News December 7, 2018

Soundwave liquidators have paid out creditors less than 1%

Three years on from the final ever Soundwave festival creditors are starting to receive their payouts from Liquidators. Whilst this may sound like exciting news, the payouts have been calculated to being less than 1% of what the creditors are owed.

CX Media have revealed that documents from ASIC show that creditors were paid out 0.987% of what they were owed from the festival. The original claimed debt from the festival was $17 million, however liquidators only took in account $10 million.

Related: How The Collapse Of Soundwave Could Impact Every Aussie Music Festival

As Tone Deaf previously reported, original owed amounts ranged from multiple million dollar rates for headliners ($2,132,075.00 for Soundgarden alone), to smaller amounts for local acts ($5,720.60 for Ne Obliviscaris).

While most will recover, some have not.

Outside of bands, many production companies and sole traders were owed for their work on the festival. CX Media says “the list of production and rental companies in the hole covers most of Australia’s big players, more than a few of the mid tier, right down to small specialist companies and individuals. While most will recover, some have not. Debts owed to companies range from $300,000 down to $400.”

Last year the City Of Adelaide fired back at AJ Maddah after he claimed the city had “punished Soundwave“. The festival was cancelled in December 2015 ahead of it’s 2016 installment. A replacement festival “Legion” was set to take place in 2016 but was postponed to 2017, then it was finally cancelled.