Ticket Rocket ticket holders likely won’t be refunded, owner risks bankruptcy

0
Receivers in charge of broken ticket retailer Ticket Rocket have bad news for those waiting for refunds.  (File photo)

Hamsih McNeilly / Stuff

Receivers in charge of broken-down ticket retailer Ticket Rocket have bad news for those waiting for refunds. (File photo)

People who bought tickets through the defunct Ticket Rocket company may need to temper their expectations, with recipients throwing cold water on refund suggestions.

Meanwhile, the director and majority shareholder of the company faces the prospect of Wisconsin Bankruptcy .

Fortress Information Systems, marketed as Ticket Rocket and previously known as TicketDirect, went into receivership and liquidation in 2020.

The associated companies Dash Group and Dash Tickets New Zealand have also been placed in receivership.

READ MORE:
* Judge Confirms Ticket Rocket Owner Must Pay BNZ $ 3.85 Million
* Ticket Rocket receivers unable to sell company, sell Seattle Seawolves stock
* Ticket Rocket creditors told to try their banks for chargebacks on unredeemed tickets
* Ticket Rocket owes millions but recipients have questions about the company’s books
* Ticket Rocket froze $ 676,000 for non-payment of speedway bills

The first sign of trouble was that Palmerston North City Council managed to freeze $ 676,000 of Fortress funds in June 2020 – a move the company tried to scrap – over fears that money owed to big events not be paid.

Other stories quickly emerged of theater companies, sports teams and the Royal New Zealand Ballet having issues with Ticket Rocket.

Documents filed with the Companies Office in November 2020 showed the Fortress Collective owed more than $ 9 million, with ticket holders making $ 243,000 in claims.

But updated insolvency documents filed in November 2021 show that the debt of note holders increased in one year to $ 1.83 million.

These claims were treated as unsecured, meaning they are the last to be paid.

Ticket Rocket owner and director Matthew Davey, right, with Highlands Managing Director Roger Clark, left.
Provided

Ticket Rocket owner and director Matthew Davey, right, with Highlands Managing Director Roger Clark, left.

The company’s liquidators asked note holders in April to ask their bank for chargebacks before making any claims.

Recent documents from receivers indicate that $ 187,000 in chargebacks were processed, leaving $ 1.64 million in arrears.

“As of the date of this report, no funds will be available for unsecured creditors. “

MARTIN DE RUYTER

The Nelson Youth Theater is expecting to repay $ 15,000 in ticket sales through ailing company Ticket Rocket. (Video first published in July 2020)

As ticket holders appear to be shell out, Ticket Rocket director and majority shareholder Matthew Davey, who was once the major shareholder of the Highlanders Super Rugby team, is on the verge of bankruptcy.

The Bank of New Zealand successfully applied to the High Court for an order requiring Davey to pay $ 3.85 million, plus interest and fees, after securing the company’s bonds.

The High Court ruling noted that Davey was based in Sydney and operated Ticket Rocket remotely before his disappearance.

The case returned to court soon after, with the bank filing for Davey’s bankruptcy.

According to the September judgment of Associate Judge Dale Lester, the bank filed for Wisconsin Bankruptcy in the amount of approximately $ 4.2 million.

The bank went to court because it needed permission to serve a bankruptcy notice on someone outside of New Zealand.

The judge said he was comfortable with the bank’s request, noting that the bankruptcy process should be straightforward since the court had already ruled that Davey had to pay.

A search of the insolvency register Monday afternoon did not show Davey to be bankrupt.

Source link

Share.

About Author

Leave A Reply