Events

Major Aussie music festival goes into liquidation with almost $5m in debt

In sad news for the events industry, one of Australia’s big music festivals has gone into liquidation, with creditors estimated to being owed millions.

Kathleen Vouris from Hall Chadwick was appointed as the liquidator for FOMO Festival on 15 May, according to a notice published by the Australian Securities and Investments Commission.

A spokesperson for Hall Chadwick told The Music that while investigations into the festival’s collapse are ongoing, the total amount owed to creditors could amount to $4.8 million.

“Going forward, the liquidator will continue to conduct the liquidation including, but not limited to, liaising with the company’s creditors, realising all assets and recoverable avenues of the company for the benefit of its creditors, and investigating the company’s affairs,” the spokesperson said.

“The liquidator will provide a report to the company’s creditors within three months providing an update on her investigations, the likelihood of any dividend to creditors and any possible action that may be taken for the benefit of the company’s creditors.”

The Nibbler has contacted Hall Chadwick for comment.

FOMO launched in Brisbane in 2016, before expanding to Sydney and Adelaide in 2017, and then to Melbourne in 2019.

The festival managed to attract a swathe of well-known local and international music acts during its existence, including Post Malone, Lizzo, Peking Duk, Nicki Minaj, Flight Facilities, Empire Of The Sun, BROCKHAMPTON, Tkay Maidza, Skepta, Jamie xx, and RL Grime.

The social media accounts for FOMO and the festival’s promoters, BBE, have since been taken down.

FOMO’s website has all but vanished, with a statement saying: “Unfortunately FOMO Festival will not go ahead in 2020”.

The website also encourages people to continue supporting the Australian music industry by attending those festivals that are still going such as Splendour in the Grass, Lost Paradise, Beyond The Valley, and Falls Festival.

The disappearance of FOMO is the latest blow to music festivals, with Australia’s Chief Medical Officer recently warning that large-scale gatherings would “certainly” not be held before a COVID-19 vaccine had been developed.

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