Lex Greensill handed nine-year UK directorship ban

Lex Greensill has agreed to a UK directorship ban of nine years following the 2021 collapse of the financing firm he ran that suffered massive losses.

The Australian financier agreed the penalty to avert a legal case that had disputed a proposed a 12-year ban.

The Insolvency Service said he signed a disqualification ⁠undertaking, a legally binding agreement where directors ​do not dispute certain facts, to end the court action which had been due to begin next Monday.

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Duncan Beach, the Insolvency Service's chief executive, 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."

His spokesman responded: "After four years of investigation, this matter has concluded with no finding that ‌Mr Greensill acted dishonestly or in bad faith."

Mr Greensill was the founder and chief executive of Greensill Group.

Greensill Capital UK, which provided supply chain ​financing, came crashing down in March 2021 when a primary insurer decided not to ​renew its cover.

The business had liabilities of over £1.6bn, causing heavy losses ​for investors.

The Department for Business and Trade (DBT) began proceedings against Mr Greensill in 2024 after the Insolvency Service claimed he had committed misconduct.

It said he had breached his legal duties to exert reasonable care, skill and diligence as a company director.

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.

He lost an earlier legal attempt to have the disqualification proceedings thrown out and has argued the investigation against him was not fair. Mr Greensill is pursuing a separate claim against DBT related to disclosure of information during the inquiry.

The cost of handling the administration of Greensill Capital UK was said earlier this year to have topped £80m.

Administrators at Grant Thornton are still working to return money to creditors.

(c) Sky News 2026: Lex Greensill handed nine-year UK directorship ban