SINGAPORE - The media agency that gave the Football connection of Singapore (FAS) its biggest-ever partnership unity - a $25 million, six-year exclusive rights accord - in 2015, is set to wind up, bearing in mind doubts now hanging on top of the matter of recovering some $3 million in unpaid rights fees.MP & Silva (MPS) has witnessed its London headquarters declared insolvent by Britain's high Court of Justice, and its Singapore office is now set to follow upon the thesame path.On Nov 19, PricewaterhouseCoopers' (PwC) Goh Thien Phong and Chan Kheng Tek were appointed as provisional liquidators of MPS after the company contracted that existing liabilities meant that it was unable to continue accomplish business. The Accounting and Corporate Regulatory Authority's (Acra) website lists MPS' status as "in liquidation - creditors' voluntary winding up".MPS' accounts have been frozen, its staff contracts terminated, and all its inborn assets auctioned off for some $22,000. A visit to its Singapore headquarters at Infinite Studios, just off Portsdown Avenue upon Friday, declared the fact: The MPS read out upon the wall was all that remained in what was an blank office.A meeting for MPS' creditors was held upon Dec 12 at PwC's offices, bearing in mind the company's full statement of accounts presented. The Straits grow old understands that representatives of the FAS were gift at the meeting, in a bid to recover monies from MPS. A former MPS employee who was gift revealed that creditors were informed that not a single shareholder of the company turned in the works at an extraordinary general meeting scheduled earlier that day."We had to combat in the best interests of the company as without difficulty as its creditors. We couldn't continue accomplish matter - and paying salaries - bearing in mind the company was pretty much high and dry in a divulge where it couldn't essentially realize business," he said, upon condition of anonymity. united StoryFootball: FAS looking to claim unpaid rights fees from media agency MP & Silva
"It was inevitable that one of our creditors would file for liquidation bearing in mind it happened in the UK."MPS was founded in 2004 by Italian businessmen Riccardo Silva and Andrea Radrizzani, the owner of English Championship side Leeds United. below their leadership, it became the biggest performer in the global sports media rights market, holding the spread around rights to major competitions such as the summit English, German and Italian leagues, and Formula One.The pair sold a 65 per cent stake to Chinese companies Everbright Securities and Beijing Baofeng Technology for US$1 billion (S$1.38 billion) two years ago.Problems started to surface soon after.MPS reportedly futile to create payments to several new creditors, including the English Premier League, Italian Serie A, and German Bundesliga.On Dec 1, The grow old of London reported that PwC was seeking a high Court order to appoint it as provisional liquidator in order to prevent a "scramble" for 4.32 million (S$6.75 million) in the bank accounts of MPS' Irish subsidiary, which reportedly owes 55.3 million to creditors.Across the Causeway, MPS' 15-year, RM1.2 billion (S$395 million) unity bearing in mind the Football connection of Malaysia (FAM), furthermore signed in 2015, was been terminated and the matter is now below arbitration.Its Singapore office furthermore faced issues.Sources revealed that MPS' action president and chief handing out Seamus O'Brien, who joined unaccompanied in January, left the organisation in August.He was followed out the open by Wu Swee Sin, MPS' Asia-Pacific managing director, along bearing in mind several new management-level staff, neglect what sources song was a skeleton crew of junior staff numbering fewer than 10.The enduring staff had their hands tied because of the company's real issues and are understood to have conducted little to no matter on top of the last five months.ST understands that enduring employees had their contracts terminated in mid-November without any guarantees of inborn sufficiently paid for the one-month revelation required back the termination of contracts. Staff were asked by liquidators to go along with proof of what the company yet owes to them, and have already provided the required documentation.Staff are usually the first creditors paid bearing in mind a company undergoes liquidation, but that can unaccompanied happen after liquidators - in this combat PwC - receive a court order to liquidate.
Hungry Stags maul Protectors. Mar 9, 2019, 5:00 am Stags, Protectors and Cheetahs aim to dethrone Albirex. Mar 2, 2019, 5:00 am. Blood seeping through flat's ceiling not structural issue: MP.
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