Moore Kingston Smith Licensed Insolvency Practitioners appointed administrators of global CAM agent in film industry
On 5 July 2019, Brian Baker and Ryan Davies, partners at Moore Kingston Smith Licensed Insolvency Practitioners, were appointed joint administrators of UK company MM Cam Ltd – a collection account management (CAM) agent. MM CAM collects worldwide revenues from film distributors and manages, allocates and distributes revenues to all stakeholders in a film such as the producer, sales agents, talent and investors.
Appointed by stakeholders who had not received reconciled payments for over six months and who had failed to raise any communication from the company, Brian Baker commented: “The ultimate beneficiaries of the film revenues were concerned that it appeared the directors had abandoned the company and a significant amount of royalties and commissions were left unaccounted for. They sought the appointment of administrators to take control of the company and the court agreed. Our job now is to reconcile the hundreds of accounts overseen by the company, while seeking a purchaser for the business to take on the role in the future.”
Parties interested in purchasing the business should contact firstname.lastname@example.org.