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Financier Lex Greensill banned from running UK companies for nine years

Financier Lex Greensill has been banned from running UK companies for nine years following the 2021 collapse of his supply chain invoicing firm, Greensill Capital, which left more than £1.6bn in liabilities.…

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Financier Lex Greensill banned from running UK companies for nine years
Financier Lex Greensill has been banned from running UK companies for nine years following the 2021 collapse of his supply chain invoicing firm, Greensill Capital, which left more than £1.6bn in liabilities. To avoid a scheduled six-week High Court trial, Greensill signed a disqualification undertaking with the UK Insolvency Service. 

The regulator ruled he breached his legal duty to exercise reasonable care, skill, and diligence. Specifically, the ban relates to Greensill Capital's lending to US construction company Katerra. Greensill directed his companies to enter transactions that stripped away legal protections from loan notes without the required written consent, causing a $440m loss for Credit Suisse. 

While the Insolvency Service noted the nine-year ban reflects the serious nature of his conduct, a spokesperson for Greensill emphasised that the four-year investigation concluded with no findings of dishonesty or bad faith.

Read more in the Guardian
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