Conexion Media Group PLC (04125263): administration
- Status
- Administration ended
- Administration began
- 2016-02-01
- Administrators
- Stephen Goderski, Peter Hart
- Administrators' firm
- PKF
- Formerly
- Music Copyright Solutions PLC
- Incorporated
- 2000-12-11
- 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 financial position become untenable and cashflow difficulties were preventing payments to key creditors The Company's secured creditor, Polymer, was becoming concerned with the Company’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 Company
In order to generate working capital the Board began fo explore the prospect of disposing of certain of the Company's owned music right portfolios Through discussions with industry contacts, the directors managed to obtain a number of indicative offers for certain of the Company's owned music rights
Administrators' statement of proposals (2016-04-06) · Companies House register