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Friday, 12 November 2010

Administration for Works Media Group plc

Works Media Group plc has gone into administration following the Board's unsuccessful efforts to raise further funding for the Group. Milcoz Films Limited, as the holder of a Qualifying Floating Charge over the Group's assets has appointed administrators.

It was stressed that the subsidiaries, The Works International Limited, The Works UK Distribution Limited and the Film Consortium Limited, are not in administration and continue to trade but are in the process of "being acquired by the Company's major secured creditor."

So how does this happen? The holders of a qualifying floating charge can appoint administrators please read our page on fixed and floating charges

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