UPDATE 17/12/15 5.50pm: Soundwave 2016 has been officially cancelled.
Soundwave Festival‘s former operating company is going into voluntary administration.
A preliminary directions hearing was held at the NSW Supreme Court this morning, following an application filed by World Stages Pty Ltd on August 28th, seeking to wind up the company’s operations over an unpaid debt. World Stages were themselves forced in liquidation on July 16th this year.
Music Feeds has learned that Soundwave also owes a substantial amount of money to a number of other creditors. This is in addition to $2.5 million owed to the Australian Taxation Office.
AJ Maddah changed the name of Soundwave Festival Pty Ltd twice last week. On September 24th the company name was changed briefly to Penny Denny Pty Ltd, only to be changed once more the following day to ACN 127 870 866 PTY LTD.
The official hearing will be heard on the 19th October.
Soundwave Festival Pty Ltd has been the name of the operating company of AJ Maddah’s flagship festival since 2007 and Maddah is the sole shareholder. Speaking to Music Feeds today Maddah has stated this company ceased to be the operating company of Soundwave Festival in April this year.
Maddah has assured Music Feeds that the 2016 festival will definitely still go ahead, reiterating that the company under administration is the festivals’ former operating company and that proceedings will not affect next year’s event.
The 2016 festival is scheduled to kick off in Brisbane on 23rd January, before making its way to Sydney on Sunday, 24th January and Melbourne on Tuesday, 26th January. The full Soundwave Festival 2016 line-up is due to be announced in the coming weeks. More to come.