.PledgeMusic Moves Toward Liquidation: Here’s What Artists Who Are Owed Money Can Do pledgemusic musictechpolicy
to help explain the latest moves, which, in short, mean that the company has chosen liquidation rather than bankruptcy.Official Receiver” has been appointed for PledgeMusicPledge had a choice between “administration,” which is somewhat like a reorganization where the company continues operating after renegotiating its debts and liabilities, and “wind up,” which is somewhat like a liquidation where the company shuts down and sells its assets to satisfy creditors.
While there are likely thousands of unsecured creditors, I would imagine that the only unsecured creditors who will be counted are the ones who contact the Official Receiver and file a form, but that should be confirmed with the Official Receiver.If I were a fan, artist or vendor who is unpaid due to Pledge’s default, I would immediately hire an insolvency lawyer in the UK to advise me.
Even if you have little hope of getting paid anything, it is worth it to send that email so that the Official Receiver gets the full picture of the company’s behavior directly from those harmed. A core fact that needs to be confirmed, hopefully by the government, is what happened to the fans’ money? I have read reporting suggesting that Pledge may have co-mingled “pledges” with their operating accounts and used new contributions to pay old obligations.
In addition, for American readers, I would also contact your state Attorney General’s consumer protection unit, especially for fans but also for artists and vendors. The Federal Trade Commission is another potential option. While Pledge may be winding up in the UK, there may still be jurisdiction over them in the US because they operated here and solicited money from fans here. Conceivably, this could be a 51 jurisdiction issue for the US alone.
To my knowledge, this is the first time a crowdfunding site has gone bankrupt. Policy issues abound and need to be looked at both at the federal and state level in the US. I understand that
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