Online publisher facing insolvency proceedings

Manchester viral publisher Unilad faces insolvency proceedings in the High Court next week.

The venture, one of the biggest global platforms for breaking news and shareable online content, was targeted by HM Revenue and Customs (HMRC).

The tax man issued a winding-up petition against Unilad’s parent company in July.

This will be heard next week.

Such cases are generally a result of companies failing to pay taxes.

Unless it can satisfy HMRC demands the business could be wound up.

However, a spokesperson for Unilad said: “The situation with HMRC is being resolved swiftly.”

The business is currently the fourth biggest publisher on Facebook.

In June this year co-chief executive and founder Sam Bentley resigned from the board and stepped down after an internal investigation into historical conduct at the company.

The site began life as a viral Facebook page founded in 2010.