The liquidation of Greensill could spell disaster for the group’s largest client, steel tycoon Sanjeev Gupta and his GFG Alliance group of companies. A spokesman for GFG Alliance declined to comment. Representatives from the group did not attend the meeting. Mr Gupta’s biggest Australian asset is the Whyalla steel mills.

Greensill, which specialises in a controversial service known as supply chain financing, collapsed after its key backer Credit Suisse withdrew financial support after Greensill’s Australian insurers at Insurance Australian Group refused to renew insurance over $10 billion of trade credit. Greensill’s fallout has also seen its German-registered bank Greensill Bank hit with criminal charges by Germany’s corporate regulator BaFin and revelations local councils around Germany were exposed to Greensill.

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The 55-minute virtual meeting was attended by Greensill’s main shareholder, Japanese investment house Softbank, and Credit Suisse, the key financial backer of Greensill.

Representatives from the Australian Taxation Office, the Australian Securities and Investments Commission, the Attorney General’s Department, and the Association of German Banks also dialled into the meeting.

The Association of German Banks could hit Greensill with a $3 billion claim if the deposits in Greensill Bank are not covered, the meeting heard.

The majority of the administration process will be conducted in the United Kingdom by administrators Grant Thornton’s London office. The Australian entity in administration, Greensill Capital Pty Ltd, is the parent company for the Greensill Group. It provides administration and head office support to the group but operates only in a limited capacity.

Creditors at the meeting on Friday voted to appoint a committee of inspection to work with administrators. Excluding employees, 34 individual creditors have submitted claims. Likely debtors, that is companies that owe money to Greensill such as CIMIC’s UGL and Telstra, did not attend the meeting.

Grant Thornton let go 35 staff at Greensill’s Australian arm on Monday.

The next meeting has been scheduled for April 22. At that meeting, creditors will be able to vote on any DOCA proposal or for liquidation. A further report to creditors will be issued in approximately three weeks.