{"id":63017,"date":"2025-10-07T03:42:08","date_gmt":"2025-10-07T03:42:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/63017\/"},"modified":"2025-10-07T03:42:08","modified_gmt":"2025-10-07T03:42:08","slug":"promoters-of-cancelled-juicy-festival-and-timeless-summer-tour-owe-creditors-more-than-14-million","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/63017\/","title":{"rendered":"Promoters of cancelled Juicy Festival and Timeless Summer Tour owe creditors more than $14 million"},"content":{"rendered":"

The liquidators\u2019 recently released six-monthly reports into the two companies show Juicy New Zealand owes more than $8.8m to unsecured creditors and $58,128 to secured creditors, but only has $101,762.23 in assets.<\/p>\n

Timeless Events New Zealand owes more than $5.2m to creditors, all unsecured, but only has $36,149.78 in assets.<\/p>\n

The liquidators have instructed solicitors to write to the artists requesting they return the funds received.<\/p>\n

\u201cAt this stage, all artists have either not responded or rejected the request to repay the funds.<\/p>\n

\u201cWe consider that transactions may be voidable under the insolvent transaction provisions of the Companies Act. We are in discussions with our solicitors regarding the most prudent way forward.\u201d<\/p>\n

R&B stars Ludacris, Akon and Jay Sean were among those due to perform at Juicy Fest, while the Timeless Summer Tour was to feature 1980s icons Boy George and Bonnie Tyler.<\/p>\n

Meanwhile, the liquidators said an issue had arisen in the liquidation where some creditors have been repaid via a bank process known as chargebacks, resulting in funds being held in reserve to be depleted.<\/p>\n

\u201cThe result of this practice is that those creditors who obtain chargebacks are paid in full … whilst others receive less than they would have received if these didn\u2019t take place … in our view, that would defy the fundamental principles of treating all creditors equally,\u201d the liquidators said.<\/p>\n

\u201c[We] objected to the chargebacks in order to ensure an equitable distribution, however, the process continued despite the objections.\u201d<\/p>\n

The liquidators said they have applied to the court for directions as to the correct position in the situation. A date for a two-day hearing will be set down after April 17 next year.<\/p>\n

Companies Office records show Glenn Meikle is the director of both Juicy Festival and Timeless Events New Zealand.<\/p>\n

Meikle and Matthew Spratt are joint shareholders of the two companies.<\/p>\n

Meikle is also the director of Juicy Festivals Australia and Timeless Events Australia \u2013 both of which are in liquidation.<\/p>\n

Last week, another events company associated with Meikle and Spratt went into liquidation. Liquidators in Australia were appointed to Jammin Australia Festivals Limited.<\/p>\n

Listen and subscribe to the Today in Business<\/a> podcast \u2013 the top headlines from the NZ Herald business team summarised and delivered by an AI voice as an easily digestible recap.<\/p>\n","protected":false},"excerpt":{"rendered":"The liquidators\u2019 recently released six-monthly reports into the two companies show Juicy New Zealand owes more than $8.8m…\n","protected":false},"author":2,"featured_media":63018,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[22256,95,4914,3221,138,20703,17397,1872,5131,51384,12624,1132,300,130,157,111,139,69,1118,51386,10142,24265,29339,51387,17399,14625,131,51385,208],"class_list":["post-63017","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-22256","tag-and","tag-artists","tag-battling","tag-business","tag-cancelled","tag-creditors","tag-face","tag-festival","tag-juicy","tag-liquidators","tag-million","tag-money","tag-more","tag-music","tag-new-zealand","tag-newzealand","tag-nz","tag-of","tag-owe","tag-paid","tag-perform","tag-promoters","tag-recoup","tag-shortfall","tag-summer","tag-than","tag-timeless","tag-tour"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/63017","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=63017"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/63017\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/63018"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=63017"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=63017"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=63017"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}