Lex Greensill’s business Greensill Capital Securities (Australia) liquidated

The fallout from the spectacular collapse of Qld billionaire Lex Greensill’s multi-billion dollar empire has entered a new stage with the liquidation of another company.

Another piece of the Greensill empire has collapsed with the liquidation of an Australian subsidiary of the former financing empire, which at one point was worth more than $6 billion.

Qunaba-based Greensill Capital Securities (Australia) Pty Ltd was wound up by the company at a general meeting in early May 2022 as the one-time global company continued its death throes.

An initial report by the directors revealed the Australian subsidiary went under not only owing money to an overseas branch of the Greensill empire, but was owed money by other branches of the empire as well.

The document lodged with the Australian Securities and Investments Commission says the company owed the Gloucester-based Greensill Capital Securities Limited (UK) $77,756 US ($111,534 AUD).

At the same time it was owed $729,377 US ($1.04M AUD) by its Bundaberg-based parent company Greensill Capital Pty Ltd, and $46,971 US ($67,376 AUD) by its sister company Greensill Capital (UK) Limited in Manchester.

Greensill Capital Securities (Australia) was based at Qunaba, where the Greensill family farms are located.

None of this debt will be able to be paid to the Australian subsidiary, the company’s directors estimate in the report.

Employees are not owed any money, and the company does not own any assets.

Greensill Capital Securities (Australia) Pty Ltd was one of several dormant subsidiaries of the larger companies left in the wake of its collapse in 2021.

Worrells Solvency and Forensic Accountants’ Paul Nogueira has been appointed liquidator.

Mr Nogueira and Worrells were contacted for comment.

The Greensill financing empire was built by former Bundaberg cane farmer Lex Greensill.

Former Australian foreign minister Julie Bishop was at one time a paid advisor to Lex Greensill, following her time in parliament. Picture: Justin Lloyd.

It was founded in 2011 and at one point was estimated to be worth more than $6 billion, employed about 1000 staff across the world, and had a fleet of four private jets.

The company specialised in providing small and medium-sized businesses early payment to cover money due to be paid by larger companies and governments.

A decade later it had unravelled, was on the verge of bankruptcy in early 2021, and filing for insolvency protection in March of that year.

It entered voluntary administration shortly after, unable to pay a $140 million loan to Credit Suisse.

Former Australian foreign minister Julie Bishop was a paid advisor to Mr Greensill in 2020, with a salary of almost $800,000 a year.

Former British prime minister David Cameron was also signed up as a paid advisor to Mr Greensill.