BusinessBusiness RecoveryBig Four administrators track £35m for Globespan creditors

Big Four administrators track £35m for Globespan creditors

Scotland's biggest airliner has approximately £35m tied up in a credit card-processing company

PricewaterhouseCoopers administrators have ordered a credit card processing
company to release millions of pounds in funds for creditors of insolvent
airline company Globespan.

Administrators are addressing concerns raised by creditors over the amount of
funds held by the credit card processing company, E-clear, which is estimated at
£35m.

The Big Four team managing the insolvency are calling for the money to be
deposited in a joint account immediately.

Bruce Cartwright, joint administrator and partner at PwC Scotland, said: “We
believe 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 they are
approaching this matter in a cooperative manner,” he added.

The move is expected to enable any legitimate claims against the funds to be
identified and audited before any repayments are made.

Globespan, the parent company of Flyglobespan, went into administration last
week with Cartwright, Graham Frost and Ian Oakley-Smith from PwC appointed
administrators.

Further reading:

Scotland’s
biggest airline calls in PwC administrators

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