "catfoss-dbt", "cs-lux-scf" ] }, { "id": "display-claim-c3067680bc591da26ec6cdfc", "kind": "analysis", "text": "On 29 April 2025 a Part 7 claim, BL-2025-000562, Greensill Capital (UK) Limited (in administration) v Greensill and others, was filed in the Business List of the High Court; it is listed as a claim for breach of fiduciary duty against seven defendants, Lex Greensill, Sean Hanafin, Divya Eapen, Alastair Eadie, Neil Garrod, Jonathan Lane and Bartholomeus Ras, and a court docket summary and a press report (April 2025) describe it as brought by the company's administrators against former directors. The claim is the company's allegation: its particulars, the sums claimed and any defences are not in the record, no hearing, judgment or response by the defendants was found, and the administrators' progress report for 8 March to 7 September 2026 says that their investigations in respect of former directors are ongoing and lists claims against former directors among continuing work, without further details. Earlier, on 15–16 March 2021, Bluestone Resources Inc., Bluestone Coal Sales Corporation, Blackstone Energy, Ltd. and three individuals had sued GCUK, Lex Greensill and Roland Hartley-Urquhart in the U.S. District Court for the Southern District of New York (1:21-cv-02253) over GCUK's financing of the Bluestone coal businesses, claiming damages for breach of contract, fraud, breach of fiduciary duties and civil conspiracy, among other claims. Lex Greensill and GCUK appeared through counsel, and on Lex Greensill's application the court granted a temporary stay with the plaintiffs' consent on 2 September 2021. The complaint's allegations were not answered or adjudicated: the case was stayed as to GCUK after U.S. recognition of its administration in September 2021, dismissed on 1 July 2022 following a settlement whose terms are not in the record, and on 1–2 August 2022 the plaintiffs voluntarily dismissed all claims against all three defendants with prejudice.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-072", "src-044", "src-015", "src-105", "src-106" ], "entity_ids": [ "gcuk", "lex-greensill", "sean-hanafin", "divya-eapen", "alastair-eadie", "neil-garrod", "jonathan-lane", "bart-ras", "bluestone", "roland-hartley-urquhart" ] }, { "id": "display-claim-3d5ac996b1e23170c4a6c3eb", "kind": "analysis", "text": "On 2 August 2019 GCUK and Alexander Greensill issued a libel claim (QB-2019-002773) against Reuters News & Media Limited over an article Reuters published on 7 July 2019 under the headline 'Exclusive: Greensill issued false statement on bonds sold by metals tycoon Gupta'. The claimants pleaded that it meant they had knowingly given bond market investors and brokers false information in a May 2018 update that the Scottish Government had granted a guarantee, committing a criminal offence of market abuse; Reuters denied that meaning, and the natural and ordinary meaning was ordered to be decided as a preliminary issue before any defence was filed. In [2020] EWHC 1325 (QB), on 14 May 2020, the court held that the ordinary reasonable reader would not understand the article to convey any defamatory allegation against Alexander Greensill personally, because the word 'Greensill' in it would be understood as referring to GCUK, except in one paragraph that referred to Alexander Greensill personally; the judgment describes Alexander Greensill as the founder of the company in 2011 and its chief executive. According to the National Audit Office's chronology, Greensill dropped the libel suit against Reuters on 27 May 2020.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-098", "src-077" ], "entity_ids": [ "gcuk", "lex-greensill", "reuters" ] }, { "id": "display-claim-c6ff7f136f6e4a11cd6cb863", "kind": "analysis", "text": "Greensill Bank AG is a German bank that belonged to Greensill Capital (UK) Limited (GCUK) until December 2018. At 31 December 2017 GCUK held 100% of the bank's shares and voting power, and its accounts listed the bank, with Germany as its country and banking as its activity, and Greensill Capital Securities Limited as its wholly owned subsidiaries; the carrying value of GCUK's investments in subsidiaries was then $58,986 thousand. During 2018 GCUK subscribed for a further 497,512 shares in the bank at €40.20 per share, and on 14 December 2018 it transferred its investment to Greensill Capital Pty Limited for €40.20 per share, so that its list of subsidiaries at 31 December 2018 no longer included the bank, which the 2018 accounts describe as a former subsidiary sold to Greensill Capital Pty Limited during the year; the High Court in [2026] EWHC 639 (Ch) describes the bank as another subsidiary of Greensill Capital Pty Limited. GCUK kept a financial interest in the bank: contingent convertible loan notes worth $3,965 thousand at the end of 2018 and, at the end of 2019, contingent convertible loan notes and silent participations in the bank, a related party, worth $13,404 thousand after a revaluation gain of $2,035,000 in 2019.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-082", "src-097", "src-005", "src-018" ], "entity_ids": [ "gcuk", "greensill-bank", "gcsl", "gam-scf", "gam-scf-plus", "gam-ar", "gcpty", "gc-investments", "greensill-limited" ] }, { "id": "display-claim-99758873406d5428eec2aae0", "kind": "analysis", "text": "GCUK's 2019 accounts list Greensill Bank AG among the group's other trading companies, alongside Finacity Corporation and Earnd (UK) Limited, and thresholds tied to the bank appear in the record of SoftBank's investments in the group parent. When SoftBank Vision Fund L.P. invested about $800 million in Greensill Capital Pty Limited in May 2019, its equity ownership of the parent reached 9.9%, below the 10% level that would have triggered regulatory consequences for equity control of Greensill Bank AG, as the High Court recorded in [2025] EWHC 2631 (Ch). After Lex Greensill asked SoftBank on 23 December 2020 for a $1.5 billion bridge facility, minutes of the parent's board of 31 December 2020 record that SoftBank declined but would consider an equity investment of up to $250 million alongside other investors, noting that crossing a 50% equity threshold would require it to consolidate Greensill Bank AG, 'a red line'. When it made the administration order for GCUK, the court noted that the Bank of England had confirmed it did not intend to exercise its powers although the group included Greensill Bank AG.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-018", "src-035", "src-052", "src-029" ], "entity_ids": [ "gcuk", "greensill-bank", "finacity", "earnd-uk", "svf1", "gcpty", "lex-greensill", "softbank", "credit-suisse", "pgft", "csam" ] }, { "id": "display-claim-f3ec26f54eba97f4d394c7ec", "kind": "analysis", "text": "The High Court in [2026] EWHC 639 (Ch) described GCUK as funded partly by advances from Greensill Bank AG and partly by securitisation, in which receivables and their related rights were assigned to a Luxembourg note-issuing vehicle whose notes were bought by third-party investors, many of them through Credit Suisse Virtuoso SICAV-SIF. According to the joint administrators, GCUK, the group's main trading entity, used bespoke IT platforms to buy working capital and supply chain receivables and sold them, or notes backed by them, generally within 24 hours to financial institutions, specialist funds and Greensill Bank AG. One of the software items developed for GCUK, the Decision Engine, recommended which obligors' assets could be sold to which investor, for example Airbus assets to Greensill Bank or Credit Suisse, using current exposure and headroom under insurance, investor and concentration limits. Note 28 to GCUK's 2019 accounts states that GCUK kept first losses on assets transferred directly to Greensill Bank AG, similar to the small interests it sometimes kept through first losses on assets transferred to the structured entities it sponsored but did not consolidate. Figures that Lex Greensill gave the Treasury Committee, reproduced in its report of 20 July 2021, show Greensill Bank buying 6%, 7% and 11% of Greensill's total asset flow in 2018, 2019 and 2020 but 0% of its future receivables in 2018 and 73% in both 2019 and 2020, the Committee noting that Greensill switched from selling future receivables mainly to other investors to selling them mainly to Greensill Bank. The figures were supplied by Lex Greensill and cover Greensill as a whole rather than GCUK alone, the record contains no independent check of them, and the copy of the written evidence shows 87% instead of the report's 89% for the 2020 share of total flow sold to other investors.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-005", "src-029", "src-062", "src-018", "src-031", "src-080" ], "entity_ids": [ "gcuk", "greensill-bank", "gcpty", "cs-virtuoso", "csam", "greensill-inc", "credit-suisse", "lex-greensill" ] }, { "id": "display-claim-3338f6c310566cf9a764a53b", "kind": "analysis", "text": "Service level agreements between GCUK and Greensill Bank AG, quoted in [2024] EWHC 3068 (Comm), described their working relationship as a long-term business partnership concerned mainly with the bank's refinancing of the supply chain finance business that GCUK acquired with commercial customers, with GCUK providing 'trust holdings' to the bank, and stated an 'at-arms-length principle' under which the two could operate as separate businesses that 'are not a group of companies'. In the parallel policy structure described by the Commercial Court in that judgment of 3 December 2024, each insured risk had a 'master' policy naming GCUK as insured and a 'parallel' policy naming Greensill Bank AG; GCUK, as servicer for the bank, originated the financings, arranged and paid for the cover and made the disclosures and representations to insurers, paying the substantive premium while the bank's policy required only a nominal $1 and had no deductible. In the policies underwritten by Insurance Australia Limited through its authorised representative BCC Trade Credit Pty Ltd, first agreed in 2017 and renewed in 2019, the Parallel Policy was between BCC and Greensill Capital Pty Limited with Greensill Bank AG, and Credit Suisse Virtuoso SICAV-SIF, whose notes the insurance credit-enhanced, was a loss payee under it, with an indemnity claim against GCUK if the policy failed to respond because Greensill Capital Pty Limited or the bank had breached it ([2025] EWHC 1380 (Ch)). Credit Suisse Asset Management's investor Q&A of 15 December 2022 likewise states that its funds were named as loss payees on policies under which Greensill entities such as Greensill Bank AG were the insured, and that claims had to be submitted by the policyholder, Greensill Bank.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-041", "src-054", "src-005", "src-033" ], "entity_ids": [ "gcuk", "greensill-bank", "cs-virtuoso", "ial", "bcc", "gcpty", "csam", "cs-lux-scf" ] }, { "id": "display-claim-d235dc0fb2775e6747704bf9", "kind": "analysis", "text": "Under an agreement of 14 July 2020 the bank advanced €90 million to GCUK; GCUK's administrators reported in their proposals of April 2021 that part of the collections from GCUK's trade assets might be subject to a claim by the bank arising from that agreement and that they were taking legal advice on its validity, and the later progress report in the record does not state how the claim was resolved. The bank was also the intended channel for the 'Secondary Trade' that the group arranged with Credit Suisse Virtuoso SICAV-SIF on 31 December 2020, under which GCUK, via Greensill Bank AG, was to buy all the outstanding Fairymead Notes ($439,999,710 notional) for settlement on 14 January 2021; the trade was cancelled on 7 January 2021, the High Court finding in [2025] EWHC 2631 (Ch) that the group lacked the resources to perform it, and the notes all defaulted on maturity in March and May 2021. GCUK's statement of affairs as at 8 March 2021 lists Greensill Bank AG among its group creditors for 32,705,156.43, as printed in a schedule whose amount column is marked in pounds sterling.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029", "src-015", "src-035", "src-007" ], "entity_ids": [ "gcuk", "greensill-bank", "cs-virtuoso", "cs-lux-scf", "gcpty", "gcmc", "greensill-gmbh", "greensill-limited" ] }, { "id": "display-claim-a33585da41eb76f1dc07aca8", "kind": "analysis", "text": "The Treasury Committee reported that the Prudential Regulation Authority received limited information from BaFin, the German financial regulator, in March 2020 suggesting a 'possible weakness in controls' at Greensill, which the Bank of England did not then pass to HM Treasury, and that the potentially serious nature of Greensill's financial difficulties became apparent to PRA supervisors in October 2020, with a much stronger concern from BaFin about Greensill Bank AG; that information reached HM Treasury on 3 November 2020. Sam Woods, Deputy Governor of the Bank of England, told the Committee that BaFin's concerns in March 2020 were about systems and controls rather than the solvency of the bank, that BaFin later gave reassurance on which the Bank put some weight, and that the Bank did not pass the information on at that time because it conveyed less serious concerns than the October information and did not add materially to concerns about Wyelands and its relationship with the GFG Alliance that the Bank was already sharing with HM Treasury. According to GCUK's administrators, the bank's exposure to the GFG Alliance drew increased attention during 2020 from the Auditing Association of German Banks and BaFin, which opened an investigation focused on the concentration of the bank's lending to GFG and set conditions ultimately requiring that exposure to be reduced; this is the administrators' account in their April 2021 proposals, and BaFin's own decisions and the terms of its conditions are not in the record. BaFin required the group on 8 December 2020 to accelerate the reduction of its GFG exposure and on 5 January 2021 blocked withdrawals by the group from the bank ([2025] EWHC 2631 (Ch)); in March 2021 BaFin filed an insolvency application for the bank, and the district court in Bremen appointed Dr Michael Frege as insolvency administrator.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-031", "src-029", "src-035", "src-108" ], "entity_ids": [ "greensill-bank", "gcuk", "gfg" ] }, { "id": "display-claim-d328dd332fd71639c74d4214", "kind": "analysis", "text": "The December 2020 requirement is described in minutes of the board of Greensill Capital Pty Limited of 31 December 2020, quoted in [2025] EWHC 2631 (Ch): BaFin required on about 8 December 2020 that only $25 of every $100 of GFG receivables due to be rolled over be rolled over, a 75% reduction that the group considered not sustainable, and SoftBank Investment Advisers documents recorded that the bank had to reduce its GFG exposure from about $2 billion to $600 million by 31 December 2020. The board's minutes of 7 January 2021 record that a reduction plan, with a further reduction to nil by 31 December 2021, had then been agreed with BaFin, and the Treasury Committee recorded that BaFin later agreed to an alternative proposal from Greensill. The block on withdrawals of 5 January 2021 affected the $250 million deposited with the bank in November 2020 out of the $440 million provided under the convertible loan notes on about 10 November 2020. An April 2021 email from the Greensill group's external counsel, quoted in the judgment, says that the $250 million was paid to the bank to be held as collateral in respect of GFG positions; this is the group lawyers' later summary, and the court did not itself determine how each part of the $440 million was used, beyond finding that it was not used to repurchase or redeem the Fairymead notes.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-035", "src-031" ], "entity_ids": [ "gfg", "gcpty", "greensill-bank", "gcuk" ] }, { "id": "display-claim-8f2a2c75138fcd86e50bde15", "kind": "analysis", "text": "The bank remains in insolvency proceedings before the courts of Bremen, with Michael Frege as insolvency administrator, an appointment that an announcement by Michael Frege's law firm dated 17 March 2021 also records as following BaFin's application. In May 2021 the Federal Court of Australia recognised the bank's administrators, enabling them to recover the bank's assets located in Australia. In a written answer to the Australian Parliamentary Joint Committee on Corporations and Financial Services, ASIC stated that in March 2021 BaFin filed a criminal complaint with prosecutors against the management of the bank, which ASIC understood was filed in Bremen and related to balance sheet manipulation; a criminal complaint is not a charge or a finding, and ASIC neither names the managers concerned nor states what became of the complaint. The National Audit Office's report of July 2021 notes that it was reported in June 2021 that Ebner Stolz, the bank's auditor, had withdrawn its certifications of the bank's 2019 annual accounts in April 2021; the NAO repeats press reports and does not itself establish the withdrawal or its reasons. A press report (May 2025) states that Michael Frege filed a claim for damages against former senior managers of the bank in the Bremen Regional Court (Landgericht Bremen), as a court spokesperson confirmed to the publication; the freely available part of the report names neither the defendants nor the amount claimed, and the claim's content and status are not established.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-108", "src-051", "src-034", "src-077", "src-109" ], "entity_ids": [ "greensill-bank", "michael-frege", "gcpty", "ebner-stolz" ] }, { "id": "display-claim-70fcdf3739332f45183be6f6", "kind": "analysis", "text": "GCUK held a foreign exchange hedging account at Citibank, through which it also hedged foreign exchange positions of Greensill Bank AG, backed by a cash deposit of about €70 million; after the administrators' appointment Citibank closed the account because GCUK could not meet further margin calls and set the closure costs off against the deposit, leaving about €40 million, which was subject to a potential claim by the bank on the basis that the deposit funds originated from it. On 8 December 2021 GCUK's administrators applied to the High Court for directions on whether GCUK or the bank was the beneficial owner of funds that had come to GCUK through foreign exchange transactions; Michael Frege was later joined as a respondent, and the court described the dispute as hostile litigation between the two companies. In [2023] EWHC 2429 (Ch), given on 19 September 2023, Sir Anthony Mann held that CPR Part 36, the court rules on formal settlement offers, can apply to administrators' directions proceedings and that a Part 36 offer made by the bank on 14 September 2022 to settle its claim to the disputed funds had been accepted by GCUK's administrators and bound the bank. The judge rejected the bank's arguments that Part 36 did not apply, that the administrators' rejection of the offer in December 2022 had ended it, that it had been conditional on a court ruling and was withdrawn in August 2023, and that offer and acceptance did not correspond, leaving its further arguments on mistake and the rule in Ex parte James for a later hearing; a reporting restrictions order prevents any reporting of the contents of the without-prejudice offers, including Part 36 offers, so the terms of the offer are not stated.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-029", "src-051" ], "entity_ids": [ "gcuk", "greensill-bank", "michael-frege" ] }, { "id": "display-claim-a7ef2f8159c5dbff3d44ae2c", "kind": "analysis", "text": "On 1 March 2021 Stevenson J of the Supreme Court of New South Wales refused an urgent after-hours application by Greensill Capital Pty Ltd, GCUK and Greensill Bank AG for an interlocutory mandatory injunction compelling Insurance Australia Limited to provide cover under two trade credit insurance policies that expired at midnight; the defendants were BCC Trade Credit Pty Ltd, Tokio Marine Management (Australasia) Pty Ltd and Insurance Australia Limited ([2021] NSWSC 167). On the balance of convenience the court weighed Greensill's evidence of very serious consequences if the policies were not renewed, including the risk that Greensill Bank AG would fall below its regulatory capital requirements, an estimate that over 50,000 jobs might be at risk and the failure of Greensill's broker Marsh to find alternative cover, against the exposure of Insurance Australia Limited, which had not reinsured beyond midnight. It treated Greensill's delay as weighing against relief: the underwriters' position had been clear for about eight months, and by 1 September 2020 at the latest, yet Greensill instructed lawyers in London and Sydney only on 25 and 26 February 2021.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-083", "src-076", "src-053" ], "entity_ids": [ "gcpty", "gcuk", "greensill-bank", "ial", "bcc", "tmma", "marsh" ] }, { "id": "display-claim-cb99d7aaae4d64fe4c90529c", "kind": "analysis", "text": "Between October 2021 and June 2023 claims under the Greensill trade credit insurance policies were issued in the Federal Court of Australia and case-managed together: six by Greensill Bank AG and Michael Frege against Insurance Australia Limited, BCC Trade Credit Pty Ltd, Greg Brereton and others, three by Credit Suisse Virtuoso SICAV-SIF and one by White Oak Commercial Finance Europe (Non-Levered) Limited. The insurers defended them, BCC and the Tokio Marine companies contending in part that the policies were not validly entered into because of fraudulent non-disclosure or misrepresentation by GCUK and Lex Greensill, among others. The bank added Marsh Pty Ltd and Marsh Ltd to the Australian proceedings in November 2024 and March 2025, and by April 2026 an eleventh proceeding, Greensill Bank AG v Marsh Ltd (NSD 344 of 2025), was case-managed with the others. In London the Commercial Court on 3 December 2024 ([2024] EWHC 3068 (Comm)) continued, on a narrower basis, the interim anti-suit injunction granted to Marsh Limited on 30 July 2024, restraining the bank and Michael Frege from bringing any claim against Marsh in Australia in relation to the 2018 letter of engagement between the bank and Marsh, which contained an English exclusive jurisdiction clause; the bank and Michael Frege had sought to have the injunction set aside for non-disclosure and opposed its continuation. A joint trial had been listed for 3 August 2026, but the bank's claims were settled first: Insurance Australia Group announced on 29 May 2026 the settlement of the proceedings brought by Greensill Bank AG and its insolvency administrator, as its announcement of 25 September 2026 on the settlement of the Credit Suisse claims recalls, and Marsh Ltd, Marsh Pty Ltd and other parties settled with the bank and its administrator in June 2026, according to Marsh & McLennan's quarterly report for the period to 30 September 2026. After the Credit Suisse claims also settled, White Oak remained the sole applicant, with claims that Insurance Australia Group put at approximately A$170 million plus interest and that the Federal Court in [2026] FCA 1496 describes as US$120 million plus about six years of interest; Insurance Australia Limited said in September 2026 that it continued to defend those proceedings, and White Oak's trial began in October 2026.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-095", "src-115", "src-054", "src-041", "src-096", "src-079", "src-030", "src-053" ], "entity_ids": [ "greensill-bank", "michael-frege", "ial", "bcc", "greg-brereton", "cs-virtuoso", "cs-lux-scf", "white-oak", "marsh" ] }, { "id": "display-claim-5b4760c636260bf147785257", "kind": "analysis", "text": "In England, the bank's administrators sued Zurich Insurance Company in the High Court in 2023 in a dispute over trade credit insurance, as a press report (February 2024) citing court filings states and as the Commercial Court also records in [2024] EWHC 3068 (Comm). According to that report, Zurich's defence and counterclaim dated 26 January 2024 alleged that the claims arose out of a 'fraudulent scheme' and that deliberate or reckless misrepresentation and non-disclosure entitled it to avoid the policies; a spokesperson for Lex Greensill rejected the allegations as without foundation, and GFG Alliance said it was not involved in Greensill's insurance arrangements. The particulars of the claim, Zurich's defence and the outcome of the London proceedings are not in the record. The bank has also issued proceedings against the Secretary of State for Business and Trade concerning its investments under the Coronavirus Business Interruption Loan Scheme (CBILS) and the Coronavirus Large Business Interruption Loan Scheme (CLBILS) and the underlying guarantees, with GCUK, as the accredited lender, joined as a defendant and providing disclosure, according to the administrators' 2026 progress report; the claim is pending. According to the Department for Business and Trade's written case for a High Court hearing, as described in a press report (January 2026), the government terminated GCUK's CLBILS guarantees in April 2022 because six of the eight borrowers were 'ultimately owned' by Sanjeev Gupta, so that GCUK had lent £300 million to them when the sum 'ought not to have exceeded £50m', and terminated the CBILS guarantees in September 2023, saying GCUK 'did not exercise a level of care, control and diligence consistent with the standard required'. Counsel for the bank stated that the six companies were not 'partner or linked enterprises', that GCUK 'did not act in bad faith' and that the bank denies the Department was entitled to terminate the guarantees, and Credit Suisse Asset Management's December 2022 investor Q&A, referring to the removal of the CLBILS guarantees on Greensill loans to GFG, said its supply chain finance funds were not beneficiaries of them. The same press report said the bank seeks more than £331 million in damages and alleges 'considerable political pressure' from the Department to accredit GCUK to lend to Sanjeev Gupta's companies, while the Department is defending the claim: its counsel said it had lawfully determined that GCUK failed to act in good faith by treating six Gupta-owned borrowers separately to avoid the restrictions on lending to groups, and called the bank's pleaded case 'highly inadequate'. These are the parties' contested positions and no court has decided the merits; the trial is expected to begin in late 2027 and could last up to eight weeks.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-110", "src-041", "src-015", "src-094", "src-033" ], "entity_ids": [ "zurich-company", "greensill-bank", "dbt", "gcuk", "sanjeev-gupta", "csam" ] }, { "id": "display-claim-4f930c85b194d4aeba63c170", "kind": "analysis", "text": "Changes to the bank's management board (Vorstand) are known from company-data aggregators' copies of commercial-register announcements for its Bremen entry (Amtsgericht Bremen, HRB 4088); the register extract itself is not in the record, and the aggregator copies show the entry under the name ARIMA Beteiligungs GmbH, a name the record does not explain. According to an announcement of 5 August 2020, which a second aggregator dates 6 August 2020, Danyon Mayall Lloyd and one other member left the management board, and Ann-Christin Rebekka Rathjen and Ingo Schwartz were entered as management board members, each also holding Prokura, a registered commercial power of attorney. An announcement of 26 April 2021 records that Markus Antonius Nünnerich and Ann-Christin Rathjen left the board; the same aggregator's profile lists Ann-Christin Rathjen as holder of Prokura from 14 May 2018 to 4 August 2020 and again from 27 April 2021 and as a board member from 5 August 2020 to 26 April 2021, but it does not label each period, so the pairing of periods with roles follows the two announcements. In [2024] EWHC 3068 (Comm) the Commercial Court referred to Danyon Lloyd as the bank's chief executive in 2014 and to Jason Austin, described as a co-founder of the Greensill business and a GCUK director, as a member of the bank's supervisory board without executive powers; it found their involvement, and that of Group General Counsel Jonathan Lane, who was not an officer of the bank, insufficient to infer that GCUK had authority to bind the bank to the letters of engagement GCUK signed with Marsh, and considered at that interim stage, without making a finding of fact, that GCUK more likely than not lacked such authority.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "src-120", "src-036", "src-123", "src-041" ], "entity_ids": [ "greensill-bank", "danyon-lloyd", "ann-christin-rathjen", "ingo-schwartz", "markus-nuennerich", "gcuk", "marsh", "jonathan-lane", "jason-austin" ] } ], "sources": [ { "id": "src-001", "title": "Companies House company record of Greensill Capital (UK) Limited (08126173)", "publisher": "Companies House", "date": "", "locator": "Company overview", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/company/08126173" }, { "id": "src-002", "title": "Companies House register of persons with significant control of Greensill Capital (UK) Limited", "publisher": "Companies House", "date": "", "locator": "PSC register", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/company/08126173/persons-with-significant-control" }, { "id": "src-003", "title": "Companies House list of officers of Greensill Capital (UK) Limited", "publisher": "Companies House", "date": "", "locator": "Officers list", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/company/08126173/officers" }, { "id": "src-004", "title": "Letter from the administrators of Greensill Capital (UK) Limited to the Chair of the Treasury Committee, 9 July 2021", "publisher": "House of Commons Treasury Committee (published correspondence)", "date": "2021-07-09", "locator": "Letter of Grant Thornton UK LLP", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "other", "publisher_type": "government", "url": "https://committees.parliament.uk/publications/6769/documents/72060/default/" }, { "id": "src-005", "title": "Court record source · src-005", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "court_record", "publisher_type": "nonprofit", "url": "" }, { "id": "src-006", "title": "Companies House filing history of Greensill Capital (UK) Limited (accounts and insolvency filings)", "publisher": "Companies House", "date": "", "locator": "Filing history, page 1", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/company/08126173/filing-history?category=accounts" }, { "id": "src-007", "title": "Notice of statement of affairs in administration (form AM02) of Greensill Capital (UK) Limited, as at 8 March 2021", "publisher": "Companies House", "date": "2021-06-11", "locator": "Form AM02 and attached statement of affairs", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/company/08126173/filing-history/MzMwMzQ0ODU3MGFkaXF6a2N4/document?format=pdf&download=0" }, { "id": "src-008", "title": "Insolvency Service news release: Lex Greensill to be disqualified from acting as a company director in the UK for nine years", "publisher": "The Insolvency Service (GOV.UK)", "date": "2026-06-04", "locator": "News release of 4 June 2026", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "regulatory_record", "publisher_type": "government", "url": "https://www.gov.uk/government/news/lex-greensill-to-be-disqualified-from-acting-as-a-company-director-in-the-uk-for-nine-years" }, { "id": "src-009", "title": "Companies House register of disqualified directors: record of Alexander David Greensill", "publisher": "Companies House", "date": "", "locator": "Disqualification undertaking record", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/disqualified-officers/natural/LgI9oiWhkVDP_6JPy3h_qgGPFXE" }, { "id": "src-010", "title": "Companies House officer appointments of Alexander David Greensill", "publisher": "Companies House", "date": "", "locator": "Appointments list", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/officers/VJYQER4ZiT34c8pRykTK7ObPEzM/appointments" }, { "id": "src-011", "title": "ASIC published notice: Greensill Capital Pty Limited (ACN 154 088 132), appointment of liquidators", "publisher": "Australian Securities and Investments Commission", "date": "2021-04", "locator": "Published insolvency notice", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "regulator", "url": "https://publishednotices.asic.gov.au/browsesearch-notices/notice-details/Greensill-Capital-Pty-Limited-154088132/5d011ab5-4f7b-4a46-8e13-532004896b9b" }, { "id": "src-012", "title": "Companies House register of persons with significant control of Greensill Limited (11344883)", "publisher": "Companies House", "date": "", "locator": "PSC register", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/company/11344883/persons-with-significant-control" }, { "id": "src-013", "title": "Companies House register of persons with significant control of Greensill Capital Management Company (UK) Limited (08037769)", "publisher": "Companies House", "date": "", "locator": "PSC register", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/company/08037769/persons-with-significant-control" }, { "id": "src-014", "title": "Companies House officer appointments of Peter Edward Greensill", "publisher": "Companies House", "date": "", "locator": "Appointments list", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/officers/6hCSLhxNlRs3EoSAQ6r7XZ9WRTI/appointments" }, { "id": "src-015", "title": "Administrators' progress report (form AM10) for Greensill Capital (UK) Limited and Greensill Capital Management Company (UK) Limited, period to 7 September 2026", "publisher": "Companies House", "date": "2026-10-10", "locator": "Form AM10 and attached progress report", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/company/08126173/filing-history/MzU0ODIyNDY1N2FkaXF6a2N4/document?format=pdf&download=0" }, { "id": "src-016", "title": "Letter from the Financial Conduct Authority to the Chair of the Treasury Committee on the regulation of Greensill Capital, 4 May 2021", "publisher": "House of Commons Treasury Committee (published correspondence from the FCA)", "date": "2021-05-04", "locator": "FCA letter, ref. 210423A", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "regulatory_record", "publisher_type": "government", "url": "https://committees.parliament.uk/publications/5761/documents/66071/default/" }, { "id": "src-017", "title": "Companies House filing history of Greensill Capital (UK) Limited, page 2", "publisher": "Companies House", "date": "", "locator": "Filing history, page 2", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/company/08126173/filing-history?page=2" }, { "id": "src-018", "title": "Greensill Capital (UK) Limited annual report and financial statements for the year ended 31 December 2019", "publisher": "Companies House", "date": "2021-01-13", "locator": "Strategic report, directors' report, auditor's report and notes", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "company_statement", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/company/08126173/filing-history/MzI4ODI2Njg2MmFkaXF6a2N4/document?format=pdf&download=0" }, { "id": "src-019", "title": "Companies House officer appointments of Alastair Kenneth Eadie", "publisher": "Companies House", "date": "", "locator": "Appointments list", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/officers/oA0juqaB0E7tc3qzqpY0xsGwQm0/appointments" }, { "id": "src-020", "title": "Companies House officer appointments of William Crothers", "publisher": "Companies House", "date": "", "locator": "Appointments list", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/officers/CN6dPQXrVwGUR9IB0We_WwaDkwY/appointments" }, { "id": "src-021", "title": "Companies House officer appointments of Neil Albert Garrod", "publisher": "Companies House", "date": "", "locator": "Appointments list", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/officers/8OaA7O3xc8LLxz5qL9_QcZHOU8U/appointments" }, { "id": "src-022", "title": "Companies House officer appointments of Sean Denis Robson-Hanafin", "publisher": "Companies House", "date": "", "locator": "Appointments list", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/officers/FYnxQBoANx1seVFJrS23FaijdIQ/appointments" }, { "id": "src-023", "title": "Companies House officer appointments of Bartholomeus Gerardus Joannes Ras", "publisher": "Companies House", "date": "", "locator": "Appointments list", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/officers/8QGSc6-3xHRWbtSvn4U4yRQa8Pg/appointments" }, { "id": "src-024", "title": "Corporate registry source · src-024", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "corporate_registry", "publisher_type": "corporate", "url": "" }, { "id": "src-025", "title": "Companies House officer appointments of Maurice Nicholas Beech Thompson", "publisher": "Companies House", "date": "", "locator": "Appointments list", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/officers/i2H_dlxZuj_B9-sKr2etg3KTF8c/appointments" }, { "id": "src-026", "title": "Companies House officer appointments of Jason Richard Alexander Austin", "publisher": "Companies House", "date": "", "locator": "Appointments list", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/officers/GInRITecnksqeDDWG1mG_1Lj1oE/appointments" }, { "id": "src-027", "title": "Companies House officer appointments of William Roland Hartley-Urquhart", "publisher": "Companies House", "date": "", "locator": "Appointments list", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/officers/n2lDjY0zgSbYxUk_LPHtZO66sBE/appointments" }, { "id": "src-028", "title": "Companies House officer appointments of Bradley Jay Gans", "publisher": "Companies House", "date": "", "locator": "Appointments list", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/officers/KUNyCNlhH-ev1saiJgiSIZL_Qgs/appointments" }, { "id": "src-029", "title": "Notice of administrators' proposals (form AM03) for Greensill Capital (UK) Limited and Greensill Capital Management Company (UK) Limited", "publisher": "Companies House", "date": "2021-04", "locator": "Form AM03 and attached proposals with appendices", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/company/08126173/filing-history/MzI5OTM3NzM0MWFkaXF6a2N4/document?format=pdf&download=0" }, { "id": "src-030", "title": "Company statement source · src-030", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "company_statement", "publisher_type": "corporate", "url": "" }, { "id": "src-031", "title": "House of Commons Treasury Committee, Lessons from Greensill Capital, Sixth Report of Session 2021–22 (HC 151)", "publisher": "House of Commons Treasury Committee", "date": "2021-07-20", "locator": "Report and formal minutes", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "other", "publisher_type": "government", "url": "https://committees.parliament.uk/publications/6800/documents/72205/default/" }, { "id": "src-032", "title": "FINMA news release: FINMA concludes proceedings against Credit Suisse in connection with Greensill", "publisher": "Swiss Financial Market Supervisory Authority FINMA", "date": "2023-02-28", "locator": "News release of 28 February 2023", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "regulatory_record", "publisher_type": "regulator", "url": "https://www.finma.ch/en/news/2023/02/20230228-mm-greensill/" }, { "id": "src-033", "title": "Company statement source · src-033", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "company_statement", "publisher_type": "corporate", "url": "" }, { "id": "src-034", "title": "ASIC answer to question on notice QoN026-01 (Greensill), Parliamentary Joint Committee on Corporations and Financial Services", "publisher": "Australian Securities and Investments Commission (published by the Parliament of Australia)", "date": "", "locator": "Answer to question on notice", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "regulatory_record", "publisher_type": "regulator", "url": "https://www.aph.gov.au/DocumentStore.ashx?id=7e089ef4-1039-4851-9c8d-f2f4d0ef01ba" }, { "id": "src-035", "title": "Judgment: Credit Suisse Virtuoso SICAV-SIF and GLAS Trust Corporation Limited v SoftBank Group Corp. and others [2025] EWHC 2631 (Ch)", "publisher": "The National Archives (Find Case Law)", "date": "2025-10-15", "locator": "Judgment of Miles LJ, High Court, Financial List, FL-2022-000014", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "court_record", "publisher_type": "government", "url": "https://caselaw.nationalarchives.gov.uk/ewhc/ch/2025/2631" }, { "id": "src-036", "title": "Corporate registry source · src-036", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "corporate_registry", "publisher_type": "corporate", "url": "" }, { "id": "src-037", "title": "Corporate registry source · src-037", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "corporate_registry", "publisher_type": "corporate", "url": "" }, { "id": "src-038", "title": "Companies House company record of Greensill Capital Investments Limited (10489840)", "publisher": "Companies House", "date": "", "locator": "Company overview", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/company/10489840" }, { "id": "src-039", "title": "Companies House charges register of Greensill Capital (UK) Limited", "publisher": "Companies House", "date": "", "locator": "Charges list", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/company/08126173/charges" }, { "id": "src-040", "title": "Companies House list of officers of Greensill Limited (11344883)", "publisher": "Companies House", "date": "", "locator": "Officers list", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/company/11344883/officers" }, { "id": "src-041", "title": "Judgment: Marsh Limited v Greensill Bank AG and Michael Frege [2024] EWHC 3068 (Comm)", "publisher": "The National Archives (Find Case Law)", "date": "2024-12-03", "locator": "Judgment of Simon Colton KC, CL-2024-000433", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "court_record", "publisher_type": "government", "url": "https://caselaw.nationalarchives.gov.uk/ewhc/comm/2024/3068" }, { "id": "src-042", "title": "Court record source · src-042", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "court_record", "publisher_type": "corporate", "url": "" }, { "id": "src-043", "title": "Fourth Omnibus Amendment dated 2 January 2018 to the Wise Alloys receivables purchase agreement (Exhibit 10.31 to an SEC filing)", "publisher": "U.S. Securities and Exchange Commission (EDGAR)", "date": "2018-01-02", "locator": "Exhibit 10.31", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "company_statement", "publisher_type": "regulator", "url": "https://www.sec.gov/Archives/edgar/data/1563411/000119312518079483/d523652dex1031.htm" }, { "id": "src-044", "title": "Media source · src-044", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "media", "publisher_type": "media", "url": "" }, { "id": "src-045", "title": "Media source · src-045", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "media", "publisher_type": "media", "url": "" }, { "id": "src-046", "title": "FCA statement on the closure of its investigation into Mirabella Advisors LLP", "publisher": "Financial Conduct Authority", "date": "2025-12-15", "locator": "Statement of 15 December 2025", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "regulatory_record", "publisher_type": "regulator", "url": "https://www.fca.org.uk/news/statements/closure-investigation-mirabella-advisors-llp" }, { "id": "src-047", "title": "Media source · src-047", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "media", "publisher_type": "media", "url": "" }, { "id": "src-048", "title": "Media source · src-048", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "media", "publisher_type": "media", "url": "" }, { "id": "src-049", "title": "Companies House company record of Greensill Trading Limited (12329861)", "publisher": "Companies House", "date": "", "locator": "Company overview", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/company/12329861" }, { "id": "src-050", "title": "Companies House register of persons with significant control of Greensill Trading Limited (12329861)", "publisher": "Companies House", "date": "", "locator": "PSC register", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/company/12329861/persons-with-significant-control" }, { "id": "src-051", "title": "Judgment: Re Greensill Capital (UK) Limited (in administration) [2023] EWHC 2429 (Ch)", "publisher": "The National Archives (Find Case Law)", "date": "2023-09-19", "locator": "Judgment of Sir Anthony Mann, CR-2021-000435", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "court_record", "publisher_type": "government", "url": "https://caselaw.nationalarchives.gov.uk/ewhc/ch/2023/2429" }, { "id": "src-052", "title": "Judgment: Re Greensill Capital (UK) Limited and Greensill Capital Management Company (UK) Limited [2021] EWHC 700 (Ch)", "publisher": "The National Archives (Find Case Law)", "date": "2021-03-08", "locator": "Judgment of Michael Green J", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "court_record", "publisher_type": "government", "url": "https://caselaw.nationalarchives.gov.uk/ewhc/ch/2021/700" }, { "id": "src-053", "title": "Marsh & McLennan Companies, Inc. quarterly report on Form 10-Q for the quarter ended 30 September 2026", "publisher": "U.S. Securities and Exchange Commission (EDGAR)", "date": "2026", "locator": "Notes to the financial statements: legal proceedings", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "company_statement", "publisher_type": "regulator", "url": "https://www.sec.gov/Archives/edgar/data/62709/000006270926000258/mrsh-20260930.htm" }, { "id": "src-054", "title": "Judgment: Secretary of State for Business and Trade v Greensill [2025] EWHC 1380 (Ch)", "publisher": "The National Archives (Find Case Law)", "date": "2025", "locator": "Judgment of Trower J, CR-2024-001426", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "court_record", "publisher_type": "government", "url": "https://caselaw.nationalarchives.gov.uk/ewhc/ch/2025/1380" }, { "id": "src-055", "title": "Corporate registry source · src-055", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "corporate_registry", "publisher_type": "corporate", "url": "" }, { "id": "src-056", "title": "Corporate registry source · src-056", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "corporate_registry", "publisher_type": "corporate", "url": "" }, { "id": "src-057", "title": "Court record source · src-057", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "court_record", "publisher_type": "corporate", "url": "" }, { "id": "src-058", "title": "Companies House officer appointments of Geoffrey Paul Rowley", "publisher": "Companies House", "date": "", "locator": "Appointments list", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/officers/Y3_AN21k3Vtoclby3c76SJ0JaRY/appointments" }, { "id": "src-059", "title": "Companies House officer appointments of Jonathan Edward Myott Lane (secretary record)", "publisher": "Companies House", "date": "", "locator": "Appointments list", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/officers/agraA5eLLyCqd5u_-NFqq6AJhxY/appointments" }, { "id": "src-060", "title": "Companies House officer appointments of Peter Edward Greensill (second record)", "publisher": "Companies House", "date": "", "locator": "Appointments list", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/officers/r63mgL7YfG1hEOLYnt0NvKYBUUs/appointments" }, { "id": "src-061", "title": "Corporate registry source · src-061", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "corporate_registry", "publisher_type": "unknown", "url": "" }, { "id": "src-062", "title": "Court record source · src-062", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "court_record", "publisher_type": "corporate", "url": "" }, { "id": "src-063", "title": "Companies House officer appointments of Hayley Louise James (secretary record)", "publisher": "Companies House", "date": "", "locator": "Appointments list", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/officers/7wGF0Nk5KYfUZn2_3zrsGvsOyq8/appointments" }, { "id": "src-064", "title": "Court record source · src-064", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "court_record", "publisher_type": "corporate", "url": "" }, { "id": "src-065", "title": "Companies House register of persons with significant control of Greensill Trading 2 Limited (12354521)", "publisher": "Companies House", "date": "", "locator": "PSC register", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/company/12354521/persons-with-significant-control" }, { "id": "src-066", "title": "Companies House register of persons with significant control of Greensill Trading 3 Limited (12365031)", "publisher": "Companies House", "date": "", "locator": "PSC register", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/company/12365031/persons-with-significant-control" }, { "id": "src-067", "title": "Companies House register of persons with significant control of Greensill Trading 4 Limited (12373206)", "publisher": "Companies House", "date": "", "locator": "PSC register", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/company/12373206/persons-with-significant-control" }, { "id": "src-068", "title": "Corporate registry source · src-068", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "corporate_registry", "publisher_type": "corporate", "url": "" }, { "id": "src-069", "title": "Regulatory record source · src-069", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "regulatory_record", "publisher_type": "regulator", "url": "" }, { "id": "src-070", "title": "Court record source · src-070", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "court_record", "publisher_type": "corporate", "url": "" }, { "id": "src-071", "title": "Court record source · src-071", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "court_record", "publisher_type": "corporate", "url": "" }, { "id": "src-072", "title": "Court record source · src-072", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "court_record", "publisher_type": "corporate", "url": "" }, { "id": "src-073", "title": "Companies House officer appointments of Rachel Justine Donnelly", "publisher": "Companies House", "date": "", "locator": "Appointments list", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/officers/5Cdw4qppWKGr3blmART2ysbQQU8/appointments" }, { "id": "src-074", "title": "Companies House officer appointments of Hayley Louise James", "publisher": "Companies House", "date": "", "locator": "Appointments list", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/officers/Ob649qYu1WceQvJNFol1iJ9IBeA/appointments" }, { "id": "src-075", "title": "Companies House officer appointments of Christine Mary Laverty", "publisher": "Companies House", "date": "", "locator": "Appointments list", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/officers/YIIsu8AI0GJ3VJ0BrYzQNMwBJYM/appointments" }, { "id": "src-076", "title": "Letter from BCC Trade Credit Pty Limited to the Chair of the Treasury Committee, 18 June 2021", "publisher": "House of Commons Treasury Committee (published written evidence)", "date": "2021-06-18", "locator": "Letter of BCC Trade Credit", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "company_statement", "publisher_type": "government", "url": "https://committees.parliament.uk/publications/6418/documents/70209/default/" }, { "id": "src-077", "title": "National Audit Office, Investigation into the British Business Bank's accreditation of Greensill Capital (HC 301)", "publisher": "National Audit Office", "date": "2021-07-07", "locator": "Report by the Comptroller and Auditor General", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "other", "publisher_type": "government", "url": "https://www.nao.org.uk/wp-content/uploads/2021/07/Investigation-into-the-British-Business-Banks-accreditation-of-Greensill-Capital.pdf" }, { "id": "src-078", "title": "Corporate registry source · src-078", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "corporate_registry", "publisher_type": "corporate", "url": "" }, { "id": "src-079", "title": "Judgment: Re Greensill Capital (UK) Limited and Greensill Limited [2024] EWHC 2039 (Ch)", "publisher": "The National Archives (Find Case Law)", "date": "2024-07-18", "locator": "Judgment of ICC Judge Mullen, CR-2024-001426", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "court_record", "publisher_type": "government", "url": "https://caselaw.nationalarchives.gov.uk/ewhc/ch/2024/2039" }, { "id": "src-080", "title": "Written evidence of Lex Greensill to the Treasury Committee (June 2021)", "publisher": "House of Commons Treasury Committee (published written evidence)", "date": "2021-06", "locator": "Written evidence and annexes", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "other", "publisher_type": "government", "url": "https://committees.parliament.uk/publications/6417/documents/70206/default/" }, { "id": "src-081", "title": "Companies House filing history of Greensill Capital (UK) Limited, page 3", "publisher": "Companies House", "date": "", "locator": "Filing history, page 3", "basis": "Retained copy of the document in the frozen case database, read in the passages cited by the claims.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://find-and-update.company-information.service.gov.uk/company/08126173/filing-history?page=3" }, { "id": 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