FOMO music festival goes under owing $5m

FOMO festival has collapsed owing $5 million to creditors.

FOMO grew rapidly after launching four years ago in Brisbane and has since become one of the largest music festivals in Australia, attracting crowds of more than 10,000 people in all four cities it played this January.

But FOMO festival has gone into liquidation with less than $4000 in cash and $5000 in other assets, according to documents lodged with the Australian Securities and Investment Commission.

The Festival also owes $148,540.43 to three partly-secured creditors and nearly $5 million to unsecured creditors.

Liquidators Hall Chadwick are now looking into the company’s affairs.