Benji Rogers
Aug 1 · 1 min read

Nathan, thanks so much for your question and for your kind words. To clarify a little, Pledge pursued a range of sale options with a basic hierarchy to try to achieve the best outcome for the creditors. The first was a strategic trade sale to keep the company afloat and bring all artists and creditors up to date with payments. Once it became clear that this could not be achieved we pursued a pre-packaged administration sale which is generally recognized to achieve more for creditors than a liquidation. In order for an administration to be successful any sale would have needed to generate a minimum price and although we were in contact with several interested parties, ultimately none offered that price and so we were unfortunately unable to appoint an administrator.

The final and least desired option was to place the company into liquidation which was done on the 31st of July. The papers for the liquidation were filed in June, while we were still attempting to achieve an administration, so that no unnecessary delays occurred if the administration route fell though. If we had managed to negotiate an administration sale and appointed an administrator then the liquidation application could have been suspended. The liquidation order means that the company and all its assets will be controlled by the Official Receiver who, as part of their standard duties, investigates the causes of the insolvency just as an administrator would have done if appointed.

I hope that helps.

Best

Benj

    Benji Rogers

    Written by

    Co-founder of dotBlockchain Media, PledgeMusic & Lark42. Coffee Drinker & Frequent Flyer.