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Receivers advise that Ticket Rocket debts exceed $8 million

Receivers advise that Ticket Rocket debts exceed $8 million
November 11, 2020

Receivers have advised that the company behind failed ticketing agency Ticket Rocket has debts of more than $8 million.

According to the first receivers’ report into the business Fortress Information Systems Ltd - which has three subsidiaries, Dash Group, Dash Tickets and Dash Tickets Australia - had just under $3 million in assets.

As reported by the Otago Daily Times, BDO Receiver and Manager Diana Matchett has advised that

the figure does not include the value of many of the company’s assets, which were omitted from the report because the receiver was concerned they would inhibit their ability to sell them.

Those assets include debts owed to Ticket Rocket, property and equipment, intangible assets (such as brand value or trademarks) and other investments.

Trading as Ticket Rocket (and previously TicketDirect) the company was put into receivership in New Zealand at the end of August.

The receivers say they have been ignored by company owner Matthew Davey since their initial correspondence with him, advising in the report that “the director has not responded to our recent requests for information, which has been disruptive to the receivership process.”

The Otago Daily Times reported that Matthew Davey, a long time Dunedin resident, had returned to his native Canada.

The receivers say there are $2.8 million in unsecured claims, the majority of which has come from promoters contracted with Ticket Rocket.

Ticket holders have made claims for $243,000, but receivers were still trying to determine the status of those refunds.

The receivers sent a clear warning some of the promoters and ticket holders were going to miss out on getting what was owed to them, explaining "while the total claims of promoters and ticket buyers are still being quantified, their claims are clearly substantially more than the funds held by Dash and the Company on appointment."

Davey’s company owed close to $5million to the Bank of New Zealand, considered a secured creditor, with the receiver stating “we understand a significant number of refunds were processed through the bank accounts, resulting in a large overdrawn balance.

"This was due to refunds being paid to customers for events cancelled due to COVID-19, when the ticket proceeds were not held in the company or Dash bank accounts."

Two preferential claimants were also listed in the report as Inland Revenue (owed $354,000) and staff (owed about $25,000).

The Crusaders rugby organisation is listed as a purchase money security interest (PMSI) creditor, owed $187,000. As a PMSI creditor, the Crusaders get priority over other creditors.

The receivers have worked alongside the liquidators, who were appointed last month when Fortress Information Systems Ltd was placed in liquidation in the High Court at Dunedin.

In the liquidation documents the Hurricanes rugby organisation was owed $186,149 and the Crusaders claimed $155,549.

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