The administrators said it did not appear that the Australian group had been insolvent from a balance sheet perspective for any length of time before they were appointed, but said they needed to do detailed investigations examining whether it traded insolvent from a cash flow perspective.
They noted the company was highly illiquid, but this reflected that its financial exposures to Japans Softbank and Greensill Capital UK (GCUK) were not immediately repayable.
When Greensills Australian parent filed its most recent annual report with regulators, for the year ending December 2019, it had nine directors, including Lex Greensill and his brother Peter.
All of those directors, with the exception of Greenhill and Gabriel Caillaux, resigned f…
Read the full article at: https://www.afr.com/companies/financial-services/greensill-under-investigation-for-insolvent-trading-20210416-p57joa
