Globespan airline investigation goes to court
The investigation into the collapse of Scottish airline Globespan has taken a significant turn over the last 24 hours with news that the High Court in London has informed online transaction processing company E-Clear to clarify it has access to an alleged £35 million which it is said to have withheld from Globespan. PricewaterhouseCoopers has suggested that the withholding of the £35 million in question may well have led in part to the collapse of the company.
E-Clear now has three days to show the courts that the £35 million is still available and has pledged not to dispose of any assets until the situation is resolved. It will be interesting to see whether E-Clear still has access to the £35 million in question and indeed the justification for allegedly withholding this payment from Globespan.
As we mentioned earlier today, the airline industry is in serious trouble with rumours that Japan Airlines is on the verge of collapse with even the likes of British Airways under extreme pressure. There are hopes that the investigation into the collapse of Globespan will allow lessons to be learned for the future, to ensure that we do not see a repeat of a similar scenario which could possibly have been avoided.
Share this..
Related stories
Lending continues to fall in the UK
Lending to businesses outside of the UK financial arena continued to fall last month with figures from the British Bankers Association confirming a reduction in credit of £2.4 billion. While financial services and financial investment companies continue to attract the support of their bankers it seems that non-financial related companies in the UK are struggling. The £2.4 billion reduction in...
Read MoreLoans put a price on friendship
Brits lend their friends a total of £510 million each year, but this generosity could be costing more than money, according to new figures from Abbey Loans.The survey reports that 4.4 million friend-to-friend loans occur annually, with the downside being that 3.5 million people reported that they had fallen out with a mate over a loan.Paul Morrish, head of Abbey Loans, commented on the findings:...
Read MoreUK government accused of failing to control consumer debt
The UK government has today come in for severe criticism from a committee of MPs who have highlighted issues regarding consumer debt and the UK government's inability to tackle this problem. A number of projects have been introduced by the Department for business costing around £600 million since 2004. However, despite the fact that significant money has been invested in the area of controlling c...
Read MoreIMF likely to delay contributions to Greek bailout
31/07/2015 The International Monetary Fund (IMF) has indicated that they will delay any contributions to a Greek bailout. The IMF will likely provide funds at a later date, but could hold off at the initial stages. For the time being, it appears that the IMF remain unconvinced that the terms of the bailout will be enough to make the Greek government’s debt sustainable. The IMF believ...
Read MoreConfusion reigns in Dubai crisis
The Dubai crisis took an unexpected turn today when the ruling family suggested that the world had misunderstood last week's debt repayment announcement and had overreacted. It now turns out that Dubai World, which is strongly associated with the Dubai authorities, has asked for a restructuring of its $26 billion debt not the $60 billion debt which had initially been mentioned. The very fact th...
Read More