13 January 2010

E-Clear given Globespan funding deadline

E-Clear, the online transactions company being sued by administrators for failed airline Globespan, has been given a Friday deadline over £35 million.

At the High Court in London yesterday, Mr Justice Floyd took the decision to adjourn a case brought by PricewaterhouseCoopers against E-Clear until January 19.

But he enforced a requirement for E-clear to submit evidence that it hold the funds to the court by midday on Friday.

Before adjourning the case until next Tuesday, Mr Justice Floyd informed E-Clear it should not dispose of assets during that time.

Bruce Cartwright, joint administrator of Globespan and head of business recovery services at PwC in Scotland, 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."

More than 3,000 travellers were left stranded when Edinburgh-based Globespan and its airline FlyGlobespand collapsed before Christmas and 550 staff were made redundant.

PwC was seeking an order against E-Clear that would put it into administration.

by Phil Davies

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Globespan + suppliers

Suppliers also got "stranded", and maybe the Court can also think about them ! thanks michel Tschann - gm Splendid Hotel & Spa Nice

By Michel Tschann, Wednesday, January 13, 2010