SINGAPORE - The media agency that gave the Football connection of Singapore (FAS) its biggest-ever partnership agreement - a $25 million, six-year exclusive rights succession - in 2015, is set to wind up, in the manner of doubts now hanging higher than the situation of recovering some $3 million in unpaid rights fees.MP & Silva (MPS) has witnessed its London headquarters declared insolvent by Britain's tall 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 granted that existing liabilities designed that it was unable to continue doing 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 visceral assets auctioned off for some $22,000. A visit to its Singapore headquarters at Infinite Studios, just off Portsdown Avenue on Friday, declared the fact: The MPS read out on the wall was all that remained in what was an empty office.A meeting for MPS' creditors was held on Dec 12 at PwC's offices, in the manner of the company's full pronouncement 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 engagement in the best interests of the company as competently as its creditors. We couldn't continue doing situation - and paying salaries - in the manner of the company was pretty much stuck in a give leave to enter where it couldn't truly do business," he said, on condition of anonymity. partnered 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 in the manner of 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 market 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 failed to make payments to several new 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) agreement in the manner of the Football connection of Malaysia (FAM), with signed in 2015, was been terminated and the situation is now below arbitration.Its Singapore office with faced issues.Sources revealed that MPS' help president and chief government Seamus O'Brien, who allied unaided in January, left the organisation in August.He was followed out the door by Wu Swee Sin, MPS' Asia-Pacific managing director, along in the manner of several new management-level staff, desertion what sources freshen was a skeleton crew of junior staff numbering fewer than 10.The unshakable staff had their hands tied because of the company's true issues and are understood to have conducted little to no situation higher than the last five months.ST understands that unshakable employees had their contracts terminated in mid-November without any guarantees of visceral fully paid for the one-month statement required since the termination of contracts. Staff were asked by liquidators to yield proof of what the company still owes to them, and have already provided the required documentation.Staff are usually the first creditors paid in the manner of a company undergoes liquidation, but that can unaided happen after liquidators - in this engagement PwC - get a court order to liquidate.
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