FOMO Festival goes into liquidation
An Australian music festival which has hosted international acts such as Lizzo, Nicki Minaj and Post Malone has gone into liquidation.
Wentworth Courier
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An Australian music festival which has hosted the likes of Lizzo, Nicki Minaj and Post Malone has gone into liquidation.
FOMO Festival has been held annually since 2016 in locations across the country including Parramatta Park which in January this year attracted 10,500 music fans.
Liquidator Kathleen Vouris of Hall Chadwick was appointed on Friday and she confirmed debts totalled more than $4.8 million.
“At this stage, the directors have indicated that the company’s liabilities could amount to $4,848,396 and the company holds minimal assets to satisfy its liabilities,” read a company statement provided to the Wentworth Courier.
“Given the short time since Ms Vouris’ appointment and information in our possession, our investigations into the assets and total quantum of liabilities are ongoing.”
However, Hall Chadwick revealed that even early on in their investigations it seemed like bad news was ahead for those owed money.
“At this stage of the liquidation, it is unlikely that a dividend to creditors will be distributed. I note that this position is subject to change upon receipt of further information and recovery action that may arise.
“At this stage, it would appear that one of the reasons for the company’s failure was linked to COVID-19, however there may have been more factors of failure and that will form part of the Liquidator’s investigations. We have requested information from the company’s directors in order to identify the reason(s) for the company’s failure and are awaiting same.”
The liquidators said the company had already ceased operating prior to Ms Vouris’ appointment and therefore no further trading is expected meaning the 2021 event is almost certainly ruled out.
Hall Chadwick will provide a report to the company’s creditors within three months with an update on the liquidation.
Social media accounts for FOMO Festival have vanished as have those belonging to promoters Brown Bear Enterntainment aka BBE.
Married couple Jessica and Anand Krishnaswamy together with Steven Pappas are behind both BBE and the popular festivals which began with a one-day event in Brisbane and expanded into Sydney, Melbourne, Adelaide, Perth and Auckland.
The company’s headquarters is based in the eastern suburbs of Sydney in postcode 2029 which takes in Dover Heights and Rose Bay.
At the 2019 Sydney festival, 19-year-old Alex Ross-King died after taking MDMA prior to the event.
The COVID-19 crisis has created an uncertain future for music festivals around the world.
Despite Australia’s impressive response to the virus, Chief Medical Officer Brendan Murphy reportedly told a group of New Zealand politicians last month music festivals were off the table until a vaccine was found.
“It’s hard for me to envisage reopening of nightclubs and big music festivals in the foreseeable future,” he said.
NewsLocal contacted company FOMO Festival directors for comment but did not immediately receive a response.