Peats Ridge Creditors Revolt

The 200 creditors of Peats Ridge festival in Australia have revolted.

The event, held three days end of the year, went into voluntary liquidation Jan. 18 with debts of $1.27 million and declared assets of $140,000.

The Media Entertainment and Arts Alliance (MEAA) union, representing 50 performers and production crews owed $750,000, replaced liquidators Jirsch Sutherland, chosen by festival promoter Matt Grant, with one of their own.

Worrells forensic accountants indicated they will push for Grant to testify in court. Some creditors have expressed doubt that Peats Ridge parent company The Festival Company has only $140,000 in the bank. Grant insists all his affairs were transparent.