Organisers of the 10,000-capacity Borderline Music & Arts Festival in Australia have blamed Festicket’s financial situation for the cancelation of the event.

Festicket is currently being administered by financial advisory group ReSolve Advisory, which cancelled the company’s  moratorium after it found it was no longer likely to result in the rescue of the company. Assets owned by Festicket’s Event Genius business are to be acquired by New York-based ticket exchange service Lyte, and Festicket employees have already begun using the Lyte branding in communications.

Borderline Music & Arts Festival was due to take place on 8 October with a line-up including Jimmy Barnes and The Teskey Brothers.

“This tough decision was necessary due to our primary ticketing partner Festicket entering into administration, which has caused significant and unrecoverable financial issues for the event organisers,” said the event’s co-organiser Daniel McDonald.

Borderline Music & Arts Festival’s organisers issued a statement in which they also cited labour shortages, supply chain issues and difficult economic conditions including “ballooning” insurance premiums and infrastructure costs as contributory factors behind their cancelling the event.