E-Clear told to hand over £35 million
Published: 23 Dec 2009
Administrators of Scottish low-cost airline Flyglobespan, PricewaterhouseCoopers, has asked for the release of the £35million owed by its credit-card payment processor E-Clear.
Joint administrator Bruce Cartwright, of PricewaterhouseCoopers, said, “While some discussions with E-Clear have taken place and are continuing, progress has been limited. As a result of this, and to address concerns expressed by creditors of the Globespan Group, the administrators have requested that the funds held by E-Clear be placed in a joint account immediately.”
He added: “Our proposal provides a commercial and transparent approach and will help to address the concerns of Globespan creditors. It will also go some way to allowing the parties to demonstrate that they are approaching this matter in a co-operative manner.”
Globespan, the parent company of Flyglobespan, went into administration last week.
Globespan’s difficulty in accessing money is seen as key to its collapse.
Scotland’s Finance Secretary John Swinney has already demanded a “full and comprehensive” investigation into the collapse of Flyglobespan. He said the inquiry should focus on the role of E-Clear.
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