Byron Bay Bluesfest may have been trading while insolvent for months before it collapsed, according to a new report from the liquidator.
The iconic northern New South Wales music festival, which had been running for more than 30 years, went into liquidation in March with debts exceeding $10 million.
Of that, $7.4 million is owed to unsecured creditors, primarily ticketholders and suppliers, who are expected to recover only about 11 cents for every dollar they are owed.
Two entities, Bluesfest Byron Bay Pty Ltd and Bluesfest Enterprises Pty Ltd, went into liquidation on March 13, three weeks out from the annual festival.
Bluesfest Byron Bay Pty Ltd was…