First published on Fri 7 May 2021 11.46 EDT
The bills for lawyers and administrators to wind down Greensill Capitalâs UK business are expected to come in at more than £30m for their first year of work alone, new filings show.
Insolvency experts from Grant Thornton, which was appointed as administrator, have been charging £562 an hour, and racked up £2.9m in fees by mid-April. However, the administratorsâ report suggests those charges could climb to £15m by March next year.
Administrators are prioritised for payouts ahead of unsecured creditors.
The Grant Thornton fees are on top of an estimated £12m-£16m in legal fees, potentially bringing total professional charges linked to Greensillâs UK collapse to nearly £31m for 12 monthsâ work.