SINGAPORE - The media agency that gave the Football relationship of Singapore (FAS) its biggest-ever partnership pact - a $25 million, six-year exclusive rights consent - in 2015, is set to wind up, later than doubts now hanging over the thing 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 meant 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 every its subconscious 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 declare 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, later than the company's full pronouncement of accounts presented. The Straits grow old 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 happening at an fantastic general meeting scheduled earlier that day."We had to stroke in the best interests of the company as skillfully as its creditors. We couldn't continue doing thing - and paying salaries - later than the company was beautiful much grounded in a acknowledge where it couldn't truly get business," he said, on condition of anonymity. united 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 later than 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 unproductive to make payments to several further creditors, including the English Premier League, Italian Serie A, and German Bundesliga.On Dec 1, The grow 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) pact later than the Football relationship of Malaysia (FAM), along with signed in 2015, was been terminated and the thing is now below arbitration.Its Singapore office along with faced issues.Sources revealed that MPS' society president and chief dispensation Seamus O'Brien, who associated unaccompanied in January, left the organisation in August.He was followed out the entrance by Wu Swee Sin, MPS' Asia-Pacific managing director, along later than several further management-level staff, desertion what sources flavor was a skeleton crew of junior staff numbering fewer than 10.The steadfast staff had their hands tied because of the company's real issues and are understood to have conducted tiny to no thing over the last five months.ST understands that steadfast employees had their contracts terminated in mid-November without any guarantees of subconscious abundantly paid for the one-month broadcast required since the invalidation of contracts. Staff were asked by liquidators to comply proof of what the company still owes to them, and have already provided the required documentation.Staff are usually the first creditors paid later than a company undergoes liquidation, but that can unaccompanied happen after liquidators - in this stroke PwC - get a court order to liquidate.
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