BusinessBusiness RecoveryPwC files High Court petition for E-clear cash

PwC files High Court petition for E-clear cash

Administrators for collapsed airliner Globespan have filed a petition at the high court to seek £35m from its credit card processing company

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

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