SINGAPORE - The media agency that gave the Football relationship of Singapore (FAS) its biggest-ever partnership concurrence - a $25 million, six-year exclusive rights concurrence - in 2015, is set to wind up, afterward doubts now hanging more than the issue of recovering some $3 million in unpaid rights fees.MP & Silva (MPS) has witnessed its London headquarters avowed insolvent by Britain's tall Court of Justice, and its Singapore office is now set to follow upon the same path.On Nov 19, PricewaterhouseCoopers' (PwC) Goh Thien Phong and Chan Kheng Tek were appointed as provisional liquidators of MPS after the company contracted that existing liabilities meant that it was unable to continue action 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 living thing assets auctioned off for some $22,000. A visit to its Singapore headquarters at Infinite Studios, just off Portsdown Avenue upon Friday, avowed the fact: The MPS say upon the wall was all that remained in what was an blank office.A meeting for MPS' creditors was held upon Dec 12 at PwC's offices, afterward the company's full statement 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 up at an fabulous general meeting scheduled earlier that day."We had to engagement in the best interests of the company as capably as its creditors. We couldn't continue action issue - and paying salaries - afterward the company was beautiful much grounded in a let in where it couldn't in fact realize business," he said, upon 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 afterward 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. under their leadership, it became the biggest artiste in the global sports media rights market, holding the shout out 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 make payments to several other 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) concurrence afterward the Football relationship of Malaysia (FAM), next signed in 2015, was been terminated and the issue is now under arbitration.Its Singapore office next faced issues.Sources revealed that MPS' work president and chief management Seamus O'Brien, who allied lonesome in January, left the organisation in August.He was followed out the read by Wu Swee Sin, MPS' Asia-Pacific managing director, along afterward several other management-level staff, leaving behind what sources declare was a skeleton crew of junior staff numbering fewer than 10.The enduring staff had their hands tied because of the company's genuine issues and are understood to have conducted tiny to no issue more than the last five months.ST understands that enduring employees had their contracts terminated in mid-November without any guarantees of living thing abundantly paid for the one-month proclamation required back the withdrawal of contracts. Staff were asked by liquidators to go along with proof of what the company still owes to them, and have already provided the required documentation.Staff are usually the first creditors paid afterward a company undergoes liquidation, but that can lonesome happen after liquidators - in this engagement PwC - receive a court order to liquidate.
Aloysius Pang's ashes have been collected from Mandai Crematorium this morning (Jan 28) by his eldest brother. Grim-faced and wearing a pink T-shirt and flip-flops, Jefferson Pang was seen entering the complex at about 9.30am this morning, Lianhe Zaobao reported.
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Rashford Strike Lifts Solskjaer's Surging Man Utd Into Fifth Ole Gunnar Solskjaer remains unbeaten 10 games into his caretaker reign of Manchester United as the rejuvenated Marcus Rashford and Paul Pogba combined to earn a 1-0 win at Leicester on Sunday to close in on the Premier League top four.
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N'Golo Kante has warned Chelsea to cut out their sloppy second halfs as the Blues look to boost their bid to finish in the Premier League's top four against Burnley on Monday. It is not the first
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European clubs have expressed reservations about the newly proposed 24-team Club World Cup proposal and wrote in a letter to UEFA and FIFA that no ECA club will take part in such a competition. Get real-time alerts and all the news on your phone with the all-new India Today app. Download from
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IXL is the world's most popular subscription-based learning site for K-12. Used by over 7 million students, IXL provides personalized learning in more than 8,000 topics, covering math, language arts, science, social studies, and Spanish.
Robben made his first appearance since November while Ribery scored what may be his last ever goal at the Allianz Arena to seal a 3-1 win and put Bayern five points clear of title rivals Borussia Dortmund with a game in hand. Dortmund face a tough trip to Werder Bremen later on Saturday.
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SAINT-GERMAIN-EN-LAYE, France: Thomas Tuchel on Monday (Apr 29) blasted Neymar for hitting a fan who insulted Paris Saint-Germain players as they filed up to collect their French Cup losers' medals.
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There was a lot of talk about the Matildas winning the 2019 FIFA Women's World Cup, but some tough losses in warm-up matches against the Netherlands and USA were a brutal reality check.
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Cristiano Ronaldo was recalled by the Portuguese national squad on Friday for the first time since last year's World Cup. The 34-year-old, who is Portugal's most capped player with 154 appearances and all-time leading scorer with 85 goals, had not been included for any games in the second half of last year.
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Champions Bayern Munich dismantled Bundesliga title rivals Borussia Dortmund 5-0 on Saturday, scoring four goals in a flawless first half to reclaim top spot and get back on course for a record
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Guardiola to make late decision on Silva for Palace trip. 2 Min Read. FILE PHOTO: Soccer Football - Premier League - Fulham v Manchester City - Craven Cottage, London, Britain - March 30, 2019
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