BioGuard is Australia and New Zealand’s most trusted supplier of premium, innovative and affordable commercial water treatment systems and chemicals. BioGuard offers a comprehensive range of…read more
Liquidators says Ticket Rocket lacks funds to pay creditors
Liquidators responsible for the affairs of Ticket Rocket have presented a grim prospect for unsecured creditors, expressing doubt over whether all owed money by the Dunedin-based ticketing business will be paid.
Released before Christmas, the first report from liquidators Rodgers Reidy listed over 1500 creditors owed more than $8 million including New Zealand’s Ministry of Social Development and New Zealand Post.
Companies associated with Ticket Rocket were placed in receivership in August, after reports the ticket agent was not paying refunds for events cancelled due to Coronavirus lockdowns.
One of those companies, Fortress Information Systems Ltd (the company behind Ticket Rocket), was subsequently placed in liquidation in October over debts owed to the Hurricanes and Crusaders Super Rugby franchises.
The Hurricanes were owed $186,000 and the Crusaders $155,000.
Fortress has also had $676,000 frozen by the High Court after an application from the Palmerston North City Council a move the company tried to keep secret.
Some financial information on Ticket Rocket’s collapse was made public after the first receiver’s reports were issued in November, including that associated companies collectively owed at least $8.4 million.
Control of the ticketing company’s fixed assets is now with receivers BDO who, after the liquidation is completed, will sell any “residual assets”.
Reports have suggested BDO aims to sell Ticket Rocket as a going concern.
However, with secured creditors - including BNZ, Dove Electronics, Smartpay Rental Services, Windcave New Zealand and the Crusaders’ rugby organisation - to be paid first, liquidators said it was unlikely that there will be money remaining to pay unsecured creditors owed a combined $3.17 million.
An investigation will also be carried out to check if any trading happened while the company was insolvent.
The liquidators said they would carry out a full investigation into Fortress Information Systems’ affairs but a release date for that is not given.
The first receivers’ report found Fortress Information Systems and its subsidiaries Dash Group, Dash Tickets and Dash Tickets Australia had $8 million in debts with a little less than $3 million in assets.
Receivers BDO were being left in charge of the company’s assets, with anything left after the receivership to be taken care of as part of the liquidation.
Ticket Rocket Director, Matthew Davey is reported to have told liquidators the ticket company’s failure was due to the Coronavirus pandemic and the Palmerston North City Council freezing order.
Although the liquidator was looking if there were ways to recover money for the business, it already had received a claim from Inland Revenue for $512,164 in GST and income tax arrears.
Image: Ticket Rocket’s office in Dunedin.
16th December 2020 - Coronavirus halted booming year for Australia’s live music sector
22nd December 2020 - New statistics show importance of tourism to New Zealand’s recovery
11th November 2020 - Receivers advise that Ticket Rocket debts exceed $8 million
22nd October 2020 - Ticket Rocket entities to be liquidated over unpaid debts
15th October 2020 - Ticket-holders unlikely to get refunds from failed Ticket Rocket
2nd September 2020 - Dunedin-based Ticket Rocket enters receivership
3rd November 2020 - Super Rugby’s Chiefs announce new ticketing partnership
28th September 2020 - New Zealand welcomes return of international sporting events
10th November 2017 - Highlanders’ Super Rugby fixtures deliver near $2 million boost for Dunedin
4th December 2015 - TicketDirect founder Matt Davey leads new Highlanders ownership
16th July 2014 - Ticketing revolution for New Zealand provincial rugby
Asking a small favour
We hope that you value the news that we publish so while you're here can we ask for your support?
The news we publish at www.ausleisure.com.au is independent, credible (we hope) and free for you to access, with no pay walls and no annoying pop-up ads.
However, as an independent publisher, can we ask for you to support us by subscribing to the printed Australasian Leisure Management magazine - if you don't already do so.
Published bi-monthly since 1997, the printed Australasian Leisure Management differs from this website in that it publishes longer, in-depth and analytical features covering aquatics, attractions, entertainment, events, fitness, parks, recreation, sport, tourism and venues management.
Subscriptions cost just $90 a year.
Click here to subscribe.
The Complete Guide to Leisure Industry Products & Services.
Vticket Pty Ltd is the Australian and New Zealand distributor for Gateway Ticketing Systems Inc., the world leader in high-speed access control, admission control and ticketing software for the…read more
The Jump Pad is a safe, flat inflatable made in a variety of sizes which can be used indoor or outdoor. From 3mx3m up to a whopping 9mx21m. Markets include Indoor and outdoor playgrounds, schools,…read more
Humanforce is a global provider of workforce management solutions for companies who need flexibility to manage complex workforces. Companies use Humanforce to manage everything from time and…read more
Myzone is the industry’s leading wearable technology solution. Myzone’s wearable products show and reward effort when you work out. It displays accurate real-time heart rate, calories, and…read more
SPORTENG specialises in the Planning, Design and Construction inspection of Fields of Play for all sports. Blending engineering with the specialist knowledge gained from working closely with sport…read more
Developed in Europe, this innovative system offers a safety management solution for swimming pools that checks individual swimmers via their wristband - monitoring their depth and time. Sensors…read more
Principal Consultant Simon Weatherill has spent the last 20 years developing the world renowned Melbourne Sports Hub, as former Chief Executive Officer of the State Sports Centres Trust…read more
get listed with our suppliers directory
Get your business noticed in our targeted directory. Viewed by 10,000 industry professionals per week!