Huge Aussie music festival collapses

A fashionable euphony festival has collapsed aft being incapable to wage its debts.

Last Wednesday, the NSW Supreme Court ordered ITP Music Pty Ltd to spell into liquidation,

The concern traded nether the sanction NYE In The Park and was down a fashionable extremity of twelvemonth solemnisation that operated successful Sydney’s CBD.

At its peak, it boasted header acts successful its enactment up specified arsenic Flight Facilities, Lime Cordiale and Cut Copy.

Logistics institution Kennards Hire took ineligible enactment against NYE In The Park successful February implicit an unpaid indebtedness of an unspecified amount.

The tribunal appointed Vincent Pirina of insolvency steadfast Aston Chace Group arsenic the liquidator.

NYE In The Park appears to person been connected its legs for immoderate time, with nary enactment connected its societal media since the 2022/2023 New Year’s Eve.

A CreditorWatch study news.com.au has obtained shows that successful December past year, different creditor, Bingo Commerical, took ineligible enactment against the euphony institution implicit a $14,000 debt.

A spokesperson from the liquidators said successful a connection that they had made interaction with the company’s directors.

It was excessively aboriginal successful their probe to find the assets oregon liabilities of the company.

NYE In The Park’s illness yet different stroke for Australia’s euphony scene.

Last week, celebrated euphony festival Splendour successful the Grass was cancelled after failing to merchantability capable tickets.

The CEOs of the institution down the festival, Secret Sounds, Jessica Ducrou and Paul Pittico said they were “heartbroken” to beryllium missing a twelvemonth aft much than 2 decades successful operation.

Meanwhile, iconic euphony retailer Sanity unopen down each 50 of its stores crossed Australia and moved to integer amid struggling sales.

Earlier this year, news.com.au reported that different Australian euphony institution was connected the brink of illness implicit an unpaid $200,000 taxation debt.

Blue Pie Records, headquartered successful NSW’s Southern Highlights, is facing a liquidation proceeding aboriginal this month but the manager has antecedently said helium plans to combat it.

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