No Refunds For Canceled Echo
The event was to have been held at the 12,000-capacity Vector Arena in Auckland over three days in January but was scrapped in December after only 700 tickets were shifted. Wellington firm Gerry Rea Partners confirmed April 14 that the promoter owes a total of NZ$898,952 ($624,288) to 244 creditors. This includes NZ$400,000 ($277,787) in secured debt to Kiwibank and a preferential claim of NZ$17,847 ($12,394) presumed to be for the Inland Revenue Department.
“Due to the level of secured and preferential claims, it is apparent that there will be insufficient funds to enable a distribution to unsecured creditors,” the update read. The liquidator says about NZ$30,000 in ticket sales is being held in a trust by separate ticketing agency Eventopia. Solicitors are currently trying to recover it.
Acts including The Flaming Lips, Disclosure, Jamie XX, David Dallas, Kurt Vile and Courtney Barnett were approached to return advance payments. All refused. Pursuing these in court would cost more than monies owed, so the action had been abandoned, Gerry Rea Partners confirmed.