After cancelling last year’s event just weeks out, the company behind R&B music festival Souled Out has gone into voluntary administration with debts reportedly exceeding $1 million.
Souled Out Pty Ltd had planned to return in February 2025 for a second year of the festival but cancelled the sold-out event, before entering administration last month. Per the Courier Mail, a report filed with ASIC on Wednesday shows the promoter accrued $1.1 million in debts during its 2024 events, held across Sydney, Melbourne, the Gold Coast, Perth, and Auckland.
Of that amount, unsecured creditors were owed roughly $910,000, while a secured creditor was owed around $280,000, according to administrators Laurence Fitzgerald and Garth O’Connor-Price…