Proceedings by the Secretary of State for Business & Trade seeking the disqualification of Lex Greensill have been concluded today, with the disqualification of the Australian financier for 9 years. The Secretary of State’s counsel team comprised Carly Sandbach, Isabel Petrie and Chris de Beneducci of Selborne, led by David Mohyuddin KC.
Lex Greensill was the eponymous founder of the Greensill Group which collapsed in 2021 with combined liabilities of more than £1.6 billion. Following an investigation of his directorships, proceedings were issued by the Secretary of State in March 2024 pursuant to the Company Directors Disqualification Act 1986 seeking, in the public interest, the disqualification of Mr Greensill from acting as a company director.
Mr Greensill twice made interlocutory applications seeking to stay part of the proceedings, and more recently to strike them out in their entirety. The applications were in each case successfully opposed, and the matter was ultimately set down for a 6-week trial to commence on 8 June.
It was announced today by the Insolvency Service that just days before trial the Secretary of State has accepted a disqualification undertaking from Mr Greensill for a 9-year period in respect of his conduct as a director of Greensill Capital (UK) Limited, Greensill Limited and Greensill Capital Pty Limited (an Australian company). This prevents Mr Greensill from acting as a director, or being concerned in the management of a company, until 2035.
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Press enquiries about the case should be directed to Wayne Bontoft: Wayne.Bontoft@insolvency.gov.uk Tel: 03330919758 or Stefan Pidluznyj: Stefan.Pidluznyj@insolvency.gov.uk Tel: 03330919715.
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