Conexion Media Limited (03885961): administration
- Status
- Administration ended
- Administration began
- 2016-02-01
- Formerly
- Conexion Media Group Limited; Conexion Media Ltd; MCS Media Ltd; Copyright Online Royalties Service Limited; Composer Online Royalties Service Limited
- Incorporated
- 1999-11-30
- Location
- London
- Industry
- 82911 Activities of collection agencies
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 Jeading up to the Administration the Groups financial position become untenable and cashflow difficulties were preventing payments to key creditors The Group’s secured creditor, Polymer, was becoming concerned with the Group’s financial performance and the management team were attempting to negotiate repayment plans with numerous customers tn order to prevent recovery action being taken against the Group !f these problems could not be resolved, the failure of the Group would be inevitable
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