MELBOURNE, Victoria (CelebrityAccess) — Administrators of the of the failed company behind the Summadayze and Future Music are considering filing a lawsuit against the company's former directors and officers to recover cash for creditors.
According to The Herald Sun, Music Events Holdings went into liquidation in September 2013, but still owes almost $3 million to 52 former suppliers and approximately $200,000 to former employees.
The company formerly called Future Entertainment Pty Ltd changed its name to Music Events, with some assets sold and transferred months before the business went into liquidation, potentially providing the basis for the legal action.
The company's properties, including its festival brands, were sold to Michael Gudinski’s Mushroom Group before the collapse. Gudinski announced the end of Future Music earlier this year, due to poor ticket sales. – Staff Writers