Peats Ridge Sustainable Arts & Music Festival, held annually for 8 years now as one of NSW’s only camping festivals, has gone into administration according to documents uncovered by The Music Network. According to the Australian Securities & Investments Commission, PERIFE PTY LTD, the company that controls Peats Ridge, has gone into voluntary administration.
According to documents provided by ASIC, Peats Ridge appointed liquidators on the 25th August 2011, the same day directors passed a resolution to wind up the company. Since then a meeting with their creditors took place on 6th September 2011 with the intention of the meeting to discuss the voluntary winding up of the company.
At face value it appears Peats Ridge is in serious trouble as they are unable to pay their debts to creditors, but in a statement just issued Peats Ridge director Matt Grant says “Peats Ridge is most certainly going ahead under the same guidance and organisation as it always has been. We now are trading under the name “Peats Ridge”.”
He continues “In the vein of keeping honest communication with our fans, the reason for this is simply a culmination of the events surrounding the 2007 festival. As many would know due to extreme weather conditions over the festival period we were forced to cancel last minute, causing a financial burden on us for the ongoing years. The reasoning behind Peats Ridge going under external administration is simply – it allows us a way to continue to pay off our few remaining creditors, and still put on a great festival experience for fans over this New Year’s.”
If everything goes smoothly we can expect a stellar lineup of acts this year with Gotye joined by Xavier Rudd, Salmonella Dub, The Holidays, and more. Tickets are on sale at http://www.peatsridgefestival.com.au
