Sunwing, a travel company owed nearly £50m by the collapsed credit card processing company E-Clear, is set to pursue a claim against a Deutsche Bank affiliate for the cash.
The Canadian holiday firm, which has a joint venture with Tui Travel, a London-listed tour operator, is ready to pursue Pago, which is part-owned by Deutsche, in the German courts. Pago was responsible for handling E-Clear's banking until last year.
Sunwing, represented by the London law firm Howard Kennedy, successfully sued E-Clear for non-payment of £46m last year. But it declined to have the Elias Elia-run firm wound up as the business didn't have enough cash to pay the money back.
PricewaterhouseCoopers, the administrator for the failed Globespan group, is also believed to be considering a claim against Pago. Neither firm has suggested any wrongdoing by the bank.
A spokesman for Howard Kennedy said Sunwing had appointed German lawyers to investigate a possible claim. A Pago spokesman was unavailable.Reuse content