D டுsseldorf, Frankfurt, London Capital also filed for bankruptcy in Great Britain on Monday in Greens, a badly affected financial group. Greensley’s lawyers told the court the company was in a “severe financial crisis”, according to the Financial Times.
Last week, a supply chain financier had already sought bankruptcy protection in Australia. The German banking supervisory authority also stopped withdrawing all deposits in the bank at Bremer Greens, a German subsidiary of Buffin.
Bankruptcy should pave the way for Apollo, a business investor, to sell some parts of the business. Conversations continue. Holding in Greens is registered in Australia and Capital in Greens is headquartered in London. Fintech has more than a thousand employees worldwide.
The financial institution was in the supply chain fund: it upgraded the money to its customers and paid the suppliers’ bills at an immediate discount. Greens then demanded the full amount of the invoice from the customer. He built bonds on relatively short-term demands on his clients, which provided for investors.
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The crisis began a week ago when most of the business’s insurance in Greens expired. Sydney Supreme Court on Monday upheld the cancellation of the insurance policy by insurer Tokyo Marine.
Then there was the big Swiss bank Swiss loan Four frozen funds with $ 10 billion in capital used in Greens to fund day-to-day operations. In addition, according to “FT”, the money demanded that the house repay the $ 140 million loan. Greens could not do this.
Many customers have been affected
Many clients will suffer bankruptcy, Greensill’s lawyers warned at a hearing in Sydney last week. GFG Alliance, a products group owned by Sanjeev Gupta, the largest customer, is now looking for new funding. According to financial sources, this amount should be more than four billion US dollars.
In an initial statement, the GFG Coalition dismissed concerns about impending insolvency. Demand for this specialty has grown significantly as a result of recent corporate scandals, which have made it easier to refinance, a spokesman said. Its purpose is to pay off long-term loans like other industrial companies. There are various options for this, but there is no solution. Once filed for bankruptcy in Greens, the pressure to find a solution quickly increases.
Meanwhile, financial service Bloomberg announced that the other three board members had resigned from the Greens. This includes President Maurice Thompson and the former Morgan-Stanley-Bunkers David Frywood and Patrick Allin. This increases the number of resigned team members to seven, including the brother of company founder Lex Greensill.
According to company records, Thomson, Frywood and Allin resigned on February 3, but the relevant documents were not submitted to the Australian regulators until Friday.
Further: The role of the Risk Committee Chairman in the Bank’s Board of Directors at Greens raises questions