Adelaide-based Space Events has been forced into liquidation after being declared insolvent.
Space Events, the main operational company of concert promoter Phil Rankine, was wound up over a $1.1 million debt to financier Ed Peter’s company Duxton Entertainment.
It is the second Rankine company to be placed in liquidation by the court this month, with Space Touring placed in liquidation, while another two companies, Space Production and Space Entertainment, remain in administration.
The former administrator of Space Events, who will now be replaced by a liquidator, found that it owes $12.5 million to creditors, while Space Production owes a further $7.5 million.
Space Events was to stage two Elton John concerts in Adelaide in December, with administrators and liquidators of the Rankine companies working together with Chugg Entertainment to ensure these concerts will still be staged.