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Very sad news indeed. I'd hoped it wouldn't come to this. We have such beautiful recordings and I'd hoped for a few more. The Ten Commandments would have been glorious from James and company.
Most importantly, I wish James the best and hope he is doing well. Perhaps this isn't the end of new recordings from him. I think we will know something sooner rather than later.
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Like the rest on this board, I am so sad. James is a real hero, he has given me much pleasure with his brilliant recordings over the years. I do hope he is well.
With the windup of Tadlow, I understand the company and the assets belong to the Crown. Where does that leave future pressings of the recorded music?
I'm afraid we can only guess.
Until there is any information from James, nothing is certain.
Im hope James is well, we all wish him all the best.
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Is the The Miklós Rózsa Society a legal body that could possibly act as a trustee of the recordings? Including all composers music. One could argue, that those recordings hold some cultural value and should be preserved in the public interest, as well as the reconstructed scores.
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I'm no legal expert, but...
I don't think there's not much point talking about buying Tadlow to save it. It no longer exists. There is nothing to buy.
(What did you have in mind? Buying it yourself, or raising a crowd funder?)
As for purchasing legal ownership of Tadlow's assets, I have no idea what the process would be, but I would expect it to be a complex, time-consuming, and expensive process involving lawyers and conveyencers.
As for the possibility of future pressings of any material owned by Tadlow, there's two ways to look at it.
One way is there is almost no possibility for as long as the assets belong to the Crown.
Another, and I shouldn't say it, but let's tell the truth, is that Crown is hardly likely to know what it owns, never mind have the resources to go chasing anybody who did put them out.
Bear in mind all the recordings funded by Prometheus are probably owned by them rather than Tadlow.
Plus, we don't actually know with any certainty who did / does own the other recordings. James would know.
I close by saying again: I'm no legal expert. I'm just saying what I think.
Cheers
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Cheers too, thanks!
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What happens to albums already streaming on Spotify and Qobuz and the like, when a label goes out of business? Qobuz offers streaming and download purchases, but I assume they can't offer the downloads after the label ceases operations. Or can it? Do they already have multi-year contracts that remain valid for that particular music? I've no idea how that works.
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I’m reluctant to enter into speculation other than to wonder if James could perhaps have made arrangements to remove the recordings from legal ownership of Tadlow Music Ltd to himself to avoid them being disposed of, as company assets; assuming that could be done legally.
I say again, I'm not legal expert. This is just what I think:
If James funded the recordings himself, with his own private money rather than the money in Tadlow, then I assume he would own them himself. I assume that would be a case of Tadlow providing recording services to a private individual, and James being the private individual who purchased those services.
I also can't see why it wouldn't be legal for a Director to buy assets off the company.
However, in both cases, I assume he'd have to buy the services, or the assets, at their true value, otherwise it would likely be some kind of fraud.
Cheers
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Posted: |
Aug 20, 2023 - 2:26 AM
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By: |
MusicMad
(Member)
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I’m reluctant to enter into speculation other than to wonder if James could perhaps have made arrangements to remove the recordings from legal ownership of Tadlow Music Ltd to himself to avoid them being disposed of, as company assets; assuming that could be done legally.
I say again, I'm not legal expert. This is just what I think:
If James funded the recordings himself, with his own private money rather than the money in Tadlow, then I assume he would own them himself. I assume that would be a case of Tadlow providing recording services to a private individual, and James being the private individual who purchased those services.
I also can't see why it wouldn't be legal for a Director to buy assets off the company.
However, in both cases, I assume he'd have to buy the services, or the assets, at their true value, otherwise it would likely be some kind of fraud.
Cheers
Despite having some accountancy knowledge, like you Stephen, I'm not a legal expert and rules are not always followed. The financial statements for the last few years (including the final ones, re: y/e 31 Mar 21) have been compiled under (Financial Reporting Standard) FRS 102 Section 1A (i.e. the less onerous requirements for a Small Company) and these require the financial statements to disclose transactions with Related Parties. Had Mr. Fitzpatrick transacted with the company in the way you mention I would consider their disclosure to be essential.
I am surprised that these financial statements were not compiled under the even-less-onerous Micro-entities regime (perhaps a commercial decision) but as such they do provide some financial information, such as the company owed a large sum of money (unsecured loan) to Mr. Fitzpatrick and so, despite not having much investment in the company by way of share capital, it may well be that he has foregone most of this unsecured loan.
I'm afraid the financial statements show a difficult few years which have culminated in the current striking off ... notwithstanding any and all health issues which Mr. Fitzpatrick has had to overcome.
The fact that the company has been dissolved without the often-used paths of Creditors' or Members' Voluntary Liquidation suggests there were no assets of any value to dispose of ... or no buyer found to take ownership of the company's remaining assets (those 2021 accounts show Stock valued at GBP28k). Perhaps ownership of all recordings and intellectual property had been sold in prior years.
Whatever: best wishes to Mr. Fitzpatrick along with thanks for helping to keep our film score desires alive.
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The fact that the company has been dissolved without the often-used paths of Creditors' or Members' Voluntary Liquidation suggests there were no assets of any value to dispose of ... or no buyer found to take ownership of the company's remaining assets (those 2021 accounts show Stock valued at GBP28k). Perhaps ownership of all recordings and intellectual property had been sold in prior years.
Thanks for the summary; I would hope that to be the case, that way, these recordings could theoretically be re-released under a different lable and be made available through other channels, such as streaming.
Whatever: best wishes to Mr. Fitzpatrick along with thanks for helping to keep our film score desires alive.
I think it's safe to say we all agree to that.
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What happens to albums already streaming on Spotify and Qobuz and the like, when a label goes out of business? Qobuz offers streaming and download purchases, but I assume they can't offer the downloads after the label ceases operations. Or can it? Do they already have multi-year contracts that remain valid for that particular music? I've no idea how that works.
All Tadlow recordings disappeared from streaming and download sites some time ago.
Except Tadlow's El Cid is still on Spotify. I'm listening to it right now as I type.
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I just hope James is alright. He's a straight hero of film music in my book. 
