BusinessBusiness RecoveryAdministrators meet E-clear creditors

Administrators meet E-clear creditors

BDO report reveals E-clear's role in the collapse of Globespan

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

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