Unsecured creditors of iconic music festival to get 11c in the dollar

Unsecured creditors of iconic music festival to get 11c in the dollar

The iconic Byron Bay music festival may have been trading while insolvent for months before it collapsed, according to a new liquidator's report.

Ticketholders To See Approximately 11c Per Dollar After Bluesfest Collapse

In another blow for Bluesfest and its supporters, the festival owes $7.4 million to unsecured creditors – mainly ticket holders and suppliers – who are expected to receive just 11 cents on the dollar.Back in March, it was announced that this year’s Bluesfest wouldn’t be going ahead just three weeks before its scheduled start date. Along with that news, it was reported that two entities attached to the beloved festival, Bluesfest Byron Bay Pty Lt…