Duncan Beach, chief executive at the Insolvency Service, said: 'A nine-year ban is a significant period – above the average for director disqualifications – and reflects the serious nature of Lex Greensill's conduct.' Credit: The Insolvency Service
The Insolvency Service has barred Lex Greensill, founder of the collapsed Greensill Group, from acting as a company director in the UK for nine years.
The 49-year-old Australian financier was the director of three companies within the Greensill Group, including Greensill Capital, which fell into administration in 2021 with combined liabilities of more than £1.6bn.
Sapia Partners avoids FCA penalty with £19.6m WealthTek payment
According to an investigation which began in May 2022, Greensill caused the companies to enter a series of transactions with US construction company Katerra in late 2020 that removed legal protections from a Credit Suisse fund's investment, resulting in a loss of $440m for the fund.
The transactions were entered into without the written consents required.
The Australian businessman also caused or allowed $440m received in November 2020 to be used for purposes other than repaying the fund.
The Insolvency Service subsequently began disqualification proceedings against Lex Greensill in March 2024.
Greensill's conduct breached his legal duty under the Companies Act 2006 to exercise reasonable care, skill and diligence as a company director, it found.
The financier unsuccessfully applied to temporarily pause part of the claim in May 2025 and failed in attempts to convince officials to strike out the entire claim in March 2026.
A six-week trial was due to begin on 8 June, but Greensill signed a disqualification undertaking – a legally-binding agreement where directors do not dispute certain facts for the purposes of the proceedings – to end the court action.
Odey settles sexual assault allegations case - reports
His ban comes into effect on 23 June and prevents him from acting as a director or being involved in the promotion, formation or management of a company without the permission of the court.
Duncan Beach, chief executive at the Insolvency Service, said: "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."
Mark Hastings, partner at Quillon Law, added: "The scale of the Greensill collapse meant this was always likely to be closely watched as a marker for director accountability.
"The decision is a shot across the bows for directors. Where transactions undermine investors protections and contribute to significant losses, regulators are prepared to pursue directors personally, even years after a company's collapse."
