In the tangled legal fallout of the $7 billion collapse of Greensill Capital, the administrator of the failed financier’s bank has secured a so-called anti, anti-suit injunction against an arm of insurer Marsh.
Collapsed supply chain finance company Greensill Capital has been accused of fraudulently obtaining policies from its largest insurer, Japan-based Tokio Marine, which has been dragged into four lawsuits over a trade credit policy issued in 2019.
A Credit Suisse supply chain fund that was left heavily exposed with the collapse of Greensill Capital alleges Insurance Australia Group owes $43 million under a policy indemnifying it for outstanding debt owed by the failed financing firm.
Insurance Australia Group has denied it owes Greensill Bank $48.5 million under a trade credit policy issued by its agent BCC, saying the underwriter was not authorised to enter into the policy.
The insolvency administrator of Germany-based Greensill Bank AG has launched court proceedings against Insurance Australia Limited seeking US$35 million allegedly owed under a policy indemnifying the collapsed financial services firm for unrecovered debts.
The Australian unit of Greensill Capital is heading for liquidation owing creditors in excess of $1.75 billion, administrators revealed Friday.
Greensill Capital UK filed for insolvency in a London court on Monday after losing insurance coverage for $4.6 billion in client loans.