Paparazzi picture agency Big Pictures UK has gone into administration.
The agency, once one of the biggest in the world, has had financial difficulties for some weeks.
At the end of August staff were told: “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."
Two weeks ago photographer Charlie Pycraft began winding up proceedings against the company over unpaid fees of nearly £5,000.
According to one well-placed source, Big Pictures UK staff were made redundant on Friday and the administrators were called in.
There is speculation among some creditors that a new company is already poised to take over the agency.
The administrator declined to comment to Press Gazette other than to confirm that Big Pictures is in administration. They said a press release would be issued within the next day or so.
A number of freelance photographers are owed money by the agency and some are also in dispute over access to negatives which Big Pictures holds.
Big Pictures founder Darryn Lyons appeared to be in bullish form over the weekend judging by the updates on his Twitter account.
I'm not gonna change for anyone, I don't care what people think, because I am me, and proud of it.
— Darryn Lyons (@DarrynLyonsMrP) September 28, 2012
Never give up on anything you wanna do! If you fall get right back up, try it again a lil differently next time around
— Darryn Lyons (@DarrynLyonsMrP) September 27, 2012