PledgeMusic Bankruptcy Receiver Has ‘No Update’ 2 Months After Appointment
A spokesperson for the Official Receiver, who was appointed on July 31st by a UK court, told Hyepbot:
“The Official Receiver was appointed liquidator of PledgeMusic.com Limited in the High Court on 31 July 2019. Their duty is to wind up the company and realize the assets, while also investigating the cause of failure. Creditors in the liquidation should contact the Official Receiver with details of their claim.”
In early February, PledgeMusic suspended all crowdfunding campaigns on the platform, promising to "resume them shortly." By mid-summer, the company ran out of options and filled for liquidation.
PledgeMusic's shutdown affected hundreds of musicians and record labels who are owed between $3 million and $10 million collected from fans in exchange for music and merchandise that many of the artists feel obligated to somehow pay for and deliver.