Phoenix Commodities News Today

This Q&A covers the procedures and practical considerations of litigation in United Kingdom (England & Wales), including limitation issues, case management, submission of evidence and available remedies.

A court in Australia has heard claims that documents underpinning a financing arrangement for collapsed trader Phoenix Commodities may have been fabricated. Australian agribusiness financier Thera Agri Capital is suing insurer the Bond and Credit Company (BCC) over its refusal to pay A$7.3mn (US$5.4mn) under a trade credit policy, after Phoenix defaulted on the payment. ...

The head of collapsed Dubai commodities trader Phoenix has been ordered to pay just over US$19mn to Maltese lender Fimbank after the firm failed to repay money it owed under a trade finance facility. The default judgement was handed down in the Dubai International Financial Centre Courts on January 28 after Gaurav Dhawan, Phoenix’s executive ...

Despite a stable end to 2021, the commodity finance industry remains wary of being embroiled in another fraud scandal. Though price rises and strong liquidity have led to booming business at the top end of the market, smaller traders continue to struggle for access to finance. Could strengthening collateral checks or warehouse inspections help mitigate ...

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 ...

Bond & Credit Co hit with lawsuit from Thera Agri Capital Save Share The Bond & Credit Co, the trade credit insurer that guaranteed billions of dollars of Greensill Capital’s securities, is being sued by another client, Thera Agri Capital, over alleged contract breaches. A directions hearing will be held on Thursday in the NSW Supreme Court on Sydney-based agricultural financier Thera’s allegations that BCC, which is owned by Japan’s Tokio Marine, failed to make payments on insur...

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 ...

GTR can reveal. Court documents filed by GP Apac – a Singapore subsidiary of UAE-based oil giant GP Global Group – describe how the company ran into financial difficulties during 2020, prompted by pandemic-related disruption, a drop in demand for oil products, record low oil prices and Its chief restructuring officer and sole director, Rod Sutton of FTI Consulting, says evidence then emerged of “irregular commodity trades and/or fictitious trades where there was no actual transfer of any...