Concert promoter Phil Rankine’s top company Space Events forced into liquidation
The main operational company of Adelaide concert promoter and former reality star Phil Rankine has been forced into liquidation and declared insolvent.
- AUGUST 20: Rankine’s companies owe more than $20m
- AUGUST 8: Phil Rankine’s empire falls into hands of administrators
- JUNE 21: Overseas investors sued for $4 million
- JULY 23: Third company owned by Rankine faces court action
- MAY 31: His company loses court battle over debt demand
Concert promoter Phil Rankine’s main operational company, Space Events, has been forced into liquidation by the Federal Court, which has declared it insolvent.
It is the second Rankine company to be placed in liquidation by the court this month, with Space Touring placed in liquidation after failing to make good on a $1.1 million debt to financier Ed Peter’s company Duxton Entertainment.
Another two companies, Space Production and Space Entertainment, remain in administration.
Investigations to date by the former administrator of Space Events — who will now be replaced by a liquidator — have found that it owes $12.5 million to creditors, while Space Production owes a further $7.5 million.
Almost $4 million of that money is claimed to be owed to a consortium of European investors.
Other creditors of Mr Rankine’s companies include former Crows legend Mark Ricciuto, the great-grandson of Sir Sidney Kidman, William Abel-Smith, and Ticketmaster, which is owed $2 million that was advanced from Elton John ticket sales.
Space Events was to stage two Elton John concerts in Adelaide in December. Administrators and liquidators of the Rankine companies are working together with Chugg Entertainment to ensure those concerts go ahead.
The Advertiser reported yesterday that administrator Andrew McCabe, of Wexted Advisors, said Mr Rankine’s companies appeared to have no cash or assets of note.
Mr Rankine, who won the inaugural season of The Block with former wife Amity Dry in 2003, has been a concert promoter in Adelaide for many years.
He recently brought Phil Collins, The Prodigy and Florence + The Machine to Adelaide, and had been raising money from wealthy investors to stage the shows.
Two of those relationships — with Mr Peter’s company, and the group of European investors that includes the former head of events at Wembley Stadium in London — have been the subject of court cases seeking to retrieve the $1.1 million and $4 million respectively the investors say they are owed.
The creditors listed on the administrator’s report, prepared for a meeting held on Friday last week, include individuals or companies who appear to be investors in events, as well as trade creditors such as Coopers Brewery, which are owed lesser amounts.
One creditor who attended last Friday’s meeting said Mr Rankine attended and was greeting creditors, which was “quite strange’’.
The Advertiser has not been able to contact Mr Rankine over the past few months since his debt issues emerged. Another attempt was made this morning.
In the court cases involving Duxton and the European consortium, it was explained that investors put their money into events, and expected a profit-share arrangement with Mr Rankine once the events were finalised.
The payments were meant to be made within 10 days of the concerts, the court documents in the $4 million matter state.
“Production has failed or otherwise refused to make payment of the total amount of $3,975,968.50, which comprises amounts owing to the plaintiffs pursuant to its obligations under the investor agreements for the Phil Collins and Florence and the Machine concerts,’’ the court documents state.
In his defence, Mr Rankine “denies that the plaintiffs, or any of them, are entitled to any relief or orders whatsoever against the defendant”.
He also denied making personal guarantees.
Mr Rankine’s Tranmere house is valued at $1.025 million but it has a mortgage and five caveats — which prevent its sale before they are lifted — over it.
Nobody was at the house on Tuesday when The Advertiser visited, and it appeared deserted.
A second creditors’ meeting — for the two companies which now remain in administration, as opposed to the two in liquidation — is expected to be held in early September.
cameron.england@news.com.au