Hundreds of artists stand to lose millions of dollars after crowd-funding company Pledge Music was wound up on July 31.
A winding up order was made against Pledgemusic.com Limited in the High Court of Justice on 31 July 2019.
The pledgemusic.com 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”.
Following the winding up of PledgeMusic the Official Receiver has been appointed as liquidator & will now determine the cause of its failure. If unacceptable conduct is identified she can seek to have the directors banned from running other companies for up to 15 years https://t.co/7zM09RQ7wr
— Insolvency Service (@insolvencygovuk) August 2, 2019
PledgeMusic launched in 2009 with the sole focus on raising money for musicians. The company expanded with Pledge Music Retail, PledgeMusic Recordings and then PledgeMusic Publishing.
All founding directors except for Benji Rogers had left by 2015. Rogers left in February 2018 but returned as an advisor in January 2019. It was discovered the company had been using money pledged for artists to pay its debts. In May Rogers announced the company would soon go into administration.
Artists that have used PledgeMusic include Weezer, Men At Work, Willie Nile, Culture Club, Sum 41, Erasure, Dweezil Zappa, Macy Gray, Ash, Echo & The Bunnymen and Rufus Wainwright.