Boy George’s company set up with Culture Club bandmates goes into administration owing £12.5 million after failing to repay a loan
- The company Mishpocha Touring LLP was set up by the bandmates in 2019
- Boy George’s company Other Places Drama was also forced into liquidation
A company run by Boy George and his Culture Club band mates has gone into administration owing almost £12.5 million.
It is the latest blow for the Karma Chameleon star who appeared in I’m A Celebrity in order to help his ailing finances.
New figures show the company owes the huge sum but is expected to have only £1.4 million to pay those owed the cash.
Mishpocha Touring LLP, which was set up by Boy George, 62, and band members Mikey Craig and Roy Hay in 2019, was forced into administration after they failed to repay a £2.5 million loan.
New York MEP Capital Holdings demanded its loan back when it heard of the band’s financial rows with ex drummer Jon Moss, who was owed £1.75 million.
A company run by Boy George (pictured on I’m A Celebrity last year) and his Culture Club band mates has gone into administration owing almost £12.5 million
Mishpocha Touring LLP, which was set up by Boy George (top left), 62, and band members Mikey Craig (bottom right) and Roy Hay (top right) in 2019, was forced into administration
But when Boy George’s company failed to pay up, the US bank contacted London solicitors to appoint administrators.
An administrator’s report reveals that those owed money include US gig promoters Live Nation, owed £9.7 million, accountants SRLV owed £113,000, and even the band’s publicity team, owed £24,460.
The report said that the bank will ‘suffer a shortfall’ and they estimate that the others owed money will get just 2.68 pence for every £1 they are owed.
HMRC are owed more than £30,000 in VAT and PAYE, but are expected to get all the money owed, the report said.
It is the latest blow to Boy George, who saw another company – Other Places Drama LLP – ordered to be wound up with liquidators taking £324,682 in assets to pay back ex bandmate Moss.
The cash was part of an Individual Voluntary Agreement (IVA), which would allow the singer more time to pay his share of a £1.75million payout to former Culture Club bandmate, Jon Moss and avoid bankruptcy.
Last year Boy George appeared in I’m A Celebrity Get Me Out of Here for a reported £500,000 appearance fee and in recent weeks the band have undertaken a 25-date US tour.
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