By Charlie Conchie
The collapse of the disgraced supply chain finance firm Greensill Capital has earned its administrators £34m in fees and expenses, according to reports.
Insolvency firm Grant Thornton revealed in recent filings they had pocketed £4.4m of time costs between March and September on Greensill Capital UK, taking the total costs for the 18 months of the administration to about £23m, the Times reported.
A further £10m of “other expenses” have been incurred, making it one of the most expensive insolvency jobs in recent years.
The supply chain finance firm, which lent cash to firms to pay their invoices, collapsed in March 2021 and sent ripples across the financial system.
Swiss lender Credit Suisse was forced to freeze around $10bn of client funds that were linked to Greensill loans, while Sanjeev Gupta’s GFG Alliance is is subject to a related investigation by the Serious Fraud Office.
A GFG spokesman told the Times: “We are in regular discussion with creditors on a consensual debt restructuring [and] are making good progress.”
A spokesman for Grant Thornton said its fees “are wholly commensurate with an insolvency of this complexity”.
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