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- E-Clear abstract "E-Clear is a British payment processing company handling credit card transactions, presently under an administration order. It provides merchant accounts for companies, allowing them to accept credit cards as a form of payment.Formed in 2002 and based in Mayfair, City of Westminster, the company is based in Britain, but owned by a parent company registered in Cyprus, and its chief executive Elias Elia is a Greek Cypriot. E-Clear specialises in the travel industry, and is one of the main four companies handling credit card transactions for airlines and travel agents in the UK.In 2007, Deutsche Bank announced the end of its agreement for card processing with E-Clear. As a result, E-Clear began buying shares in NordFinanz, a small loss-making bank in Bremen. By 2009, E-Clear owned 97% of the shares in the bank, but after failure to provide sufficient evidence that Elia personally and E_Clear as a company were responsible persons, the Germany regulatory authority BaFin decided that Elia should not exercise E-Clear's voting rights, and ordered a court appointed trustee.The company came to prominence in 2009, following the collapse of several of the companies for which it handled credit card payments. In July 2009, Slovakian budget airline SkyEurope went into administration, claiming it was owed millions of pounds from the company. Administrators for SkyEurope later sued E-Clear for £13.1m of cash they claimed was held back by the company. Concerns over the financial health of E-Clear steadily increased, and in December 2009 it was implicated in the collapse of Scottish airline Flyglobespan, amid claims that E-clear had refused to pass on £34m of credit card payments made to the company. Administrators PriceWaterhouseCoopers and Scottish finance minister John Swinney claimed that E-Clear's failure to pass on the money, which included £20m paid by passengers who had already flown, played a key role in the airline's failure. A few days later, Hertfordshire based Allbury Travel Group, one of E-Clear's major clients also failed and ceased trading. As of December 19, 2009, the company is six weeks behind its deadline to submit its financial accounts to Companies House, making its financial position difficult to accurately assess.On January 19, 2010, a High Court judge granted an administration order following a request from PricewaterhouseCoopers (PWC), FlyGlobespan's administrators. PWC accused E-Clear of withholding £35m from the airline before its collapse in December, and stated after the administrator order was granted that it was now clear that the funds were "no longer there."Court appointed administrators BDO on initial investigation found that the accounts were missing £100M owed to creditors. BaFin announced the compulsory sales of the share holding in NordFinanz, funds which would be returned to E-Clears administrator.".
- E-Clear wikiPageID "25492414".
- E-Clear wikiPageRevisionID "532324203".
- E-Clear hasPhotoCollection E-Clear.
- E-Clear subject Category:Companies_based_in_London.
- E-Clear subject Category:Financial_services_companies_of_the_United_Kingdom.
- E-Clear type Abstraction100002137.
- E-Clear type CompaniesBasedInLondon.
- E-Clear type Company108058098.
- E-Clear type FinancialServicesCompaniesOfTheUnitedKingdom.
- E-Clear type Group100031264.
- E-Clear type Institution108053576.
- E-Clear type Organization108008335.
- E-Clear type SocialGroup107950920.
- E-Clear type YagoLegalActor.
- E-Clear type YagoLegalActorGeo.
- E-Clear type YagoPermanentlyLocatedEntity.
- E-Clear comment "E-Clear is a British payment processing company handling credit card transactions, presently under an administration order. It provides merchant accounts for companies, allowing them to accept credit cards as a form of payment.Formed in 2002 and based in Mayfair, City of Westminster, the company is based in Britain, but owned by a parent company registered in Cyprus, and its chief executive Elias Elia is a Greek Cypriot.".
- E-Clear label "E-Clear".
- E-Clear sameAs m.09rts38.
- E-Clear sameAs Q5321388.
- E-Clear sameAs Q5321388.
- E-Clear sameAs E-Clear.
- E-Clear wasDerivedFrom E-Clear?oldid=532324203.
- E-Clear isPrimaryTopicOf E-Clear.