Elias Elia, whose credit card company E-Clear went bust with debts of £100 million, is reportedly is set to have his personal assets frozen as administrators to the company try to account for a hole in its finances said to be worth up to a £100m.

Published: 25 Jan 2010

Elias Elia, whose credit card company E-Clear went bust with debts of £100 million, is reportedly is set to have his personal assets frozen as administrators to the company try to account for a hole in its finances said to be worth up to a £100m.

The Independent reported that BDO, the accountants appointed to run the administration of E-Clear following a High Court hearing, will convene a meeting this week of creditors and stakeholders in the company, including representatives of Globespan, Sunwing, the Serious Fraud Office (SFO) and the Civil Aviation Authority (CAA), the airline industry regulator. It added that the meeting is likely to see BDO ask creditors if they will fund a further investigation into the collapse of the company in order to find out where the cash has gone.

Significantly, it has also been reported that creditors are believed to be fearful that Elia, a Greek Cypriot, could return to his native country in the coming weeks, adding to the confusion about the company's assets. BDO does not have the power to seize Elia’s passport.

New revelation

Meanwhile, it has also emerged that Elia was also running a property development company in Cyprus, according to The Times.

The administrators BDO have been unable to trace any of the cash, including £35 million owed to the collapsed Scottish travel firm Globespan, and are now checking for links between E-Clear and Elia’s personal assets.