Finance company Greensill Capital styles itself as a scrappy innovator that unlocks cheap funding by turning invoices into bond-like investments. The disruptive finance group is now in disarray itself. Its problems underline the weaknesses of a superficially attractive business model.

Greensill on Tuesday sought insolvency protection in Australia, homeland of billionaire founder Lex Greensill and its parent company, although most of the business is based in London.

Financial Times