Greensill Capital’s Australian parent company to be wound up after no offers to buy
The Australian parent company of bust lender Greensill Capital will be liquidated after no buyers came to the rescue.
The firm, which collapsed into administration last month, will be wound up following a vote by creditors.
Greensill, which was advised by former prime minister David Cameron, fell apart owing around £3billion to lenders including Credit Suisse and Softbank.
No takers: Greensill Capital, which collapsed into administration last month, will now be wound up following a vote by creditors
Administrator Grant Thornton said that creditors had voted by 23 to 0, with a few abstentions, in favour of the wind-up.
The firm was founded by Australian banker Lex Greensill, and had a major presence in the UK where it funded the industrials empire of steel tycoon Sanjeev Gupta.
Its collapse has dragged in a number of political figures, including Cameron and former civil servant Bill Crothers, who are facing questions about what access they gave Greensill to senior Government ministers.
Grant Thornton said liquidators would try to identify and sell parts of Greensill which were worth any money.
A previous rescue deal with private equity firm Apollo Global earlier this year collapsed.
Grant Thornton will be conducting a more thorough review of Greensill’s finances, and a probe of its executives.
The liquidation came as prosecutors raided Greensill bankers’ homes in Germany, where the lender also has a substantial business.