Tickets Pty Ltd appointed Christopher Darin of Worrells as liquidator on 27 January 2023.
Tickets Pty Ltd was one of the largest discount ticket media companies that promoted live events in Australia and New Zealand. The company advertised exclusive offers to more than 1,000,000 members for tickets to concerts, live shows, and events and operated through different channels including media websites and a mobile app. Trading names include SMARTTIX; What’s on Live; tix.com.au; Fasttix; Lasttix.
Prior to the liquidation appointment, Tickets Pty Ltd operations ceased, with approximately 10 full-time employees terminated prior to Christopher Darin’s appointment as liquidator.
Leading up to the liquidation, Tickets Pty Ltd was under a Small Business Restructuring plan, which commenced in July 2022. The restructuring plan was terminated in January 2023 due to a contravention of the restructuring plan terms. The Australian Taxation Office (ATO) was the main creditor under the restructuring plan.
The small business restructuring process was introduced in January 2021 as a response to COVID-19’s economic impact. The small business restructuring regime provides that any termination of a restructuring plan returns the creditors of the company subject to the restructuring plan to the position they held prior to approving the restructuring plan. Worrells explains that this means that the debts attached to the prior restructuring plan will be provable in the liquidation of Tickets Pty Limited.
Worrells advises that initial review of company records indicate approximately 15 unsecured creditors including the ATO with a combined debt totalling approximately $1,000,000. However, the team at Worrells are currently collecting and verifying all relevant records, including gaining more information from the director and employees regarding any outstanding employee entitlements.
If insufficient funds are recovered in the liquidation, the government’s Fair Entitlement Guarantee (FEG) Scheme may assist employees with certain outstanding entitlements. Worrells advises that in that scenario, the team at Worrells will assist to calculate and verify their entitlements.
Mr Darin said, “My team and I will be undertaking a review of the company’s operations prior to and during the restructuring plan and reporting to creditors in due course as to any actions available to the liquidator that may yield a return to creditors.”
Worrells advises it will continue to give updates as they become available.
Creditors are urged to lodge a proof of debt in the liquidation via the Worrells website www.worrells.net.au and any stakeholders with information that may assist in the liquidator’s investigations are asked to contact chris.suarez@worrells.net.au.
Worrells is the leading brand of insolvency and turnaround teams. With local teams in Qld, NSW/ACT, Vic, and WA, Worrells also has the support of a national brand. Its teams have helped people and business recover from difficult financial situations and assisted the creditors attached for over 50 years.
–ENDS–
Chris Suarez
Executive Analyst, Worrells Sydney office
chris.suarez@worrells.net.au