Crowd-funding company PledgeMusic has gone into liquidation, which could result in hundreds of artists losing large sums of money.
- READ MORE: Mark, My Words: PledgeMusic’s collapse is the Fyre Festival of crowdfunding, minus the amusing blowjob memes
The company, which was previously accused of failing to deliver payments to artists, confirmed last week that it was on the brink of collapse after plans to sell the firm fell through.
A winding up order has now been made against pledgemusic.com Limited in the High Court of Justice. Actioned on July 31, 2019, the company’s website has been taken down and a default message reads: “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.”
A winding up order was made against https://t.co/knmvnaNI1N Limited in the High Court of Justice on 31 July 2019. The Official Receiver is now liquidator of the company. Any enquiries should be sent to londonB.OR@insolvency.gov.uk, quoting reference LQD5671373. pic.twitter.com/ktcxnIKZyp
— PledgeMusic (@PledgeMusic) August 5, 2019
Launched in 2009, PledgeMusic’s sole focus was to raise money for musicians. Since its formation, the website has offered a platform for artists to receive funding from their fans for upcoming projects. Artists including Weezer, Sum 41 and Slash have all successfully launched albums using the platform in the past.
The band have threatened legal action after their latest album ‘Scatter The Rats’ was left in limbo by the firm’s collapse. It was released in May on Joan Jett’s Blackheart Records, but fans who pre-ordered it via PledgeMusic are yet to receive their copies.