An Agency Called England, the Leeds-based creative consultancy, is to be formally placed into Creditors Voluntary Liquidation on May 16 when its creditors are due to meet.
The business, had initially been the subject of an attempted Company Voluntary Arrangement in March 2011, where it has been hoped it would be able to reimburse creditors to the tune of 35p in the pound.
However, in a statement from business recovery firm BWC Business Solutions it has been noted that the agency had in fact ceased trading in February 2012, making any CVA impossible to implement.
On that basis it was decided to liquidate the business. A meeting to make this move official was originally scheduled for May 8, but this was then postponed to May 16.
According to Insider Media, the agency has debts of around £444,263, which includes around £14,500 which is owed to employees. Those close to the agency, say it is unlikely any of them will now see their claims settled.
Anthony Stanton, the former chief executive of the agency, has since launched a new business known as Regional Media and Television which uses 'England' as one of its trading names.
The failure of An Agency Called England has caused significant controversy and generated a number of comments on this site, which have now been removed as many did not comply with The Drum's terms and conditions.