Sat, 24 Apr 2021 | BUSINESS NEWS
Greensill Capital's Australian parent company has entered liquidation after collapsing into administration in March.
According to administrator Grant Thornton, creditors of the firm voted 23 to zero in favour of liquidating the company of the supply chain firm after it failed to find a buyer.
"As of today, the company is now in liquidation,” Mr Thornton added. "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 Limited in liquidation."
Greensill, which was previously advised by former prime minister David Cameron, owed around £3 billion to a number of large lenders including Credit Suisse and Softbank when it collapsed.
After the search for a buyer failed, Mr Thornton has revealed that he will be conducting a more thorough review of Greensill's finances and a probe of its executives as it seeks to repay some of its debts. This process will include identifying some of the company's assets, which will then be sold by the administrator.
The news comes after reports that the firm's collapse has prompted a number of investigations of the company in the UK and Germany.
The company is a specialist business rates auditor, which utilises a state-of-the-art software solution to efficiently identify anomalies and secure financial refunds for clients across the UK.
The company provides PAYE tax payers with assistance in claiming refunds for a variety of criteria, including expenses incurred from working from home, overpayments, and medical expenses.
This practice, which was established over 40 years is available for acquisition due to retirement. The practitioner would be available to assist in the transition period to ensure a smooth handover of clients.
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