In a move sending shockwaves through ad land, Publicis Mojo has been placed into liquidation by its French parent company.
The announcement was made just before Christmas and affected about 20 staff.
The first liquidation report reveals more than $16 million is owed to creditors.
Most of the financial loss – $15.5 million – is owed to the related entities of Publicis Group.
Employees are owed more than $200,000, of which only $64,529 is guaranteed as preferential creditors.
Inland Revenue is owed $87,918 as a preferential creditor and close to $350,000 to other unsecured creditors.
The agency listed Goodman Fielder, Hallenstein Glasson and Nestle among its clients.
Read the full story in NBR Print this Friday.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- Business Week in Review with Grant Walker & Andrew Patterson
- Matthew Hooton on Labour party’s reaction to the budget 2016
- Rodney Hide says the attack by University of Auckland over overfishing is nonsense
- Do social bonds make sense? Tim Hunter tells Andrew Patterson it’s not just about the warm fuzzies
- Cameron Officer talks about the car of the week - Volkswagen California Ocean