Goplay Commercial Playground Equipment
Goplay designs and manufactures specialised playground equipment for indoor play centres, hotels, food chains, clubs and resorts. If our years of experience and dedication have taught us one thing,…
read moreReceivers attempting to generate value from the assets of defunct ticket company Ticket Rocket are reportedly having little luck in selling the company’s ticket platform software code.
Believed to be the one asset of value left to sell, receiver have been unable to generate buyer interest.
As a result, and with the company’s accounts reported to be in a “terrible state”, the prospect of a payout for unsecured creditors is now getting less likely.
Fortress Information Systems, trading as Ticket Rocket and previously known as TicketDirect, was placed into receivership and liquidation in 2020, with associated companies Dash Group and Dash Tickets New Zealand were also placed in receivership.
As reported by New Zealand website Stuff, the company’s troubles first came to light after events were cancelled or postponed amid the Coronavirus lockdown in April and May 2020, and requests for refunds surged.
Palmerston North City Council successfully had $676,000 of Fortress' funds frozen in June 2020 over fears money owed from large events would not be paid.
The company tried to have the freezing order suppressed, but a High Court judge said it was in the public interest for it to be out in the open.
A flood of stories of theatre companies, sports teams and the Royal New Zealand Ballet having issues with Ticket Rocket rolled into the receiverships and liquidation.
Documents filed to the Companies Office in November 2020 showed the Fortress and Dash collective owed more than $9 million.
Bank of New Zealand subsequently, and successfully, applied to the High Court to get Ticket Rocket owner Matthew Davey to pay $3.85 million due to guarantees he made in relation to Ticket Rocket.
The Bank then applied to have bankruptcy proceedings initiated, something it needed High Court permission for as Davey had relocated overseas, reportedly living in Sydney.
According to documents uploaded to New Zealand’s Companies Office in May, the receivers advised “despite our best efforts with interested parties, no offers were received.”
The companies’ books have also been an issue for receivers, both in terms of completeness and accuracy with a number of intercompany loans to consider.
The companies still owed Bank of New Zealand $5.5 million, while people owed money for tickets were collectively out of pocket by $1.64 million.
There was $535,000 held on trust when Ticket Rocket went under, which receivers have since distributed.
Some of the receivers' work has been left out of their reports on the basis revealing it could prejudice their ability to fetch the best price possible for assets.
As of last month, Davey did not show up on insolvency registers in New Zealand or Australia, where he was living at the time Bank of New Zealand got its High Court application accepted.
Images: Ticket Rocket’s former office in Dunedin (top) and Matt Davey (below).
19th May 2022 - Federal Court orders Viagogo to pay $7 million penalty for misleading Australian consumers
31st March 2022 - Victorian Government strengthens anti-scalping laws to make ‘bundling’ an offence
13th August 2021 - New Zealand Court rules Ticket Rocket founder Matt Davey must pay $3.85 million to bankers
11th May 2021 - Ticket Rocket creditors told to look to banks for chargebacks on unredeemed tickets
18th January 2021 - Liquidators says Ticket Rocket lacks funds to pay creditors
11th November 2020 - Receivers advise that Ticket Rocket debts exceed $8 million
3rd November 2020 - Super Rugby’s Chiefs announce new ticketing partnership
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
4th December 2015 - TicketDirect founder Matt Davey leads new Highlanders ownership
3rd September 2013 - TicketDirect’s acquisition of Dash Tickets to enable growth in New Zealand ticketing sector
20th June 2011 - TicketDirect partners with Debitsuccess to grow NZ rugby membership
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