The London-based content agency were contracted by ISL to provide services including social media and content production during Season 1 of the swimming league but ISL fell behind on payments in December 2019.
Despite ISL acknowledging the debt and saying they intend to pay the outstanding amount, LiveWire Sport are still owed a six-figure sum.
LiveWire Sport issued the following statement:
"In our nine-year history we have never been forced into considering such drastic measures and it would be incredibly disappointing to have to take these steps.
"ISL has launched Season 2 of the league but has yet to meet their obligations to LiveWire Sport for Season 1.
"It is unfortunate that things have got to this stage, but we have been left with no choice but to look at recovering the debts owed to us by ISL through our lawyers.
"We have been in close contact with another supplier from Season 1 and we will continue to work with them. We look forward to seeing ISL meeting all of their remaining obligations to LiveWire Sport and that other supplier from Season 1 without further delay.
"As a company, LiveWire Sport tries to turn negative experiences into learning experiences and so over the coming weeks we will share some of the things we have learned along the way.
"We will keep the industry informed of developments through a number of platforms."
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