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Ad agency shuts shop with $16 million owing

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.

More by Victoria Young

Comments and questions

Is it any wonder they've gone bust, when they fashioned their name on the human anatomic nether region?

Please go on. How is it fashioned on the "anatomic nether region"?

OK, John. This morning, on Mai 88.6 FM, the two DJs - with much mirth - referred to the collapse of 'Pube'-licis.

"Publicus" can be inflected to approximate the verbal equivalent of the double-entendre. Traversing the world as a Baptist wanderer, would make you somewhat impervious as to the phonetic play on this portmanteau word. And I won't go down the avenue of the last two syllables.

C'mon John, what 've you got for us?

They have run a lot of good campaigns over the years. Very sad to see them go under. Feel sorry for the staff there, and the creditors.

Tut tut, ANON, get a life. Winners are grinners, and the losers fall by the wayside ... and long that process may continue [capitalism].