Wednesday February 6,2013 : HRMC INSURANCE LIABILITY FOR MEDIA CORP (Update)
Directorate change and sells off publishing asset
Media Corporation PLC, the owner of the now defunct Purple Lounge, has announced the resignation from the board of Mark Butt following the placing into administration of Eyeconomy Ltd .
The firm also said it had sold off its publishing asset onthebox.com for GBP 75 000 as it didn’t consider it a core asset and one that would have needed further investment for growth. Media Corp’s directors felt such investment would be better spent on the development and impending launch of its Intabet platform.
The board has its work cut out for it as Media Corp deals with Her Majesty's Revenue and Customs (HRMC) following the discovery of a potential liability with regard to previously unpaid National Insurance.
The amount outstanding covers the period prior to 2010 during which time former directors (and others), of the Company were paid by the Company as consultants to the Group where they should have in fact been treated as employees and the associated National Insurance paid by both the employer and employee to HMRC.
The full extent of the liability is unknown at present but the company said it is working together with the HRMC to set up a workable payment programme.
Phil Jackson, Chairman, commented: "I am very pleased to have realised some cash out of an underperforming asset like Onthebox and the funds will help us achieve our goal of launching the Intabet platform.
“To this end we are in discussions with a number of parties who have shown an interest to licence part of our technology which would enable us to start generating revenues from our technology and allow us to start to move forward despite the continued legacy issues from the previous management such as that with HMRC."