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Tick Tock companies Ticktock Books and Ticktock Direct, whose names were changed to TTB Kent and TTD Kent respectively in September, have been placed in voluntary liquidation following a meeting of creditors last Friday (7th October).
However Ticktock Entertainment Ltd is continuing, offering a range of titles under a new imprint called Wise Walrus.
According to liquidator Turpin Barker Armstrong, TTB has outstanding debts of £325,000 which is owed to authors and illustrators as well as production suppliers. TTD owes some £114,000 including a substantial amount to a financial services company.
The closures follow the liquidation of Tick Tock Media in March last year. John Twiggs, Tick Tock m.d., said Ticktock Direct Ltd and Ticktock Books Ltd were "severely downsized" in 2010, with efforts being concentrated on either the reversion of rights in unpublished titles with the relevant authors and illustrators or the reduction of the debt to outstanding creditors.
"Unfortunately, one of the two companies' funders, Bibby International Factors Ltd, froze the bank accounts of these businesses in the spring of 2011, preventing any further payments," he said. "The directors took advice to determine how to unfreeze funds in the best interest of creditors, following which the companies were, reluctantly, put into liquidation."