SINGAPORE - The media agency that gave the Football link of Singapore (FAS) its biggest-ever partnership treaty - a $25 million, six-year exclusive rights accord - in 2015, is set to wind up, with doubts now hanging beyond the event of recovering some $3 million in unpaid rights fees.MP & Silva (MPS) has witnessed its London headquarters confirmed insolvent by Britain's tall 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 approved that existing liabilities expected that it was unable to continue take steps 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, confirmed the fact: The MPS make known 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, with the company's full assertion 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 in the works at an astounding general meeting scheduled earlier that day."We had to proceedings in the best interests of the company as with ease as its creditors. We couldn't continue take steps event - and paying salaries - with the company was beautiful much ashore in a permit where it couldn't in fact reach business," he said, upon condition of anonymity. joined 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 with 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 bungled to create payments to several extra 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 tall 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 with the Football link of Malaysia (FAM), as a consequence signed in 2015, was been terminated and the event is now under arbitration.Its Singapore office as a consequence faced issues.Sources revealed that MPS' bureau president and chief giving out Seamus O'Brien, who united without help in January, left the organisation in August.He was followed out the gate by Wu Swee Sin, MPS' Asia-Pacific managing director, along with several extra management-level staff, leaving behind what sources flavor was a skeleton crew of junior staff numbering fewer than 10.The remaining staff had their hands tied because of the company's legal issues and are understood to have conducted little to no event beyond the last five months.ST understands that remaining employees had their contracts terminated in mid-November without any guarantees of inborn abundantly paid for the one-month declaration required since the withdrawal of contracts. Staff were asked by liquidators to assent proof of what the company still owes to them, and have already provided the required documentation.Staff are usually the first creditors paid with a company undergoes liquidation, but that can without help happen after liquidators - in this proceedings PwC - get a court order to liquidate.
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