Big Pictures, once one of the biggest celebrity picture agencies in the world, has told staff that it is experiencing 'cash flow problems".
Press Gazette understands that the London-based agency has been facing a challenging financial situation for some time and that matters have come to a head this week.
An email sent to staff today said that the company was not in administration and remains under the control of current management.
But it added: 'We are receiving ongoing professional advice and taking all steps necessary to protect the interests of creditors of the company.
'As you may be aware, the company is currently experiencing cash flow problems and therefore only essential payments for short-term ongoing trading are being made at present."
No-one was available for comment at Big Pictures this afternoon, although an un-named source at the company did say they were not in administration, adding 'we might have to sue you if you get your facts wrong".