25 March 2010

E Clear Assets - just US$100K

In what must be a shock to a lot of people the UK based bankruptcy administrators for failed credit card processing firm E-Clear have uncovered just £72,000 after months of investigations into the controversial credit card processing firm and said the situation was “looking bleak”.

Remember this is the company that in effect brought down 2 major players in the UK - the Globespan Group at the end of last year and previously in September 2008 XL Leisure.

For an industry as heavily regulated as the travel business is and supposedly the UK banking regulations are tight - this is really quite shocking.

Let's just hope that there is something positive that comes out of this. For now - it would behoove any transaction based player to check into your credit card processor. There could still be some scary stuff out there and let's hope you are not caught out like the hundreds of employees who lost their livelihood and those who lost real money - investors and creditors alike.

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