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ARTICLE · 04 OCTOBER 2022

When Is A Guarantee Not A Guarantee?

Brown Rudnick LLP
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The CLBILS was introduced on 20 April 2020 to support the providing of finance to U.K. mid-sized and larger business with turnovers in excess of £45m that had been impacted by Covid-19.

United KingdomFinance and Banking
Helena Clarke
Helena Clarke
Jonty Browne
Jonty Browne

On 18 July 2022, the British Business Bank ("BBB"), a state-owned development bank that administers the Coronavirus Large Business Interruption Loan Scheme ("CLBILS") on behalf of the government, published a letter recommending that the U.K. government terminate each guarantee provided to Greensill Capital (UK) Limited ("GCUK") under the CLBILS with regards to the facilities advanced by GCUK. This decision comes after the guarantees were suspended on 2 March 2021, due to an investigation into GCUK's lending practices during the scheme and following the entry of GCUK into administration on 8 March 2021.

The CLBILS was introduced on 20 April 2020 to support the providing of finance to U.K. mid-sized and larger business with turnovers in excess of £45m that had been impacted by Covid-19. Under the CLBILS, loans were delivered through accredited lenders and were backed by a government guarantee issued by the Secretary of State for Business, Energy and Industrial

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