SPACE EVENTS
WE WERE THE ADMINISTRATORS TO THE COMPANIES IN THE SPACE GROUP. THE COMPANIES WERE RESPONSIBLE FOR RAISING CAPITAL, SOURCING, MANAGING AND PROMOTING CONCERTS IN ADELAIDE, SOUTH AUSTRALIA.
SPACE EVENTS PTY LIMITED, SPACE PRODUCTION COMPANY PTY LIMITED, SPACE TOURING PTY LIMITED, AND SPACE ENTERTAINMENT PTY LIMITED (ALL ADMINISTRATORS APPOINTED) (TOGETHER “THE COMPANIES”)
We were appointed Administrators to the Companies that were responsible for raising capital, sourcing, managing and promoting concerts in Adelaide, South Australia.
Our role included:
- reviewing the financial position of the Companies, and determining the financial viability of trading on the business, which included a contact to manage the Elton John Adelaide concerts in December 2019;
- meeting with key stakeholders (promoter, venue hire, ticketing agent) to assist parties in ensuring the Elton John concert was delivered;
- reviewing and undertaking preliminary investigations into the source and application of funds, to trace investor proceeds and profitability of each event; and
- investigating the $4.3M preference claim against certain investors.
The Companies’ creditors, mainly investors, subsequently appointed KPMG Adelaide as Liquidators to the Companies. All future queries should be directed to KPMG Adelaide.