Creditors owed more than $7 million after the sudden cancellation of Byron Bay’s Bluesfest in March are unlikely to recoup all of the money they are owed, a new financial report has revealed.
The company running the festival went into liquidation in March, three weeks before the Easter event was due to begin.
Worrells, the liquidator appointed to handle all financial matters for Bluesfest, today delivered its report on the company’s finances to the Australian Securities and Investments Commission.
It found the company, operating under Bluesfest Enterprises and Bluesfest Byron Bay, owed more than $7 million to over 900 creditors.
The report also detailed that the companies had only $300,664 in the bank to pay their debts.
Linda Sutton and…