A Winding up petition filed by the company’s board of troubled crowd- funding website presented to London High Court last Wednesday has reportedly been granted after attempts to find a buyer.
Winding-up Petition Granted
Troubled crowd-funding website Pledge music was granted a winding-up order on Wednesday following the company’s website being offline since earlier this month with a message reassuring that “The Company continues to work with outside counsel on the most appropriate next steps, and we will update you with those specifics as we get more information. All data has been preserved and a notice with the next steps will be posted on here shortly.”
The company’s board filed a petition to wind up the company back in June. The company’s affairs will now be handed over to the Official Receiver, following the granting of the petition on Wednesday. A government official will also be given the responsibility to sell off any of the company’s assets and any money raised will be used to pay off creditors.
It was hoped that the company could be sold on to a buyer that would willing to make good on some, or preferably all, of the monies that were owed to artists who had used the company’s website to run crowd-funded and pre-order campaigns. Although it is speculated there were various parties interested, one of which being a major label, there was no final sale of the company.
Winding-up Petition Solicitors
If you have received a winding up petition our legal experts are able to provide legal advice and representation. Our team of solicitors and barristers can obtain a court adjournment; CVA’s and successfully challenge the validity of the winding up petition to ensure that the petition is dismissed, often without public advertisement.
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