No word on E-Clear funds as deadline passes
Does no comment = no funds?
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. This almost certainly means that it doesn't.
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) 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.
Comments What do you think?
Colinton Towers | 04:22 19 January 2010
I think Elias Elia is about to have a ton of whup ass delivered to his door.
Just where HAS the money gone?
Gspanner | 05:40 19 January 2010
I hope you feel the same stress and heartache that the rest of us have since December.
Yes, just exactly were did the money go? Will we ever find out?
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