SFO investigating failed ad agency

  • Advertising
  • January 30, 2012
  • Cath Winks
SFO investigating failed ad agency

Liquidators for failed advertising agency The Media Counsel are briefing the Serious Fraud Office and the Companies Office on the company's affairs, after unsecured creditors were informed they are unlikely to receive any money they are owed.

According to the Sunday Star Times, insolvency firm McDonald Vague's liquidator Iain McLennan said the company's accounts were misleading and a lack of access to the company's accounting system was hindering investigations. SFO boss Adam Feeley has confirmed the SFO spoke with McDonald Vague some weeks ago, but says until the matter is fully assessed, he can not comment.

The liquidator Iain McLennan said in his October report that he had filed a claim as an unsecured creditor in director Glenda Wynyard's bankruptcy, and he was pursuing other parties and trusts that benefited directly from the company. Media Counsel owes creditors nearly $2.5 million, with $2.2m of that unsecured, and unlikely to be seen again. In his report McLennan blames the company's failure on Wynyard removing funds from the company to fund her lifestyle.

Wynyard was made redundant after leading McCann Universal in 2006, and reportedly took many clients with her to The Media Counsel.

When news of the liquidation broke in early 2010, there was both criticism and praise for Wynyard, forcing her to respond on this very website. On 10 February 2010, she wrote she was "dismayed and distressed by the misinformation that is being fed into the various industry websites" and sought to rectify these.

Wynyard also defended a $2.4m "shareholder loan" saying this referred to her shareholder's account "which is overdrawn". She wrote she "could have walked away with literally millions" but didn't. "I have literally walked away with very little to show for my efforts..."

Wynyard is believed to be in Sydney and could not be contacted.

This is a community discussion forum. Comment is free but please respect our rules:

  1. Don’t be abusive or use sweary type words
  2. Don’t break the law: libel, slander and defamatory comments are forbidden
  3. Don’t resort to name-calling, mean-spiritedness, or slagging off
  4. Don’t pretend to be someone else.

If we find you doing these things, your comments will be edited without recourse and you may be asked to go away and reconsider your actions.
We respect the right to free speech and anonymous comments. Don’t abuse the privilege.

Next page
Results for
Topics
Jobs
About

StopPress provides essential industry news and intelligence, updated daily. And the digital newsletter delivers the latest news to your inbox twice a week — for free!

©2009–2015 Tangible Media. All rights reserved.
Use of this site constitutes acceptance of our Privacy policy.

Advertise

Contact Vernene Medcalf at +64 21 628 200 to advertise in StopPress.

View Media Kit