A petition to “wind-up” Sunrise Radio has been issued by the HM Revenue and Customs.
Biz Asia reports a court hearing will take place next week, on Monday 2nd September 2013 at 10:30am, after what has been a challenging time for the company.
Sunrise Radio Ltd owns Kismat Radio, Punjabi Radio and Buzz Radio and recently sold its share in Radio Plymouth. The company also owns London Media Company Ltd, which runs Time 107.5 and Time 106.6, and has a share in Palm 105.5.
A wind-up petition can be made against a company which is unable to pay debts of more than £750. If the petition is successful, the company will be put into liquidation.
Ofcom’s rules say a company which has been placed into liquidation cannot hold a broadcast licence so will therefore need to closedown.