JUMPCLIMB LIQUIDATION AND AFFECTED ARTISTS
Posted in Media Releases
Following all four of the corporate entities associated with the independent events company JumpClimb being put into liquidation, FRINGE WORLD and its legal partner K&L Gates have been working to support artists affected by the situation.
In particular, steps have been taken to help support artists owed money by JumpClimb to manage lost income in the short-term and through the entire liquidation process.
Based on FRINGE WORLD’s investigations, close to $200,000 is owed to artists by JumpClimb. FRINGE WORLD is advancing $85,000 directly to these artists, a sum that equates to relevant ticketing fees generated during the Festival.
FRINGE WORLD is also doing all possible to help manage the claims of affected artists through the liquidation process by allowing artists to assign claims against JumpClimb to FRINGE WORLD in order to run them as a single claim.
There is no promise that FRINGE WORLD will be successful in efforts to claw back the amounts owed to artists, but any amounts that are recovered will be paid directly to the artists on-top of the $85,000 advanced.
The company appointed to oversee the liquidation of all four companies controlled by JumpClimb has released initial reportage based on information provided by the Directors of JumpClimb and its associated companies and meetings between FRINGE WORLD’s legal partner K&L Gates and the liquidators have occurred.
The first issue that is being addressed is the fact that a large number of artists who are owed money by JumpClimb are not currently listed as creditors.
FRINGE WORLD CEO Marcus Canning stated:
"Although we have no legal obligation to address this situation in these ways, we believe strongly it is our duty. One of our core values is ‘Our Success is Defined by the Success of our Artists’. Fringe artists being left high and dry due to a badly managed business collapsing is a devastating situation. We are committing these funds and moving to legally represent the interests of affected artists as it’s the ethical thing to do and it’s an expression of our values. This is us putting our money where our mouth is, otherwise it’s lip service.”
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