£35m in Globespan funds requested
Tuesday, 22 Dec, 2009
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Globespan administrators have called for £35 million held by payment processing company E-Clear to be handed over.
PricewaterhouseCoopers have requested that the funds held by E-Clear be placed in a joint account immediately.
“The move aims to bring clarity to this aspect of the Administration process and crucially, enable any legitimate claims against the funds to be identified and audited before any subsequent release,” PwC said.
“While some discussions with E-Clear have taken place and are continuing, progress has been limited.”
Joint administrator Bruce Cartwright 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 that they are approaching this matter in a co-operative manner.”
No one from E-Clear was available for comment.
by Phil Davies
Phil Davies
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