An order for the administration of payment processing firm E-Clear was made by the High Court yesterday (Tuesday).
The move by Mr Justice Vos followed the failure of EClear to submit evidence of funds of £35 million on Friday related to the collapse of Scottish operator Globespan.
BDO has been appointed administrator.
PricewaterhouseCoopers administrator for Globespan Bruce Cartwright said: “Over the last month we have sought financial reassurance from EClear and are disappointed that the funds are no longer there.
“We will now work closely with BDO to maximise the situation for Globespan creditors under exceptional circumstances.
“Those who bought services on credit card or visa debit, that have not been supplied, will continue to be protected by consumer card legislation and should contact their credit card issuer.”
by Phil Davies
