Peats Ridge Creditors In Relentless Search For Lost Money

Creditors of the embattled Peats Ridge Festival will leave no stone unturned in the search for missing funds as the new liquidators published an updated creditors report.

The New South Wales festival wound-up earlier this year as employees and businesses owed money scrambled to reclaim lost funds. Earlier this month a meeting of creditors took the remarkable step of replacing the festival-appointed receivers with their own choice of firm, Worrells, who delivered an updated report earlier this month which was brought to theMusic.com.au's attention today.

The report indicates that the liquidators will be investigating every aspect of the company, including all revenue from the year's festival, funds transferred to Director Matt Grant or his related parties and deposits and payments made from the company's bank account immediately following the festival. As part of the report, 11 companies have been identified as being associated to Peats Ridge Pty Ltd.

Liquidators Christopher Darin and Ivor Worrell are currently looking into where the company's assets are located as well as endeavouring to obtain all of the company's books and records.

Worrell's – who are noted for their work in the building and construction field – boast registered and official liquidators, registered trustees in bankruptcy and certified fraud examiners.

A group of creditors – featuring representatives of John Butler's management, APRA and more – are liaising with the liquidators and have helped identify areas of the company that should be investigated. For revenue generated at the event this is include pre-sale and door tickets, alcohol sales, stall sale and stall sale commissions, stall holders fees, sponsorship money and rebate or grant money. Funds from cash registered operated jointly by the festival and its creditors will also be sought.

Today a representative from Worrell's told theMusic that they will be providing creditors with information as it comes to hand and encouraged potential creditors to lodge a claim at their website.

The full list of areas liquidators will be investigating is below:

• The locations of any physical assets of the company and collection of same.
• Collection of the company's books and records.
• All revenue earned by the company for this year's festival including but not limited to;
  • Pre-sale tickets,
  • Door sale tickets,
  • Alcohol tickets,
  • Stall sales or commissions collected by the company,
  • Stall holders fees,
  • Sponsorship money, and
  • Rebate or grant money.
• Collection of creditor funds by the company from jointly operated cash registers.
• Payment of past entities creditors by the company.
• Dissipation of funds to the director or related parties.
• Deposits and payments made from the company's bank accounts in the period after the conclusion of the festival.