The music company behind one of Sydney’s biggest New Year’s Eve parties, the annual NYE In The Park festival, has gone into liquidation following court action by creditors over unpaid debts.
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Based on the notice published by Australian Securities & Investments Commission, ITP Music, the operator of the festival was issued a winding-up order by the Supreme Court on March 27 after logistics firm Kennards Hire took legal action in February over an unpaid bill.
Reports indicate that another creditor had previously sued the music festival operator in December 2023 over a $14,000 debt.
The liquidation is a major blow for Sydney’s live music scene, which has struggled to recover from the impacts of the COVID-19 pandemic. NYE In The Park was one of the city’s premiere annual festivals, held each New Year’s Eve since 2017 in Victoria Park in Sydney. At its peak, the festival featured a massive line-up of local and international music acts.
However, the party is now over for the troubled event. Its website has gone offline and social media pages lie dormant. Vincent Pirina of Acton Chase Group has been appointed liquidator to investigate the company’s assets and liabilities.
A spokesman for the liquidators said it was still very early in the liquidation process, but the liquidator had made contact with the company’s directors and would be investigating the financial affairs of the company.
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Whilst the details remain unclear, it seems likely that the 2024 edition of NYE In The Park will be cancelled as the operator dissolves its business. Sydney’s New Year’s Eve celebrations will be a little quieter this year as a result.
The liquidation continues a troubling trend for Australia’s music festival industry following the COVID-19 disruptions. A string of popular festivals have cancelled, gone broke or been acquired by larger players as they struggle with rising costs and patchy attendance.
Published 1-May-2024