Bankrupt Marketing Counselors to make final payment to creditors
Creditors of indebted The Marketing Counselors Limited are set to receive a final bankruptcy payment in mid-December as part of a proposal to settle debts that originally surpassed $100 million.
The company, formerly a top-tier marketing and advertising company, ceased activities last year after more than three decades in business. Its lockdown during the pandemic was foreshadowed by the decline that started years earlier, according to the trustee of the bankrupt firm, Caydion Campbell of Phoenix Restructuring Advisory & Insolvency Services Enterprise, who is in charge of winding up the company.
Marketing Counselors was declared bankrupt in September 2020 and ceased operations in December of that year.
“The decline of the entity predates COVID-19. The company had lost some major customers, and there was reduction in advertising spend by others, both before and since COVID-19,” Campbell said.
The company was founded in 1987 by the late Adrian Robinson, a former broadcaster and advertising industry veteran, who died in August at age 87.
Creditors who are yet to stake their claim have up to December 10 to do so. The final payouts to creditors will happen on or around December 17, after which Marketing Counselors will be “dissolved and removed from the register at the Companies Office of Jamaica”.