Sydney music festival collapses into liquidation in latest hit to Australian music industry

A popular music festival has collapsed after being unable to pay its debts in the latest woe of the struggling industry.

A popular music festival has collapsed after being unable to pay its debts.

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

The business traded under the name NYE In The Park and was behind a popular end of year celebration that operated in Sydney’s CBD.

At its peak, it boasted headline acts in its line up such as Flight Facilities, Lime Cordiale and Cut Copy.

Logistics company Kennards Hire took legal action against NYE In The Park in February over an unpaid debt of an unspecified amount.

The court appointed Vincent Pirina of insolvency firm Aston Chace Group as the liquidator.

NYE In The Park was held at Camperdown’s Victoria Park in Sydney’s centre. Picture: NYE In The Park/Facebook

The music festival doesn’t appear to have operated for the past year. Picture: NYE In The Park/Facebook

NYE In The Park appears to have been on its legs for some time, with no activity on its social media since the 2022/2023 New Year’s Eve.

A CreditorWatch report news.com.au has obtained shows that in December last year, another creditor, Bingo Commerical, took legal action against the music company over a $14,000 debt.

A spokesman from the liquidators said in a statement that they had made contact with the company’s directors.

It was too early in their investigation to determine the assets or liabilities of the company.

It was the latest in a list of festivals to go down. Picture: Instagram

Several other festivals have also been cancelled. Picture: Instagram

This is the latest woe to hit the Australian music industry. Picture: NYE In The Park/Facebook

NYE In The Park’s collapse yet another blow for Australia’s music scene.

Last week, famous music festival Splendour in the Grass was cancelled after failing to sell enough tickets.

The CEOs of the company behind the festival, Secret Sounds, Jessica Ducrou and Paul Pittico said they were “heartbroken” to be missing a year after more than two decades in operation.

Meanwhile, iconic music retailer Sanity shut down all 50 of its stores across Australia and moved to digital amid struggling sales.

Earlier this year, news.com.au reported that another Australian music company was on the brink of collapse over an unpaid $200,000 tax debt.

Blue Pie Records, headquartered in NSW’s Southern Highlights, is facing a liquidation hearing later this month but the director has previously said he plans to fight it.

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