SINGAPORE - The media agency that gave the Football relationship of Singapore (FAS) its biggest-ever partnership treaty - a $25 million, six-year exclusive rights taking office - in 2015, is set to wind up, taking into account doubts now hanging higher than the business 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 same path.On Nov 19, PricewaterhouseCoopers' (PwC) Goh Thien Phong and Chan Kheng Tek were appointed as provisional liquidators of MPS after the company established that existing liabilities expected that it was unable to continue be active 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 physical 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 declare upon the wall was all that remained in what was an empty office.A meeting for MPS' creditors was held upon Dec 12 at PwC's offices, taking into account the company's full avowal of accounts presented. The Straits become 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 going on at an extraordinary general meeting scheduled earlier that day."We had to charge in the best interests of the company as well as its creditors. We couldn't continue be active business - and paying salaries - taking into account the company was beautiful much stuck in a allow in where it couldn't truly get business," he said, upon condition of anonymity. aligned StoryFootball: FAS looking to affirmation unpaid rights fees from media agency MP & Silva
"It was inevitable that one of our creditors would file for liquidation taking into account 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. under their leadership, it became the biggest artist in the global sports media rights market, holding the make known 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 unproductive to create payments to several other creditors, including the English Premier League, Italian Serie A, and German Bundesliga.On Dec 1, The become 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) treaty taking into account the Football relationship of Malaysia (FAM), as well as signed in 2015, was been terminated and the business is now under arbitration.Its Singapore office as well as faced issues.Sources revealed that MPS' bureau president and chief handing out Seamus O'Brien, who allied deserted in January, left the organisation in August.He was followed out the gain access to by Wu Swee Sin, MPS' Asia-Pacific managing director, along taking into account several other management-level staff, leaving 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 true issues and are understood to have conducted tiny to no business higher than the last five months.ST understands that enduring employees had their contracts terminated in mid-November without any guarantees of physical fully paid for the one-month statement required previously the invalidation of contracts. Staff were asked by liquidators to agree proof of what the company still owes to them, and have already provided the required documentation.Staff are usually the first creditors paid taking into account a company undergoes liquidation, but that can deserted happen after liquidators - in this charge PwC - receive a court order to liquidate.
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