Peats Ridge Fest Reported To Watchdog
The liquidator of the Peats Ridge Festival has reported “a litany of illegal behaviour, we believe, by the director” to corporate watchdog the Australian Securities And Investment Commission [ASIC].
The New South Wales festival went belly up in January.
A report to creditors from solvency management company Worrells announced that about $144,000 in company assets had been found, but that nearly $1.3 million in ticket revenue was still unaccounted for.
It said it had demanded the money from The Festival Company Pty Ltd., one of the companies owned by promoter Matt Grant, but had received no answer. The Media, Entertainment & Arts Alliance, which represents some acts and road crews affected, has demanded that Grant’s other companies be wound up.