Administrators meet E-clear creditors

BDO, administrators to credit card payments company E-clear, has arranged a creditors meeting next week to continue work on a creditors committee, if necessary.

E-clear was pushed into administration by Globespan, the Scottish airliner, following an investigation by its administrators from PwC.

The airliner fell into administration following claims some of the fault was due to E-clear owing the company over £30m. PwC administrators investigated the accusations and found the credit card payments company was unable to repay the money causing it to also fall into administration.

BDO were appointed this year and are investigating the business and activities of the management.

In its latest creditors report the administrators reveal the location of previously missing laptops with vital financial information and acknowledge E-clear's role in the collapse of Globespan due to being "deprived of cash flow ", The Guardian reported

Further reading:

BDO steps up investigation of E-Clear

Globespan collapse triggers E-Clear administration