Media agency in liquidation

About $4 million may be caught up in the voluntary liquidation of the media buying advertising agency The Media Counsel.

The Media Counsel is owned by Glenda Wynyard, a high-profile woman in a male-dominated arena who fostered a reputation as an industry maverick.

Wynyard could not be reached for comment yesterday.

She was reported yesterday apologising to clients "for what was about to erupt" and suggesting options for advertisers to change agencies.

Major creditors for the liquidation are media companies.

But the impact of Media Counsel's closure is expected to go beyond those clients and have an impact on associated firms.

Wynyard was reported as saying there would be a lot of fallout over the closure.

The Media Counsel lost accreditation to buy media in October last year.

The firm entered an arrangement with the ad agency Carat /Aegis, but the relationship appears to have soured.