The Company behind the cancelled Mountain Sounds Festival has gone belly up, with debts of over 1.5 million dollars.
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 thousand dollars in assets.
Ticket seller EventBrite is owed debts of almost 900 thousand, while the ATO is down 89 grand.
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..