Reading Paul Oakenfold's authorised biography just now. Interesting chapter quoting both Nathan McGough and Oakey himself about Wilson's assertion that it was Oakenfold and Osbourne who put the final nail in Factory's coffin.
Oakenfold was due 40K for his work on 'Pills & Thrills'. During the final days of the label Wilson did deals with all of Factory's creditors, setting up payment plans to avoid liquidation proceedings. The one creditor who wouldn't accept any deals was Oakenfold/Osbourne and it was actually them who petitioned the original wind-up order on the company at the courts, effectively putting Factory into administration.
McGough is quite explicit in the book talking about Oakey killing the goose that laid his golden egg (Pills n Thrills). Oakey doesn't deny launching the petition but claims that he finds it hard to believe that it was a measly 40K that brought the label down.
That's a rather naive outlook by Oakenfold as the size of a debt isn't really relevant. If your company lacks liquidity and someone launches an action against you your fucked, doesn't matter how big or small the debt is. All your other creditors are then obliged to file their claims against your assets, even if orginally they were prepared to give you time.
That said, Oakenfold does make a very good point that while he was waiting to get paid for producing this massive selling album and listening to excuse after excuse from Factory about why the money was delayed Wilson was still swanning around wearing Gucci suits and driving an Aston Martin.
