BLOC’s holding company has officially gone into administration following the fiasco of the BLOC 2012 weekender that was cut short at the unfinished London Pleasure Gardens venue last weekend.
Ravetalk understands that ticketholders, as unsecured creditors, will be among the last in line for payments from the administrators. When companies go into administration, the highest priority goes towards the costs of administration and then a pecking order applies to creditors. Secured creditors come first, then preferential creditors (employees etc), floating charge holders (the banks etc) and finally the unsecured creditors (including HMRC) ranked according to liability.
An official statement on the BLOC homepage said:
It is with great sadness that we announce Baselogic Productions (who you all know as Bloc) has been placed into administration following the events of Friday evening. The team are working hard with the administrators to investigate the issues that led to the closure of the event and people will be updated as and when we have new information. We ask that you allow the administrators time to conduct a thorough investigation so we can establish the facts.
Once again we would like to apologise for all of the frustration and disappointment this situation has caused and thank everyone who has supported the team over the years, your continued support means so much to us.
Please see below a press release from Parker Andrews, the appointed administrators.
Parker Andrews appointed administrators for Base Logic Productions Ltd t/a Bloc
On 11 July 2012, Baselogic Productions Ltd trading as Bloc voluntarily entered administration. The appointed administrator is Jamie Playford of Parker Andrews Insolvency Practitioners. An investigation into the facts leading to Baselogic Productions and the administration will be conducted immediately by Parker Andrews and a further statement will be issued in due course. Jamie Playford said: â€œIt is important that we understand the full facts including what funds will be available to creditors and ticketholders and to ensure the information we provide about the next stages of administration is clear and conciseâ€.
Crowdsurge ticket agency CEO Martyn Noble was quoted by Music Week as saying: â€œIt is evident that there was a combination of factors causing the cancellation of the Bloc Festival on Friday evening. The decisions taken had personal safety as the prime concern and as a result, personal injury was averted. We are immensely disappointed for the fans, the Artists and festival organisers that the event was cancelled and will work with Baselogic and third parties to establish â€˜what happened and whyâ€™ throughout their investigation. We sympathise with the frustration caused in lack of detailed statement coming forward from a variety of parties which is creating angst among fans waiting for refunds and an understanding of what went wrongâ€
Crowdsurge also denied in a statement that duplicate or fraudulent e-tickets were to blame for the overcrowding: “A small number of e-ticket issues were escalated to CrowdSurge throughout Friday and all related to either printer issues or scanner operator error. In each of these cases, fans wererequired to produce valid ID to prove that they were the legitimate purchasers of the tickets. There was no evidence of fraudulent ticketing operations.”