The sudden downfall of supply chain finance (SCF) heavyweight Greensill was triggered after US$4.6bn in insurance cover fell away overnight, court documents reveal. Problems with Greensill’s trade credit insurance cover first arose in July 2020, when Australia’s Bond and Credit Company (BCC) said it did not intend to renew or extend policies due to expire…| Global Trade Review (GTR)
An Australian agriculture finance provider is suing insurer the Bond and Credit Company (BCC) for refusing to honour a claim for A$7.3mn owed by collapsed Dubai-based commodities trader Phoenix Commodities. The legal wrangle highlights the ongoing fallout from the demise of Phoenix, a trading conglomerate that reportedly owed US$1.2bn to creditors when it entered liquidation…| Global Trade Review (GTR)
Troubled commodities trader Rhodium Resources lost insurance cover totalling more than US$580mn last year, leaving it unable to pay creditors and facing the threat of insolvency, court documents reveal. Singapore-headquartered Rhodium fell into serious financial difficulties in August 2020, according to documents submitted to the city-state’s High Court in December that year by its chief…| Global Trade Review (GTR)
