'Total debts substantially exceed the value of the assets of the Company', they say
The organisers of London’s Camden Crawl have issued a full statement following the announcement that the company has gone into liquidation.
The two-day multi-venue festival, which did not take place last year, made a return this summer after being rebranded as CC14. The event took place between June 20 – 21 across 25 venues. Artists who appeared this year included Bad For Lazarus, Alexis Taylor, PAWS, Pins, Thumpers, TRAAMS and a host of others.
A statement posted to The Camden Crawl website reads: “Due to ticket sales falling far short of expectations for this year’s event, Crawl Promotions Ltd, the Company which promotes the Camden Crawl, is unable to pay its debts in full to any suppliers, staff or the Company’s directors and shareholders.”
“As it stands the total debts substantially exceed the value of the assets of the Company. Because of this completely unanticipated situation and after nearly ten years of successfully promoting the Camden Crawl festival, it is with great regret and sadness that there has been no other option than to convene meetings for the purpose of placing the Company into Creditors’ Voluntary Liquidation.”
“An Insolvency Practitioner has been appointed to assist in this process… The Meetings of Shareholders and Creditors are scheduled for 11 July 2014 and notices have duly been despatched to all concerned parties. Once the Company is in Liquidation and a Liquidator is appointed, the Liquidator will realise all assets, try and agree all creditor claims and if possible make a distribution (paying a portion of the debts due to all creditors).”
The news follows allegations that the festival has not paid the acts who appeared. Indie label Invada Records took to Twitter to raise its concerns, tweeting “CamdenCrawl gone under without paying 2 Invada bands. They point blank refused to pay advance deposits & used the TrustUs mantra throghout.” Jack Cooper from Mazes wrote on Twitter: “So Camden Crawl? Did you really just go into voluntary liquidation without paying us or anyone else?”