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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 insurance claims. The Thera lawsuit is not related to the collapse of Greensill Capital but comes at a ti...

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 underlying cargo”. “This left the group with significant bad debt as the trade receivables due ...