More about: Camden Crawl Festival

Camden Crawl have issued a statement regarding their liquidation, blaming 'poor ticket sales' following the recently revamped CC14.

Earlier today, it emerged that the festival was in financial crisis - with many of the artists who performed last month voicing their anger at organisers as they remain unpaid.

Now, the event have issued a statement regarding their financial situation, saying that they will be liquidating their assets in order to pay off their debts.

They said:

"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, details of which follow below. The Meetings of Shareholders and Creditors are scheduled for the 11the 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)."

More about: Camden Crawl Festival