Peats Ridge creditors have successfully prevented insolvency firm Jirsch Sutherland from handling liquidation proceedings, replacing them with Ivor Worrell and Christopher Darin from forensic accounting firm Worrells. As reported by The Sydney Morning Herald, Worrells is attempting to have Peats Ridge festival & creative director Matt Grant face a public examination under oath in a court of law.
Peats Ridge Pty Ltd creditors also had Jirsch Sutherland partner Andrew Spring removed from yesterday’s creditors’ meeting in Sydney, where Spring was acting chairman. Mr Spring announced in his report to creditors that Peats Ridge marked the fifth time Matt Grant had appointed him as liquidator for one of his companies since August 2011, revealing a potential conflict of interest.
Despite Mr Spring characterising the creditors actions as ‘aggressive’ before his dismissal, MEAA’s (Media Entertainment and Arts Alliance) Mal Tulloch said the creditors are simply holding the responsible parties accountable. “We worked collectively to demonstrate that promoters will be held accountable if they do the wrong thing,” said Mr Tulloch.
Matt Grant voluntarily placed Peats Ridge into liquidation on 18th January, with reported debts of $1.27 million. A list of artists, companies and personnel owed money was made public soon after, which noted that, amongst others, John Butler’s Butler Brown Touring Co is owed $95,579. It was previously announced that Jirsch Sutherland had laid claim to nearly 60% of the flailing company’s reported $140,000 in assets, leaving just $60,000 for those still waiting for payment.