No word on E-Clear funds as deadline passes
There has been no official comment from any
parties as to whether E-Clear met its deadline to prove that it holds
the £35m claimed by Globespan's administrators.
Last week a judge at the high court gave E-Clear until midday on Friday to provide evidence that it has the £35m being claimed. PricewaterhouseCoopers, as adminsitrators of Globespan, bought a winding up petition against the credit card processor after it failed to receive co-operation from E-Clear over the funds due.
We will now have to wait for the court case to recommence tomorrow (Tuesday 19th January) before finding our whether E-Clear will follow its customer into insolvency.
An E-Clear spokesman said he was unable to comment on whether it was able to meet Friday’s deadline and that it would not be saying anything until tomorrow’s court case.
It looks likely that Begbies Traynor will take the administration if the court application is successful. Originally KPMG are understood to have been lined up, before being forced to pull out due to a conflict of interest.
It looks increasingly likely that the blame for Globespan's collapse will fall at E-Clear's offices.
Posted at 08:05PM Jan 18, 2010 by Kelly Board in The Economy | Comments[0]
