LONDON – Mobile advertising network Reporo has announced the company is entering into Creditors Voluntary Liquidation, a process which will be handled by BM Advisory.
“The directors of the Company, having regard to its financial position, have decided to place the company into Creditors’ Voluntary Liquidation,” the company stated in a notice posted to its website. “BM Advisory has been asked to assist in the formalities of placing the company into Liquidation.”
The statement linked to a letter dated May 10 and addressed to “all known creditors,” from BM Advisory Partner Andrew Pear.
“The purpose of this decision is to seek creditors’ ratification of the members’ nomination of a Liquidator, and if the creditors so wish, the formation of a liquidation committee,” Pear stated in the letter, which also announced a virtual meeting being held today (May 21).
“Resolution to be taken at the meeting may include a resolution specifying the basis on which the Liquidators are to be remunerated and creditors may also be called upon to approve the costs of assisting in the preparation of the Statement of Affairs and facilitating the creditors’ decision procedure to wind up the Company.”
As part of the meeting, creditors “may request that a physical creditors’ meeting is summoned if at least 10% of the creditors in value or number, measured against the Company’s total debts, or at least 10 creditors request a meeting and the request is made before the start of the meeting,” the letter states.
Along with the letter, creditors were provided with a proxy form (by which creditors who couldn’t attend the meeting could secure the right to vote by proxy), a proof of debt form and information regarding fees.
“Information about our complaints procedure, Professional Indemnity Insurance and the Provision of Services Regulations, can be found at http://www.bm-advisory.com/about/legals-compliance/,” Pear added in the letter. “Should you have any queries in relation to this matter, please do not hesitate to contact Leslie Callum of this office.”
Launched in 2006, Reporo served mobile ads to almost 200 countries. Less than a year ago, the company announced a “refer a friend” program, the establishment of the Reporo Affiliate Network and the addition of CPA, CPI and CPL pricing on its ad network to go with its existing CPC pricing.
