PwC files High Court petition for E-clear cash

PwC has sought a high court order forcing credit card processing company, E-clear, to release £35m in funds to collapsed Scottish airliner FlyGlobespan.

The administrators from PwC applied to the high court to retrieve an estimated £35m from E-clear, with the companying having to prove it has the cash by Friday afternoon The Times reported.

Bruce Cartwright, joint PwC administrator of Globespan, said: “We are satisfied that the judge recognised our concerns and has put in place a process that will clarify the E-clear position in a very short time.”

The Big Four Firm made the petition yesterday claiming E-clear owes Globespan, the parent company of FlyGlobespan, £22m for flights and bookings that have already been completed and is holding a further £13m for travel booked after the company collapsed last year.

Administrators sought to have E-clear wound up with that hearing is set to take place next Tuesday.

Three other companies supported the petition including; Go Travel Direct which is estimated to be owed more than £250,000; YouTravel.com chasing approximately £200,000; and Swimming Nature Licensing Ltd who are seeking over £230,000.

Cartwright, Graham Frost and Ian Oakley-Smith from PwC were appointed administrators for Globespan, the parent company of FlyGlobespan in December last year.

The trio opened a call centre for customers and suppliers yeterday, which will be open weekdays and weekends, as well as setting up two dedicated online addresses.

Further reading:

PwC fights to clawback cash for FlyGlobespan

Big Four administrators track £35m for Globespan creditors

E-Clear must reveal if it holds Globespan £35m