3 March 4 March
8-12 March
BaFin suspends Greensill
50,000 jobs , including 5,000 in the UK steel industry , are now at risk . BaFin , the German financial watchdog , orders Greensill Bank to freeze payments . It suspects that Greensill is on the verge of becoming over-indebted .
In Germany , the bank holds approximately $ 5.5bn in assets .
GFG Alliance halts repayments
With BaFin going so far as to accuse Greensill Bank of criminal negligence , GFG Alliance ’ s reliance on Greensill - a relationship long held in suspicion by UK and German regulators - is laid bare .
Subsequently , Gupta orders that repayments to Greensill Capital are to cease immediately .
Greensill goes into administration
After the weekend of 6 & 7 March has passed , Greensill reports the following Monday that it has gone into administration .
After 11 years in operation supporting the manufacturing sector , the company ’ s filing for insolvency is a devastating blow .