SINGAPORE - The media agency that gave the Football attachment of Singapore (FAS) its biggest-ever partnership concurrence - a $25 million, six-year exclusive rights taking office - in 2015, is set to wind up, once doubts now hanging over the matter of recovering some $3 million in unpaid rights fees.MP & Silva (MPS) has witnessed its London headquarters avowed insolvent by Britain's high Court of Justice, and its Singapore office is now set to follow on the similar path.On Nov 19, PricewaterhouseCoopers' (PwC) Goh Thien Phong and Chan Kheng Tek were appointed as provisional liquidators of MPS after the company arranged that existing liabilities meant that it was unable to continue undertaking 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 every its swine assets auctioned off for some $22,000. A visit to its Singapore headquarters at Infinite Studios, just off Portsdown Avenue on Friday, avowed the fact: The MPS reveal on the wall was every that remained in what was an empty office.A meeting for MPS' creditors was held on Dec 12 at PwC's offices, once the company's full support of accounts presented. The Straits epoch 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 happening at an fabulous general meeting scheduled earlier that day."We had to warfare in the best interests of the company as competently as its creditors. We couldn't continue undertaking matter - and paying salaries - once the company was lovely much beached in a acknowledge where it couldn't essentially reach business," he said, on condition of anonymity. combined 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 once 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 artiste in the global sports media rights market, holding the broadcast rights to major competitions such as the top 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 unsuccessful to make payments to several new creditors, including the English Premier League, Italian Serie A, and German Bundesliga.On Dec 1, The epoch 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 once the Football attachment of Malaysia (FAM), afterward signed in 2015, was been terminated and the matter is now under arbitration.Its Singapore office afterward faced issues.Sources revealed that MPS' charity president and chief management Seamus O'Brien, who united abandoned in January, left the organisation in August.He was followed out the way in by Wu Swee Sin, MPS' Asia-Pacific managing director, along once several new management-level staff, rejection what sources flavor was a skeleton crew of junior staff numbering fewer than 10.The permanent staff had their hands tied because of the company's real issues and are understood to have conducted tiny to no matter over the last five months.ST understands that permanent employees had their contracts terminated in mid-November without any guarantees of swine adequately paid for the one-month notice required in the past the withdrawal of contracts. Staff were asked by liquidators to accept proof of what the company still owes to them, and have already provided the required documentation.Staff are usually the first creditors paid once a company undergoes liquidation, but that can abandoned happen after liquidators - in this warfare PwC - get a court order to liquidate.
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