Crowd-funding company PledgeMusic goes into liquidation

Artists such as Weezer, Culture Club, Sum 41, Slash, Echo & The Bunnymen and more have used the company's services

Crowd-funding company PledgeMusic has gone into liquidation, which could result in hundreds of artists losing large sums of money.

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.”

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 WeezerSum 41 and Slash have all successfully launched albums using the platform in the past.

Other artists who have used the site’s services include: Men At Work, Willie Nile, Culture ClubErasure, Dweezil Zappa, Macy Gray, Ash, Echo & The Bunnymen and Rufus Wainwright.

Last week, punk veterans L7 threatened legal action against PledgeMusic, after the crowdfunding site filed for bankruptcy earlier this year.

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.