Bills for administrators and lawyers to wind down Greensill Capital's UK business estimated to come in at more than £30m in first year alone
The bills for administrators and lawyers to wind down Greensill Capital's UK business are estimated to come in at more than £30m in the first year alone.Greensill, which was run by Australian financier Lex Greensill and counted David Cameron as an adviser, went bust in March.
The bills for lawyers and administrators to wind down Greensill Capital’s UK business are expected to come in at more than £30m for their first year of work alone, new filings show.Insolvency experts from Grant Thornton, which was appointed as administrator, have been charging £562 an hour, and racked up £2.9m in fees by mid-April.
(Reuters) - Greensill Capital's UK business had $17.7 billion in assets under management at March 8, of which $3.7 billion has been collected as of April 16, its administrators Grant Thornton said on Friday.The supply chain finance firm, which lent money to firms by buying their invoices at a discount, collapsed in March 2021 after insurers pulled their cover.
David Cameron will be grilled by MPs next week over his lobbying of ministers on behalf of Greensill Capital.Lex Greensill, the finance firm's boss, will appear before the Treasury committee on Tuesday followed by the former prime minister on Thursday.Prior to this, MPs will publish written submissions about the row from the pair, Chancellor Rishi Sunak and Bank of England governor Andrew Bailey.
By Press Association 2021 Former prime minister and financier Lex Greensill are due to appear before MPs next week, amid controversy over lobbying.Mr Greensill will answer questions from the Treasury Committee next Tuesday, and Mr Cameron will follow on Thursday, as part of the Lessons from Greensill Capital inquiry.
David Cameron and Lex Greensill, founder of the now-collapsed finance firm for which Cameron was an adviser, are both to give evidence before MPs next week, it has been announced.The Treasury committee, which has launched an inquiry into lessons that can be learned from the firm’s demise and its role working with government, is to hear from Cameron on Thursday afternoon, it said.
The former Prime Minister will appear before the Commons Treasury Committee for awkward questions about his role lobbying the government David Cameron will be hauled before MPs next week for a grilling over the Greensill scandal.The former Prime Minister will appear before the Commons Treasury Select Committee on Thursday where he is due to face awkward questions over his role lobbying Chancellor Rishi Sunak and two junior Treasury ministers for cash for the embattled supply chain finance firm.
US distressed business investor White Oak mulling a bailout that could safeguard 3,000 UK steel jobs Sanjeev Gupta is seeking a £200m lifeline that will allow his UK steelmaking operations to get back to full production.Liberty Steel is thrashing out details of a new working capital facility with US-based White Oak Global Advisors, a company specialising in funding struggling businesses.
Balazs Koranyi, Francesco Canepa and Frank Siebelt FRANKFURT (Reuters) - The European Central Bank will take a closer look at bank loans to lightly regulated investment funds and specialised lenders after the spectacular collapses of Archegos Capital Management and Greensill, top ECB supervisor Andrea Enria told Reuters.
The steel company is trying to deal with the recent administration of its main lender Liberty Steel has appointed four new directors and is considering the sale of parts of the company as it tries to deal with the collapse of its main lender Greensill Capital.The company - which has several steel processing plants Scotland - stated that the new personnel will “lead and accelerate the restructuring and refinancing of Liberty in order to protect and maximise creditor and stakeholder value”.
No one can accuse Liberty Steel boss Sanjeev Gupta of giving up the ghost.Faced with the collapse of his main lender Greensill and a refusal by Business Secretary Kwasi Kwarteng to provide £170million of rescue loans, he is hanging on by his fingertips.In the latest moves to shore up his global empire, GFG Alliance, he is reported to have found funding for his Australian operations and has brought in experts to see what can be salvaged in terms of steel making in the UK.
Gupta signals break up of steel empire: Crisis sparks fresh fears for 3,000 jobs at plants across the UK
Sanjeev Gupta has signalled the break-up of his steel empire in a move that throws Britain's struggling industry deeper into crisis.The tycoon has appointed four new directors at Liberty Steel to lead a committee that will be given the freedom to sell underperforming parts of the company.
Liberty Steel unveils new top team A STEELMAKER with plants in Newport and Tredegar has hired a team of specialist directors to its board to accelerate the group’s overhaul and refinancing after its backer Greensill Capital went bust.Liberty Steel said the four new directors will make up a new restructuring and transformation committee, which will be given independence to restructure Liberty and either fix or sell off under-performing divisions.