Airline collapsed due to credit card debt

Published on 23 December 2009 by Raffick Marday

<br />    Airline collapsed due to credit card debt<br /> The financial company E-Clear is being investigated over an alleged £35m debt, which was a factor in the downfall of Flyglobespan.

The Scottish airline collapsed last week, leaving around 4,500 holidaymakers stranded across Europe, North America and North Africa.

PricewaterhouseCoopers (PwC), one of Flyglobespan’s administrators, has announced that the collapse could be linked to credit card payments due from E-Clear.

PwC has requested that the funds held by E-Clear, which are estimated at £35m, be placed in a joint bank account ‘immediately’.

Joint administrator Bruce Cartwright claims the figure is at least double the amount E-Clear would need to refund customers whose flights never departed.

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