SINGAPORE - The media agency that gave the Football link of Singapore (FAS) its biggest-ever partnership agreement - a $25 million, six-year exclusive rights concurrence - in 2015, is set to wind up, next doubts now hanging exceeding the issue of recovering some $3 million in unpaid rights fees.MP & Silva (MPS) has witnessed its London headquarters stated 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 established that existing liabilities meant that it was unable to continue put on an act 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 beast assets auctioned off for some $22,000. A visit to its Singapore headquarters at Infinite Studios, just off Portsdown Avenue on Friday, stated the fact: The MPS say 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, next the company's full upholding of accounts presented. The Straits era 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 going on at an extraordinary general meeting scheduled earlier that day."We had to clash in the best interests of the company as skillfully as its creditors. We couldn't continue put on an act issue - and paying salaries - next the company was lovely much ashore in a divulge where it couldn't really realize business," he said, on condition of anonymity. associated 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 next 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 spread around 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 futile to create payments to several additional creditors, including the English Premier League, Italian Serie A, and German Bundesliga.On Dec 1, The era 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 next the Football link of Malaysia (FAM), as well as signed in 2015, was been terminated and the issue is now below arbitration.Its Singapore office as well as faced issues.Sources revealed that MPS' charity president and chief supervision Seamus O'Brien, who associated only in January, left the organisation in August.He was followed out the entry by Wu Swee Sin, MPS' Asia-Pacific managing director, along next several additional management-level staff, desertion 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 issue exceeding the last five months.ST understands that remaining employees had their contracts terminated in mid-November without any guarantees of beast adequately paid for the one-month pronouncement required previously the withdrawal of contracts. Staff were asked by liquidators to agree proof of what the company still owes to them, and have already provided the required documentation.Staff are usually the first creditors paid next a company undergoes liquidation, but that can only happen after liquidators - in this clash PwC - get a court order to liquidate.
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