Ticket Rocket unable to be sold

Receivers in charge of defunct ticketing company Ticket Rocket are unable to sell the business and still trying to figure out the accounts.

But they have delivered a clear message: there will be no money for many people out of pocket as a result of the saga.

Companies linked to Ticket Rocket, formerly known as Ticketdirect, were put into receivership in August last year.

One of those companies, Fortress Information Systems Ltd, was subsequently placed in liquidation in October due to owning the Hurricanes and Crusaders Super Rugby franchises $186,000 and $155,000, respectively.

Insolvency documents from November showed Fortress had debts of more than $9 million.

The moves came after a string of stories emerged of the company not refunding people who bought tickets for events later cancelled due to coronavirus lockdowns.

Promoters, venues and performers as varied as the Nelson Youth Theatre and Royal New Zealand Ballet also had issues getting money out of Ticket Rocket.

Ticket Rocket also had $676,000 frozen in June last year – a move the company tried to get suppressed – after an application by Palmerston North City Council over concerns about Ticket Rocket’s liquidity.

Receivers BDO Christchurch put Ticket Rocket on the market in October, touting the company as an ‘‘established ticketing service’’ with ‘‘potential to grow relationships with promoters and venues on top of an already existing client base’’.

But the sales pitch landed flat, with receivership reports published on Wednesday evening noting the company stopped trading in November after there were no buyers.

Someone, however, was still interested in Ticket Rocket’s ticketing platform software code.

The company brought in $573,460 during the first six months of the receivership, with the reports noting $425,000 came from selling shares in the Highlanders Super Rugby franchise and $46,000 from selling shares in United States team the Seattle Seawolves.

Company director Matthew Davey had given receivers a list of investments and contractual disputes, which could have significant value.

Meanwhile, about $535,000 held in a bank account was subject to multiple claims, including Palmerston North City Council’s action against the company, receivers said.

Receivers were still struggling with Ticket Rocket’s accounts, with promoters listed as owing money coming back and saying they were owed money.

Those claims would be treated as unsecured, meaning they would be last in line to be paid.

However, receivers said in the report: ‘‘There will not be any funds available from receivership assets for a distribution to unsecured creditors.’’

Receivers have already asked people needing ticket refunds to go to their banks and see if they were eligible for a chargeback.