SINGAPORE - The media agency that gave the Football connection of Singapore (FAS) its biggest-ever partnership settlement - a $25 million, six-year exclusive rights taking over - in 2015, is set to wind up, in the same way as doubts now hanging more than the event of recovering some $3 million in unpaid rights fees.MP & Silva (MPS) has witnessed its London headquarters confirmed insolvent by Britain's high Court of Justice, and its Singapore office is now set to follow on 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 intended that it was unable to continue piece of legislation 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 instinctive assets auctioned off for some $22,000. A visit to its Singapore headquarters at Infinite Studios, just off Portsdown Avenue on Friday, confirmed the fact: The MPS make known 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 same way as the company's full upholding of accounts presented. The Straits time 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 astounding general meeting scheduled earlier that day."We had to encounter in the best interests of the company as with ease as its creditors. We couldn't continue piece of legislation event - and paying salaries - in the same way as the company was lovely much stranded in a give access where it couldn't truly complete business," he said, on condition of anonymity. amalgamated 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 in the same way as 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 artiste in the global sports media rights market, holding the make public 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 futile to create payments to several extra creditors, including the English Premier League, Italian Serie A, and German Bundesliga.On Dec 1, The time 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) settlement in the same way as the Football connection of Malaysia (FAM), plus signed in 2015, was been terminated and the event is now below arbitration.Its Singapore office plus faced issues.Sources revealed that MPS' organization president and chief supervision Seamus O'Brien, who allied and no-one else in January, left the organisation in August.He was followed out the entre by Wu Swee Sin, MPS' Asia-Pacific managing director, along in the same way as several extra management-level staff, neglect what sources publicize was a skeleton crew of junior staff numbering fewer than 10.The enduring staff had their hands tied because of the company's legal issues and are understood to have conducted little to no event more than the last five months.ST understands that enduring employees had their contracts terminated in mid-November without any guarantees of instinctive abundantly paid for the one-month message required previously the dissolution of contracts. Staff were asked by liquidators to go along with proof of what the company nevertheless owes to them, and have already provided the required documentation.Staff are usually the first creditors paid in the same way as a company undergoes liquidation, but that can and no-one else happen after liquidators - in this encounter PwC - receive a court order to liquidate.
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