MP & Silva, which gave the FA of Singapore its "biggest-ever partnership deal" -- a $25M, six-year exclusive rights agreement -- in '15, "is set to wind up, with doubts now hanging over the matter of recovering" some $3M in unpaid rights fees, according to Mohamed Shamir Mohamed Osman of the STRAITS TIMES. MP & Silva had its London HQ "declared insolvent by Britain's High Court of Justice, and its Singapore office is now set to follow on the same path." The Accounting & Corporate Regulatory Authority's website lists MP & Silva's status as "in liquidation -- creditors' voluntary winding up." The agency's accounts "have been frozen, its staff contracts terminated, and all its physical assets auctioned off" for some $22,000. A visit to its Singapore headquarters "confirmed the fact:" the MP & Silva name on the wall "was all that remained in what was an empty office." A former MP & Silva employee who was present "revealed that creditors were informed that not a single shareholder of the company turned up at an extraordinary general meeting scheduled earlier that day." The employee said, "We had to act in the best interests of the company as well as its creditors. We couldn't continue doing business -- and paying salaries -- when the company was pretty much stuck in a state where it couldn't really do business" (STRAITS TIMES, 12/29).
