Mon, 07 Jul 2014 | BUSINESS NEWS
The Camden Crawl music festival has gone into voluntary liquidation, the founder has announced.
Lisa Paulon has released a statement revealing that she has placed the company behind the indie music festival – Crawl Promotions Ltd – into liquidation, just weeks after it celebrated its 19th anniversary. She said that an unforeseen fall in ticket sales meant that the company could not pay its debts to suppliers, staff or directors.
Founded in 1995, the annual Camden Crawl festival has been a key date on the indie music calendar for almost two decades. In this time it has welcomed the likes of Amy Winehouse, Florence and the Machine, Adele, Disclosure and Mumford and Sons to perform on its stages.
Having not run last year, the event returned on 20-21 June this year across 25 different venues in North London. It is thought that many of the bands that played at the festival, which was rebranded CC14, have not been paid.
The statement read: "As it stands the total debts substantially exceed the value of the assets of the company. Because of this completely unanticipated situation and after nearly 10 years of successfully promoting the Camden Crawl festival, it is with great regret and sadness that there has been no other option than to convene meetings for the purpose of placing the company into Creditors' Voluntary Liquidation.
"An Insolvency Practitioner has been appointed to assist in this process… Once the company is in liquidation and a liquidator is appointed, the liquidator will realise all assets, try and agree all creditor claims and if possible make a distribution (paying a portion of the debts due to all creditors)."
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