SINGAPORE - The media agency that gave the Football membership of Singapore (FAS) its biggest-ever partnership concurrence - a $25 million, six-year exclusive rights concurrence - in 2015, is set to wind up, behind doubts now hanging more 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 thesame path.On Nov 19, PricewaterhouseCoopers' (PwC) Goh Thien Phong and Chan Kheng Tek were appointed as provisional liquidators of MPS after the company settled that existing liabilities designed that it was unable to continue function 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 mammal 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 name 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, behind the company's full assertion of accounts presented. The Straits period understands that representatives of the FAS were present at the meeting, in a bid to recover monies from MPS. A former MPS employee who was present revealed that creditors were informed that not a single shareholder of the company turned occurring at an fantastic general meeting scheduled earlier that day."We had to raid in the best interests of the company as competently as its creditors. We couldn't continue function business - and paying salaries - behind the company was pretty much ashore in a give leave to enter where it couldn't in reality pull off business," he said, upon condition of anonymity. linked StoryFootball: FAS looking to allegation unpaid rights fees from media agency MP & Silva
"It was inevitable that one of our creditors would file for liquidation behind 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 publicize 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 fruitless to create payments to several extra creditors, including the English Premier League, Italian Serie A, and German Bundesliga.On Dec 1, The period 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) concurrence behind the Football membership 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' charity president and chief dispensation Seamus O'Brien, who united solitary in January, left the organisation in August.He was followed out the door by Wu Swee Sin, MPS' Asia-Pacific managing director, along behind several extra management-level staff, leaving behind what sources ventilate was a skeleton crew of junior staff numbering fewer than 10.The unshakable staff had their hands tied because of the company's genuine issues and are understood to have conducted little to no business more than the last five months.ST understands that unshakable employees had their contracts terminated in mid-November without any guarantees of mammal abundantly paid for the one-month pronouncement required in the past the termination of contracts. Staff were asked by liquidators to agree proof of what the company nevertheless owes to them, and have already provided the required documentation.Staff are usually the first creditors paid behind a company undergoes liquidation, but that can solitary happen after liquidators - in this raid PwC - get a court order to liquidate.
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