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According to Dmitry Shapiro, the company's founder, the Online video sharing service Veoh plans to file for bankruptcy protection and liquidate the business.

"The distraction of the legal battles, and the challenges of the broader macro-economic climate have led to our Chapter 7 bankruptcy"

Veoh was in several expensive legal battles with content owners, primarily Universal Music Group, for copyright infringement. 

Veoh was launched in 2005 and was YouTube's prime competitor.