--- title: "Who owned Greensill Capital (UK) and which companies it owned" language: en canonical: https://dossiertwist.com/dossiers/greensill-capital-uk-limited/group-structure/ as_of: 2026-10-22 keywords: ["Greensill Capital (UK) Limited","Greensill Capital Pty Limited","Lex Greensill","Greensill Bank AG","supply chain finance","Credit Suisse supply chain finance funds","SoftBank Vision Fund","Katerra","Fairymead notes","GFG Alliance","Sanjeev Gupta","trade credit insurance","BCC Trade Credit","Insurance Australia Limited","CLBILS","British Business Bank","administration","Grant Thornton","director disqualification","Treasury Committee"] --- # Who owned Greensill Capital (UK) and which companies it owned **Question.** Who owned and controlled Greensill Capital (UK) Limited, and which companies did it own within the Greensill group? **Answer.** Greensill Capital (UK) Limited (GCUK) was wholly owned by Greensill Capital Pty Limited of Queensland, the group's parent, and its directors named Lex Greensill in its accounts as the ultimate controlling party. GCUK was the group's main trading company and central treasury, while Greensill Capital Management Company (UK) Limited, a separate company also owned by the parent, employed the UK staff and held other subsidiaries, among them Greensill Capital Inc. GCUK itself owned Greensill Bank AG until December 2018 and by the end of 2019 owned seven companies registered at Companies House, a German management-services company and a Maltese securities company, and held the voting power of a GAM Greensill fund in Luxembourg. ## Parent company, control and role in the group - Analysis: 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. [src-018] [src-029] [src-005] [src-035] [src-004] - Analysis: 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. [src-007] [src-097] [src-018] [src-082] [src-002] [src-077] ## Greensill Capital Management Company (UK) Limited - Analysis: 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. [src-015] [src-029] [src-001] [src-013] [src-002] [src-018] - Analysis: 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. [src-029] [src-057] [src-042] ## GCUK's own subsidiaries - Analysis: 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. [src-082] [src-097] [src-005] - Analysis: 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. [src-097] [src-082] [src-018] - Analysis: 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. [src-012] [src-005] [src-035] [src-050] [src-065] [src-066] [src-067] [src-018] - Analysis: 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. [src-018] [src-024] [src-068] [src-029] - Analysis: 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. [src-049] [src-090] [src-038] [src-102] [src-101] ## Singapore and India - Analysis: 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. [src-116] [src-056] [src-112] [src-029] [src-055] ## The GAM Greensill funds in Luxembourg - Analysis: 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. [src-088] [src-018] [src-119] [src-117] - Analysis: 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. [src-099] [src-107] ## Sources - [src-018] Greensill Capital (UK) Limited annual report and financial statements for the year ended 31 December 2019, Companies House, 2021-01-13 - [src-029] Notice of administrators' proposals (form AM03) for Greensill Capital (UK) Limited and Greensill Capital Management Company (UK) Limited, Companies House, 2021-04 - [src-005] Court record source · src-005 - [src-035] Judgment: Credit Suisse Virtuoso SICAV-SIF and GLAS Trust Corporation Limited v SoftBank Group Corp. and others [2025] EWHC 2631 (Ch), The National Archives (Find Case Law), 2025-10-15 - [src-004] Letter from the administrators of Greensill Capital (UK) Limited to the Chair of the Treasury Committee, 9 July 2021, House of Commons Treasury Committee (published correspondence), 2021-07-09 - [src-007] Notice of statement of affairs in administration (form AM02) of Greensill Capital (UK) Limited, as at 8 March 2021, Companies House, 2021-06-11 - [src-097] Greensill Capital (UK) Limited annual report and financial statements for the year ended 31 December 2018, Companies House, 2019-10-09 - [src-082] Greensill Capital (UK) Limited annual report and financial statements for the year ended 31 December 2017, Companies House, 2018-07-06 - [src-002] Companies House register of persons with significant control of Greensill Capital (UK) Limited, Companies House - [src-077] National Audit Office, Investigation into the British Business Bank's accreditation of Greensill Capital (HC 301), National Audit Office, 2021-07-07 - [src-015] Administrators' progress report (form AM10) for Greensill Capital (UK) Limited and Greensill Capital Management Company (UK) Limited, period to 7 September 2026, Companies House, 2026-10-10 - [src-001] Companies House company record of Greensill Capital (UK) Limited (08126173), Companies House - [src-013] Companies House register of persons with significant control of Greensill Capital Management Company (UK) Limited (08037769), Companies House - [src-057] Court record source · src-057 - [src-042] Court record source · src-042 - [src-012] Companies House register of persons with significant control of Greensill Limited (11344883), Companies House - [src-050] Companies House register of persons with significant control of Greensill Trading Limited (12329861), Companies House - [src-065] Companies House register of persons with significant control of Greensill Trading 2 Limited (12354521), Companies House - [src-066] Companies House register of persons with significant control of Greensill Trading 3 Limited (12365031), Companies House - [src-067] Companies House register of persons with significant control of Greensill Trading 4 Limited (12373206), Companies House - [src-024] Corporate registry source · src-024 - [src-068] Corporate registry source · src-068 - [src-049] Companies House company record of Greensill Trading Limited (12329861), Companies House - [src-090] Companies House company record of Greensill Capital Trading Limited (09268343), Companies House - [src-038] Companies House company record of Greensill Capital Investments Limited (10489840), Companies House - [src-102] Companies House company record of Greensill Global Trading Limited (12680973), Companies House - [src-101] Companies House company record of Earnd (UK) Limited (11391391), Companies House - [src-116] GLEIF LEI record 9845000ACC9C90VH8A22 (Greensill Asia Pte. Limited), Global Legal Entity Identifier Foundation, 2026-10-21 - [src-056] Corporate registry source · src-056 - [src-112] Order of the National Company Law Tribunal, Mumbai Bench, in CP (IB)/930/MB/2022 (Greensill India Finance Private Limited), National Company Law Tribunal of India, 2024-06-11 - [src-055] Corporate registry source · src-055 - [src-088] Corporate registry source · src-088 - [src-119] GLEIF LEI record 5493009TYYUD7Y2CEC23 (GAM Greensill Supply Chain Finance Plus Fund SCSp), Global Legal Entity Identifier Foundation, 2026-10-21 - [src-117] GLEIF LEI record 54930068MF2HD5ZCWW60 (GAM Greensill Absolute Return SCF Fund SCSp), Global Legal Entity Identifier Foundation, 2026-10-21 - [src-099] Corporate registry source · src-099 - [src-107] Corporate registry source · src-107