Proper Music Group Ltd (03894953): administration
- Status
- Administration ended
- Administration began
- 2025-02-27
- Administrators' firm
- Evelyn Partners
- Formerly
- Proper Distribution Limited
- Incorporated
- 1999-12-15
- Location
- London
- Industry
- 93290 Other amusement and recreation activities n.e.c.
From the administrators' statement
On 26 September 2024, a call was held between Evelyn, the Company and the Company’s solicitors to discuss the implications of the opening of provisional bankruptcy proceedings filed against Proper AG (the parent company) in Switzerland by one of its creditors. This petition had the effect of rendering Proper AG insolvent, meaning it was unable to provide the Proper Group (via PMG) or UDS with any further financial support. In addition, each of the Company and UDS had large intercompany balances owed to Proper AG which they were unable to settle.
Following discussions with the Company and its solicitors, it was determined that the loss of financial support from Proper AG (along with the intercompany debt owed by each of PMG and UDS to Proper AG) meant that the Company, its trading subsidiaries and UDS was, or was likely to become, insolvent. Evelyn was formerly engaged on 27 September 2024 to undertake an Accelerated Mergers and Acquisitions marketing process (“AMA”), with a view to completing a Pre-Pack transaction over the business and assets of the Company and UDS.
The engagement included the preparation and circulation of marketing materials to a curated list of interested parties and correspondence with interested parties to obtain potential offers as well as providing ad-hoc insolvency advice and assisting with placing the Company and UDS into Administration, where appropriate. The engagement letter was signed by the director on behalf of the Company, on 3 October 2024.
Administrators' statement of proposals (2025-03-13) · Companies House register