Unbound, a crowdfunding publisher that allows patrons to directly fund projects they like, has gone into administration. Boundless, the company taking over, shared a message with Unbound supporters regarding the changes.
“Unbound has entered Administration following financial challenges,” Boundless shared on Unbound’s website. “Allister Manson & Charles Turner of Opus Restructuring LLP were appointed Administrators of the Company on Monday, 10 March,” the statement continued. “The business and certain key assets have now been acquired in a pre-packaged sale by Boundless Publishing Group, ensuring continuity for authors and employees.”
Although Boundless has ensured continuity of Unbound’s operations, some authors are concerned about receiving payment for their work. “Is it going to be like a mortgage,” Tom Cox asked. He and other authors were informed by Boundless that they would receive compensation for their work in the form of a payment plan and not in one lump sum.
“Perhaps the payment plan is going to be over 25 years,” Cox said. “I’m a bit cynical about it at this stage because the earliest money that I’m owed from them dates back to May last year.”
Unbound was meant to be crowdfund publishing like no other. The company presented a unique model that allowed readers to get details about an author’s proposed book before choosing to fund it.
Donors were told their money would be returned due to Unbound going into administration. Such has not happened, though, according to Cox.
“We find (sic) out last week that they are not going to refund them,” the author shared with the press. “They’ve just taken all that money that I’ve worked so hard to raise, and my readers have given in trust and in support of me, and now they’re not going to give it them back. Well, I just think it is shocking behavior.”
Unbound said in a statement that Boundless “has no obligation to pay any of Unbound’s creditors, but has undertaken to pay in full the money owed to Unbound’s authors and to fulfill the orders for books that have transferred from Unbound. It will not be fulfilling orders or offering refunds for books that haven’t transferred.”
On the company’s website, Boundless assured Unbound’s readers and writers of its commitment to moving forward with many of the projects already funded by readers. “Please check back at the end of March when our new website will be live and you will have access to your account and order status,” the company shared.