Greensill Creditors Vote for Australian Liquidation, Probes of Directors to Follow

Creditors of Greensill Capital Pty, the Australian parent of the collapsed British supply chain financier, voted on Thursday to liquidate the company, its administrator said, triggering deeper investigations into the conduct of its directors, Reuters reported. Grant Thornton (GT), the liquidator appointed for the Australian parent and its operating companies in Britain, said the majority of 26 creditors owed A$4.6 billion ($3.6 billion) by the collapsed financier voted for liquidation. “The liquidators will continue to identify and realise available assets, monitor developments in relation to the administrations of Greensill UK and the Greensill Bank AG, and continue their investigations in relation to Greensill Capital Pty,” GT said in a statement. The creditor vote comes as prosecutors in the German city of Bremen raided the offices and homes of Greensill bankers, including the residences of five officials suspected of possible wrongdoing. In March, German regulator BaFin filed a criminal complaint with prosecutors over an audit that found Greensill Bank, a standalone entity owned by the Australian parent, could not provide evidence of receivables on its balance sheet. The German lender collapsed days later. As part of the liquidation of the Australian parent, further investigations will be prepared into the conduct of Greensill officers, and their findings reported to the Australian corporate regulator, GT told creditors in an April 15 report. Read more.