UK based ethnic media agency, Di5 Global has fallen into administration, its been confirmed.
The company led by Bala Iyer and Bhaskar Majumdar, is now in the hands of Neum Insolvency, as per an update on the Companies House website. Since Thursday 13th February, the address of Di5 Ltd has been directed to the administrators. The news has been confirmed to us by Neum Insolvency.
The news will be concerning for Asian TV broadcasters that have payments outstanding. It is believed that the decision for Di5 Global to call in administrators was due to the hefty amount of dues unpaid by some of its clients.
Incidentally, Di5 Global had filed its tax returns in December 2019, with full account details available here.
BizAsiaLive.com contacted Iyer for a comment but was awaiting a revert at the time of filing this article.