GCUKs administration process is not due to end until at least March 7, 2022, and is likely to be extended.
On the basis that the GCUK administrators do not indicate an earlier date of insolvency in relation to GCUK, we consider that the company became insolvent on or around 2 March 2021, which coincided with the insurance cover being revoked, Credit Suisse seeking to enforce recovery of their loan, and the GCUK business model no longer being viable, Grant Thornton said in a report to creditors released on Thursday.
Final report
At that time, it was no longer reasonable for the company or its directors to expect to rely on ongoing financial support from GCUK, or the recovery of the intercompany loan owing by GCUK, in order to meet the co…
Read the full article at: https://www.afr.com/companies/financial-services/greensill-capital-parent-possibly-insolvent-on-march-2-20210722-p58bx0
