The lawyer handling the insolvency of Greensill Capital’s bank in Germany has asked his counterparts in the U.K. and Australia to cooperate on sifting through what’s left of the supply chain finance firm, Bloomberg News reported. The administrators should work together on securing and managing the firm’s assets, according to a spokesman for Michael Frege, the lawyer handling the insolvency of Greensill Bank AG. Frege filed a lawsuit in London to safeguard the legal position of the bank, the spokesman said Wednesday. The case was filed earlier this week, according to court records.
New Zealand’s government took aim at property speculators with a suite of new measures to tackle runaway house prices and prevent the formation of a “dangerous” bubble, Bloomberg News reported. The government will remove tax incentives for investors to make speculation less lucrative and unlock more land to increase housing supply, Prime Minister Jacinda Ardern said on Tuesday. The moves come as surging house prices keep first-time buyers and people on lower incomes out of the market, raising concerns about growing societal inequality.
Greensill Capital’s talks to sell parts of its operating business to Athene Holding Ltd. were derailed after one of the firm’s key technology partners received funding that allows it to finance Greensill’s most creditworthy clients directly, Bloomberg News reported. Taulia, a financial technology company that had worked closely with Greensill, landed a $6 billion liquidity facility from banks including JPMorgan Chase & Co. Taulia’s clients had an immediate need for liquidity because of Greensill’s insolvency.