The co-managing directors of M2, Nick Wortman and James Niklasson, left the group last week.
The commercials department, originally known as Lime Post, was set up by Wortman and Niklasson three and a half years ago with financial backing from M2 board director John Tadros.
The broadcast arm of the M2 business continues to trade for the time being despite business for April being described as “shocking”.
M2 management has warned the remaining staff that it cannot guarantee wages will be paid in the future.
Lime was brought under the M2 umbrella in November when the company attempted to float on junior stock market Plus. At that point, the business began trading under the Lime name.
However, the shares were suspended, with Tadros admitting: “Poor financial forecasts meant we did not think it would be fair to take investors' money.”
He continued: “April is shocking and the demand for traditional post is not what it used to be. We're working on a revised business model with broadcast TV as the focus.”
Tadros and senior management plan to decide on M2's future this week and Tadros said: “Our priorities at present are to customers and staff”.
M2, trading as Lime, did the post on the Stephen Poliakoff dramas Joe's Palace and Capturing Mary.