London-headquartered provide chain finance agency Greensill Capital might have gone bust over a yr in the past after failing to promote sure belongings to Athene Holding Ltd, however the woes of its founder and former administrators appear removed from over as they face potential disqualification proceedings.
A Sunday report by Sky Information mentioned Lex Greensill – who beforehand blamed the non-renewal of his firm’s commerce credit score insurance coverage for the demise of the enterprise – and different ex-directors of the bancrupt agency have been contacted by The Insolvency Service, a UK authorities company whose investigation might result in administrators disqualification proceedings.
In response to the information outlet, a sequence of questions have been submitted by the company to Greensill and his friends, the intention of which is to look into their conduct earlier than the corporate filed for insolvency in March 2021. It was highlighted that The Insolvency Service can deliver proceedings no later than March 2024.
Greensill Capital was insured by Sydney-based Tokio Marine subsidiary The Bond & Credit score Co. (BCC), which in 2020 notified the enterprise and its dealer that BCC wouldn’t be renewing, rising limits, extending, or underwriting new insurance policies for the availability chain finance agency on account of sure issues.