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Ticket Rocket creditors told to look to banks for chargebacks on unredeemed tickets

Ticket Rocket creditors told to look to banks for chargebacks on unredeemed tickets
May 11, 2021

Creditors of failed New Zealand ticket company Ticket Rocket have been advised to contact their bank or credit card issuer to see if they are eligible for a chargeback from their bank by the company’s liquidators.

Liquidators say they are also seeking to have $535,000 sitting in a Ticket Rocket bank account held in trust so that, if there is anything left over for unsecured creditors, it can be returned to them.

However, as reported by New Zealand website Stuff, at this stage, the liquidators say it is unlikely there will be any funds available for a distribution to unsecured creditors.

Last year, Fortress Information Systems, trading as Ticket Rocket​, and formerly known as TicketDirect, went into receivership and then liquidation with debts of more than $9 million. Fortress-owned companies Dash Group and Dash Tickets New Zealand were also placed in receivership.

Insolvency documents from November show Fortress’ debts and that ticket holders had made $243,000 of claims at the time.

Stuff reported that a letter sent to Ticket Rocket and Dash ticket holders from receivers BDO Christchurch in late March outlined ways they may be able to recover a claim.

The letter listed about 100 events ticket holders were owed money from, ranging from Bon Iver and Bic Runga concerts to Super Rugby matches and the Bluff Oyster and Food Festival.

The letter advised that customers who purchased tickets using a Visa or Mastercard credit or debit card may be entitled to a chargeback directly from their bank.

It read “if you have not received a refund and consider you are entitled to a refund we encourage you to make contact with your card issuer/bank to see whether you are eligible for a chargeback, if you have not already done so.”

The letter went on to advise that those not eligible for a chargeback should contact the liquidator to make an unsecured creditor claim.

However, the liquidators emphasised that chargebacks are a matter outside the receiverships.

A sum of $535,000 was held by the companies in a bank account relating to sales from 9th June to 31st August.

The liquidators advised “we are in the process of determining to what extent these funds may be held on trust, together with reconciling these funds to specific transactions and events.

“Upon completion of the reconciliation and should it be concluded that you are entitled to a refund from the $535,000, we will make contact with you as soon as we are able to confirm your details.”

With no refunds processed during the receivership, the liquidators added “at this time, it is unlikely that there will be any funds available for a distribution to unsecured creditors.”

Fortress is 90% owned by Dunedin-based Canadian businessman Matthew Davey​, who went on to buy into the Highlanders rugby team.

Fortress last year had $676,000 frozen by the New Zealand High Court after an application from the Palmerston North City Council and was placed in liquidation in October over more than $300,000 in debts owed to the Hurricanes and Crusaders Super Rugby franchises.

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18th January 2021 - Liquidators says Ticket Rocket lacks funds to pay creditors

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

24th May 2018 - TicketDirect introduces new Ticket Rocket brand in Australia and New Zealand

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3rd September 2013 - TicketDirect’s acquisition of Dash Tickets to enable growth in New Zealand ticketing sector

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