Axium, Bankruptcy, RPO

Entertainment Payroll Provider Axium Shutters Doors

Source: HRO Today

Axium International Inc., payroll services and accounting firm that catered to the entertainment industry, has filed for liquidation bankruptcy and closed its offices in Los Angeles, New York, Toronto, and London. The Chapter 7 petition stated that Axium "lacks sufficient liquidity or other resources" to meet its financial obligations, according to the Associated Press.

Employees were told in e-mail messages that the company had a "liquidity crisis" that forced it to cease all operations, said Randy Klinenberg, chief of Axium's rights-management software unit RightsMax. "They sent out an e-mail that said everyone needs to go home and not go back to work, because the bank had frozen the accounts and we were no longer in business," he told the AP.

Axium vice president Jeff Begun said payrolls the company had been processing were being moved to competitors Cast & Crew Entertainment Services and Entertainment Partners. "We have worked it out so it will be seamless for clients," he said.