Scotland demand full investigation into collapse of Flyglobespan airline

Monday, December 21st 2009 - 17:37 UTC

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Scotland's finance secretary has called for a full investigation into the collapse of the Flyglobespan airline, which also had a contract with the British Ministry of Defence for the air link Brize Norton, MPA in the Falkland Islands. Read full article

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Chris Clark
Industry sources suggest that E Clear were holding 100% of Globespan's revenues against chargeback for 45 days. They then moved it to 80 to 90 days. How does any business cope when 12 weeks cash flow is taken away from them. The 100% and 45 days is hugely excessive to start with. According to VISA, typical online charge back rates run at a tiny rate lower than 1.5%. Which represents only 2 days turnover.
Dec 24th, 2009 - 04:04 am - Link - Report abuse 0
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