Soundwave Festival‘s former operating company is going into voluntary administration.
As reported by Music Feeds , representatives from the festival attended a preliminary directions hearing at the NSW Supreme Court today, responding to an application filed by World Stages Pty Ltd on August 28th.
The application seeks to wind up the company’ s operations over an unpaid debt, with World Stages themselves having been forced into liquidation earlier this year on July 16th. It is understood the operating company also owes a substantial amount of money to various other creditors, as well as $2.5 million owed to the Australian Taxation Office.
The hearing follows Soundwave’s head honcho AJ Maddah changing the name of the operating company twice last week. He changed it first from Soundwave Festival Pty Ltd to Penny Denny Pty Ltd on September 24th , before changing it once more the following day to ACN 127 870 866 PTY LTD.
Maddah had used Soundwave Festival Pty Ltd as the name of the festival’s operating company since 2007. According to AJ however it ceased to be the operating company of the festival in April of this year.
Maddah was also fast to assure Music Feeds and fans not to fear for next year’s event, promising that the 2016 festival will definitely still go ahead.
With the full Soundwave Festival 2016 line-up due to be announced in the coming weeks, stay tuned for more to come.
