The future of Aussie music festival FOMO is in serious doubt, with reports that the event has gone into liquidation and creditors owed millions of dollars.
In an insolvency notice filed with the Australian Securities and Investments Commission (ASIC) on Tuesday, May 15, the festival’s status was confirmed to be in liquidation.
“Notice is given that at a general meeting of the members of the Company held on 15 May 2020, it was resolved that the Company be wound up and that Kathleen Vouris be appointed liquidator(s),” reads the notice.
FOMO was one of the few Australian festivals to take place in 2020, with acts including Brockhampton, Lizzo, Kaytranada, Meduza, Madeon and more taking in dates across early January in Brisbane, Adelaide, Sydney and Melbourne before the coronavirus pandemic halted international air travel.
The liquidators charged with winding up the company, Hall Chadwick, told The Music that directors have advised “creditors could amount to $4,848,396.”
“Going forward, the Liquidator will continue to conduct the liquidation including but not limited to liaising with the Company’s creditors, realising all assets and recoverable avenues of the company for the benefit of its creditors and investigating the Company’s affairs,” said the spokesperson.
A report is expected to be delivered “within three months” said the spokesperson, and it will address “the likelihood of any dividend to creditors and any possible action that may be taken for the benefit of the company’s creditors.”
All of FOMO’s social media accounts have vanished.
The growth of FOMO over the past five years has been an inspirational success story, with promoters BBE launching the event in 2016 in Brisbane. As other festivals waned and dropped away, FOMO’s one-stage resonated so well with punters that the event expanded to Sydney and Adelaide after just one year. It’s also been held in Melbourne since 2019.
Check out some highlights of this year’s Adelaide leg, uploaded by MoshPit Music:
