Late last week, a court-approved the “winding up” of PledgeMusic. It’s the UK equivalent of liquidation to cover debts, and while the few assets still held by PledgeMusic are likely to go for pennies on the dollar, this sale marks the last hope that thousands of artists, labels and fans have of recouping any of millions of dollars that they are collectively owed.
PledgeMusic has posted the contact info for the court-appointed Official Receiver:
A winding up order was made against Pledgemusic.com Limited in the High Court of Justice on 31 July 2019.
As a result of the making of the order, the Official Receiver becomes liquidator of the company. Any enquiries should be forwarded to LondonB.OR@insolvency.gov.uk, quoting reference LQD5671373.
All artists, labels, fans and others affected by the collapse of the music crowdfunder are urged to contact the Official Receiver with a detailed accounting of monies owed along with any other complaints or proof of wrongdoing.
An Investigation Is Underway
Attorney and artist advocate Chis Castle received a confirmation via tweet that the Official Receiver was also tasked with determining “the cause of its failure.” Further, “if unacceptable conduct is identified she can seek to have the directors banned from running other companies for up to 15 years.” That’s not exactly the punishment that those affected had hoped for it wrongdoing is proven but also does not rule out further legal or government action against the PledgeMusic board and executives.
Following the winding up of PledgeMusic the Official Receiver has been appointed as liquidator & will now determine the cause of its failure. If unacceptable conduct is identified she can seek to have the directors banned from running other companies for up to 15 years https://t.co/7zM09RQ7wr
— Insolvency Service (@insolvencygovuk) August 2, 2019