𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

Lex Greensill will be banned from directing companies in the UK for nine years after an investigation into the financier’s conduct at the helm of collapsed lending firm Greensill Capital.

The Australian businessman agreed to be disqualified, bringing an end to planned court action, the Insolvency Service said.

He had previously sought to challenge the Government’s bid to ban him from directing companies for 12 years and a six-week trial had been due to begin on Monday.

He also lost an attempt in March to have the disqualification proceedings thrown out before a trial.

Mr Greensill was the founder and chief executive of Greensill Group, the UK arm of which entered administration in March 2021.

The Department for Business and Trade (DBT) began proceedings against him in 2024 after the Insolvency Service investigated various companies in the group that became insolvent, claiming he had committed misconduct.

The allegations, which Mr Greensill denies, include that he made a series of misrepresentations and non-disclosures to insurers and investors, as well as to the boards of his companies, which led to the loss of billions of dollars.

Greensill Capital in the UK had liabilities of more than £1.6 billion at the time of it entering administration.

Mr Greensill’s conduct breached his legal duties to exert reasonable care, skill and diligence as a company director, according to the Insolvency Service.

Lawyers for the financier have previously argued that the alleged misconduct did not cause the insolvencies and that the DBT had not conducted a “fair investigation”.

Mr Greensill’s signing of a “disqualification undertaking” was accepted by the Business Secretary and the ban will take effect on June 23.

It means he cannot act as a director or be involved in the promotion, formation or management of a company in the UK, without the permission of the court.

Duncan Beach, chief executive of the Insolvency Service, said: “Director disqualifications exist to protect the public from those who have demonstrated they are unfit to run companies.

“A nine-year ban is a significant period – above the average for director disqualifications – and reflects the serious nature of Lex Greensill’s conduct.”