MCV is reporting that online retailer CD Wow! famous for selling cut price CDs, DVDs and games has gone into receivership.

Apparently the Hong Kong-based company is currently seeking "expressions of interest" for its assets and business.

The parent company, Music Trading Online, is claiming a turnover of $500 million (Hong Kong dollars) for last year.

CD Wow! hit the headlines in the UK most recently when it was ordered to pay millions to the BPI (British Phonographic Industry) for being in "substantial breach" of a previous agreement to stop them from importing cheap CDs from Hong Kong.

The High Court in London found them in contempt of court and subsequently ordered them to pay £37 million, plus interest, to the BPI.

It is not clear if this ruling, which totaled a £41 million pay out, is the reason behind CD Wow! going into receivership, but an industry insider has assured us that this is the case.