The future of troubled Esoteric Festival in country Victoria is uncertain unless someone volunteers to buy its parent business, along with millions of dollars of debt.
The multi-day electronic music, arts and lifestyle event, outside tiny Wimmera town Donald, about 290 kilometres north-west of Melbourne, was cancelled in March this year the day before it was to start.
About 11,000 festival goers — including 3,000 volunteers given free tickets — were locked out just before the Labour Day weekend when Buloke Shire Council officers recommended the event’s permit be denied due to health and safety concerns.
Now the company behind the eight-year-old event, Esoteric Festival Pty Ltd, has gone into administration owing ticketholders, creditors and employees more than $2.8 million, Australian Securities and Investments Commission (ASIC) documents show.
Esoteric Festival sold about 8,000 tickets this year before it was cancelled at the 11th hour. (ABC Wimmera: Angus Mackintosh)
Festival needs a buyer
Worrells Solvency and Forensic Accountants (Worrells) has been appointed as the company administrator.
A Worrells spokesperson said in a statement the company entered voluntary administration on June 11 as a result of this year’s festival…