Out-of-pocket ticketholders are being encouraged to register as unsecured creditors in the liquidations, but a Tauranga couple out $400 fearstheir refund chances are “extremely low”.
Both festival series were scheduled for January, with Timeless bringing 80s stars such as Boy George, Bonnie Tyler and Starship to Christchurch, Napier, New Plymouth, Tauranga, Auckland and Australia, with RnB event Juicy Fest hosting the likes of Ludacris, Akon and Jay Sean in Tauranga, Auckland, Wellington and Christchurch.
The events were called off in December and, on March 7, Juicy Festival Limited, Timeless Events New Zealand Limited and Timeless Events Australia Ltd were placed into voluntary liquidation after a special shareholders' resolution.
Liquidators Ben Francis and Garry Whimp from Black Rose Limited were appointed that day.
Their initial reports to creditors and shareholders were published on Friday.
Te Puke-based Glenn Meikle was the sole director of the three companies at the time of the liquidations.
The Juicy Festival report said Meikle told liquidators the company’s inability to obtain a liquor licence made it “unviable” for the festival to go ahead.
He told them cancelling “meant the company forfeited a large amount of money paid to host the events, and to artists, leaving the company unable to repay ticketholders and other creditors”.
Juicy Fest 2023 in Napier. Photo / Paul Taylor
This led to the liquidation decision.
Meikle also advised the failures of the two Timeless companies were caused by “a related festival’s inability to obtain a liquor licence”.
When Juicy Fest was cancelled, promoters said they had faced opposition to gaining liquor licences around the country, and had only secured a special licence for Tauranga.
Financial affairs probed
The liquidators’ reports include statements of the estimated financial position for each company as at March 7 based on information from Meikle and creditors.
The liquidators said at this stage they were unable to verify the accuracy of this financial data, with total liabilities and assets to be confirmed.
Preferential creditors were owed an estimated $299,000 by Timeless Events NZ and $488,048 by Juicy Festival. Unsecured creditors were owed $1,686,210 by Timeless Events Australia. The total was just over $2.473m, with other liability amounts yet to be confirmed.
The amounts owed to ticketholders were “yet to be confirmed”.
The liquidators said customers who bought tickets for the concerts were unsecured creditors and must submit a creditor’s claim form.
Ticketholders were listed as one creditor for each company.
Alcohol, fencing and distribution companies were among 26 known Juicy Festival creditors.
Juicy Fest Tauranga in 2024. Photo / Megan Wilson
Media companies - including Bay of Plenty Times publisher NZME - were among 20 Timeless Events NZ known creditors, while Timeless Events Australia’s list of seven included the Australian Radio Network Ltd and Logan City Council in Queensland.
The liquidators were determining the companies' assets and investigating their financial affairs to see what could be recovered to pay creditors.
Creditors had been contacted to request relevant details, while unsecured creditors have until May 9 to file claims.
There was no estimated date for when the liquidations will be complete.
Tauranga ticketholders' refund fears
Tauranga resident Michael Lancaster told the Bay of Plenty Times he and his wife, Clare, were among Timeless tour ticketholders waiting for a refund.
Lancaster said they spent $200 apiece in mid-2024 on two tickets to the January 17 Mercury Baypark concert.
He said they were both preschool teachers and $400 was a “lot of money” to lose.
In his view: “Other people have spent $1000-plus on tickets and accommodation and now it seems the likelihood of us and them ever seeing that money is extremely low.”
The Bay of Plenty Times sought comment from Meikle on the liquidators' reports and Lancaster’s views.
A response, attributed to a festival spokesperson, said: “It’s a very unfortunate situation to be in and these events would have gone ahead had our liquor licence been approved.”
The Commerce Commission has received 222 complaints regarding the cancelled Timeless tour and 478 about Juicy Festival.
It was working with liquidators, commission general manager of competition, fair trading, and credit Vanessa Horne said.
She encouraged any consumers owed money or with questions to “reach out to the liquidator directly”.
Banking Ombudsman Nicola Sladden said the organisation had a few inquiries from ticketholders.
Those who paid with a debit or Visa/Mastercard credit card were encouraged to approach their bank first.
Banking Ombudsman Nicola Sladden. Photo / NZME
“Ticketholders can ask their bank to charge the transaction back to the merchant’s bank.”
Those not satisfied with their bank’s response could ask for the Ombudsman office’s help.
“If we find a bank failed to carry out a transaction chargeback dispute process correctly, we may award compensation.”
Sandra Conchie is a senior journalist at the Bay of Plenty Times and Rotorua Daily Post who has been a journalist for 24 years. She mainly covers police, court and other justice stories, as well as general news. She has been a Canon Media Awards regional/community reporter of the year.
