EClear, the travel technology company which ran online payment processing systems for FlyGlobespan, has agreed to talk to administrators after coming under intense pressure following the Scottish airline's collapse.
PricewaterhouseCoopers says the UK-based tech firm has "confirmed their willingness" to co-operate amid reports that FlyGlobespan was owed around £35 million.
Chief executive Elias Elia and other officials are still refusing to return media calls, but the company did finally release a statement:
"E-Clear is committed to working closely with the administrators of The Globespan Group to clarify and address the various complexities around the airline's financial position, so that matters may be resolved as quickly as possible."
The Administrators have also had a preliminary discussion with E-Clear who have confirmed their willingness to fully co-operate with the Administrators’ investigations.
Further discussions are planned early next week when it is expected the parties will seek to agree an estimate of the likely chargebacks for unflown bookings.
Tnooz has learned that EClear is coming under further pressure to file its latest accounts to regulators in the UK.
Companies House confirms that EClear is currently four months late in filing its accounts for the 12-months to February 2009.
The company was also late filing its audited accounts for the previous 12-month period to February 2008 and only published the information in March 2009
A Companies House official says EClear was contacted recently to remind it of the missed deadline in August 2009. Under existing rules a company is fined for any delay in filing its accounts or dissolved for failure to disclose financial information.
EClear has grown rapidly in recent years according to reports obtained by Tnooz.
The number of employees at the company was recorded at 121 in February 2008, a jump of over 100 on 18 months before.
Figures across its balance sheet - creditors (£181 million for the group, up thirty-six-fold), debtors (£177 million for the group, up thirty-fold) and revenue (£18.5 million, up nine-fold) - have also increased dramatically over the same period.
Nevertheless, EClear was singled out by Scottish finance secretary John Swinney for criticism over the FlyGlobespan affair, saying the airline was "badly let down" by the technology firm.
Meanwhile, in a statement, PWC says:
"The administrators have also had a preliminary discussion with E-Clear who have confirmed their willingness to fully co-operate with the administrators’ investigations.
"Further discussions are planned early next week when it is expected the parties will seek to agree an estimate of the likely chargebacks for unflown bookings."7
NB: Tour operator Allbury Travel Group went into administration yesterday. Allbury just happens to be owned by British Virgin Islands-based Allbury Ltd, controlled by one Elias Elia.