The Company behind the cancelled Mountain Sounds Festival has gone belly up, with debts of over $1.5 million.
At a meeting last week, it was resolved to wind the business up after in became insolvent, with Shaw Gidley appointed as liquidators.
Documents issued on Friday reveal there are hundreds of creditors and just $130,000 in assets.
Ticket seller EventBrite is owed debts of almost $900,000, while the ATO is down $89,000.
Ticket holders who purchased with a credit card are being urged to contact their card provider for refund options.
The already downsized festival at Mount Penang was cancelled with a week's notice earlier this month as the organiser blamed the imposing of last minute conditions and financial obligations..