Greensill Capital (UK) gains court recognition of foreign proceedings

By Sarah Lizee

Olympia, Wash., Sept. 10 – Greensill Capital (UK) Ltd. received recognition from the U.S. Bankruptcy Court for the Southern District of New York of its proceedings in the English High Court of Justice, according to an order filed Friday.

As previously reported, affiliate Greensill Capital Inc. filed Chapter 11 bankruptcy on March 25, 2021 in the same U.S. court.

Foreign representatives Christine Mary Laverty, Trevor Patrick O’Sullivan and William George Edward Stagg sought Chapter 15 recognition in order to protect the company’s assets and operations in the United States and stay the commencement or continuation of U.S. litigation against the company, according to a declaration.

On March 15, 2021, Bluestone Resources Inc. filed a complaint in the U.S. District Court for the Southern District of New York against Greensill Capital (UK) and two of its former officers, Alexander David Greensill and Roland Hartley-Urquhart. The case is pending.

The complaint alleges claims for breach of contract, fraud, various breaches of fiduciary duties, and related issues arising out of Greensill’s business relationship with Bluestone.

London-based Greensill Capital (UK) is the main trading entity for the Greensill group, a financial services firm. The company filed Chapter 15 bankruptcy on Aug. 18 under case number 21-11473.

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