Conexion Music Limited (01356293): administration
- Status
- Administration ended
- Administration began
- 2016-02-01
- Formerly
- MCS Music Limited; Leosong Copyright Service Limited; Leosong Holdings Limited
- Incorporated
- 1978-03-07
- Location
- London
- Industry
- 59200 Sound recording and music publishing activities
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
Appendix C shows the Company's financial statements for the years ended 31 December 2014, 31 December 2013 and 31 December 2012
In the months leading up to the Administration the Groups financiai position become untenable and cashflow difficultles were preventing payments to key creditors The secured creditor of the Group’s holding company, Polymer, was becoming concerned with the Group's financial performance and the management team were attempting to negotiate repayment plans with numerous customers in order to prevent recovery action being taken against the Group The failure of the remaining group companies would be inevitable as they were reliant on support from Conexion Media Group Plc
In order to generate working capital the Board began to explore the prospect of disposing of certain of the Group’s owned music right portfolios Through discussions with industry contacts, the directors managed to obtain a number of indicative offers for certain of the Group's owned music rights, none of which were owned directly by the Company
Administrators' statement of proposals (2016-04-06) · Companies House register