Unsecured creditors of the Area9 rock festival held at Ohau have been paid a portion of what they were owed by Mission Controlled Events Management Ltd, which was unable to pay its bills after the Waitangi weekend event in February.
Creditors received less than 10c in the dollar they were owed.
The festival, which organisers Rosie Moore and Fiona Page said was attended by about 9600 people, ended up owing unsecured creditors about $546,000 due to significant misreporting of the number of ticket sales prior to the event.
That left insufficient money to pay creditors, who had provided services for the festival, what they were owed.
Christchurch accountants Keith Yardley handled the insolvency, including a poll of creditors in March on a payment compromise to determine how it should be handled.
In the vote, 61 creditors owed $455,061 voted to receive what payout could be provided and 10 owed $91,155 voted against.
That made 85.92% of the number of creditors in favour, representing 83% of the amount owed.
As a result of the poll, payment was made to creditors in April.
The festival, held on a site leased for the event, ran for 48 hours, starting at noon on February 6.
Based on an estimate of the number of people who attended, ticket sales should have brought in about $960,000, depending on the number of free or sponsors' tickets handed out.
However, it emerged there was a significant difference between the reported and actual sales.
In addition to the unsecured creditors, there was $140,000 in loans from directors and associates of Mission Controlled events, which was not included in the pay out.
