Greensill Bank Insolvency Lawyer Eyes Coordinated Administration

The lawyer handling the insolvency of Greensill Capital’s bank in Germany has asked his counterparts in the U.K. and Australia to cooperate on sifting through what’s left of the supply chain finance firm.

The administrators should work together on securing and managing the firm’s assets, according to a spokesman for Michael Frege, the lawyer handling the insolvency of Greensill Bank AG.

Frege filed a lawsuit in London to safeguard the legal position of the bank, the spokesman said Wednesday. The case was filed earlier this week, according to court records.

Greensill collapsed this month after key backers walked away over concerns about the valuation of its accounts. In Germany, a group of lenders that runs a deposit insurance fund is seeking 2 billion euros ($2.35 billion) from Greensill Bank while uninsured depositors such as municipalities also want their money back.

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