What happened to the other Greensill group companies after March 2021

analysisThe 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. ^{1 2 3 4 5 6}

analysisGreensill 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. ^{1 2 3 4 5}

analysisGreensill 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. ^{1 2 3 4 5 6 7}

analysisGAM 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. ^{8 9 10 11}

analysisChapter 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. ^{1 2 3 4 5}

analysisAccording 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. ^{5 1}

analysisGreensill 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. ^{5 1 3 6}

analysisThe 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. ^{5 3}

analysisGreensill 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. ^{1 2 3 4}

analysisGreensill 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. ^{3 2 4}