Administration of Music App

Moorfields were appointed as Administrators over Bloom FM, a West London-based enterprise and all-in-one music app for smartphones.

The business had been seeking a sale following extended negotiations with a potential buyer. Unfortunately, the buyer withdrew their offer at the last minute, leaving the company unable to continue trading as a going concern. Moorfields were appointed to oversee a structured wind-down, with particular attention to digital asset management and regulatory compliance.

Objectives

• Wind down operations of the business in an orderly manner
• Protect and secure digital assets, including user data and intellectual property
• Ensure compliance with data protection regulations, including secure wiping of user data
• Maximise recoveries from any remaining assets, such as intellectual property and equipment
• Minimise disruption to employees, users, and other stakeholders

Moorfields’ Actions

• Assumed control of the business and stabilised operations during the wind-down process
• Managed the secure deletion and wiping of user data in line with legal and regulatory requirements
• Oversaw the realisation of remaining business assets, including intellectual property and any equipment
• Coordinated with staff to ensure a smooth cessation of operations and compliance with employment obligations
• Maintained clear communication with stakeholders to provide transparency and reassurance throughout the process

Results

• The business was successfully wound down in an orderly manner
• User data was securely deleted, ensuring full compliance with data protection regulations
• Remaining assets were realised efficiently, maximising value for creditors
• Employees and stakeholders were managed professionally, with minimal disruption
• Moorfields ensured a structured exit that protected regulatory compliance and stakeholder interests