Wow Festival Ltd Moves To Liquidation. 23 Companies Owed Money

VentnorBlog has learned that Wow Festival Ltd, the company that was to run Wow Fest, has entered the first stage of liquidating the company.

Wow Fest to Ow FestVB today spoke to the company instructed to carry out the voluntary liquidation and learned that notices have been sent out to creditors.

Last week’s article broke the news that two companies who had paid deposits to Wow Festival Ltd were having difficulties getting their stallholders deposits back. VB has now heard that they’re not alone.

23 traders out of pocket
Speaking to Mark Laurie from the Nationwide Caterers Association (NCASS), we’ve learned that he has a list of 23 traders who say they haven’t received their deposits, despite attempts to get them paid back.

Mark told VB, “People will lose their livelihoods because of this”, explaining that at least £60k is owed by WowFest and its organisers to the traders that haven’t been refunded.

Ticket holder too
On top of this VentnorBlog was contacted by Paul Chappell who told us that he had paid £238 in advance for two tickets and parking, but he’s been unable to get a refund on the tickets.

When announcing the cancellation of the event, the festival organisers said, “Ticket holders for WOWfest 2012 will be refunded … we will be in touch with them all separately …”.

Paul tells us that he hasn’t received any contact at all.

We emailed Philip Snellen and Geri Ward, the organisers of Wow Fest, but at the time of publishing, we hadn’t heard back from them.

Did you buy tickets?
If you, or a friend, bought tickets and haven’t received a refund, please get in contact with us.

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Sailor Sam
6, July 2012 5:22 pm

If i’m honest, I am surprised that these traders did business with these people in the first place knowing their reputation.

Mr J
6, July 2012 6:24 pm

The wonderfully useless English companies act seems to let people like Snellen and Ward do this over and over again without penalty.

‘Ltd’ appearing after the name of any business means there is a limited chance you will get a refund if the company fails. Caveat emptor. Do some research!

ha
Reply to  Mr J
6, July 2012 6:35 pm

it means nothing of the sort. Limited companies simply limit liability of shareholders and investors to the amount they invested in the first place. It protects investors from liability over and above what the company is worth. There are lots of limited companies that trade honestly and reliably. In this case, Snellen and Ward should be refunding the money they have charged for deposits and tickets, but… Read more »

jingle jangle
Reply to  ha
6, July 2012 7:36 pm

…wot, no-one blamed Giddings yet ? – come on Braveheart, Don Smith, Cynic etc.etc.etc. What I find disturbing is that about 100 Islanders actually bought tickets. What does that say about the Island mentality…..

Cynic
Reply to  jingle jangle
7, July 2012 9:34 am

Nobody has accused JG of not paying his debts! However it will be interesting to see his reaction to Festival refunds, given that Silverstone having met similar problems has offered refunds to those who cannot attend the Grand Prix for no fault of their own. No doubt, JG and his supporters will attempt to differentiate the two events. :-)) I agree with the comment that those Islanders… Read more »

No.5
Reply to  Cynic
7, July 2012 12:14 pm

Maybe they weren’t lucky enough to have a news service like VB where they are based.

They were approached by a (on face value) reputable company with a license for a festival granted by the IOW Council…maybe they though that the council would have checked them out before giving them a license

Mr J
Reply to  ha
6, July 2012 11:33 pm

Of course most Ltd companies trade honestly. You are also correct about Directors and shareholders. However, if you are a creditor of a Ltd company – such as Wowfest Ltd – and they have no assets, you will not get paid if the company becomes insolvent. As long as their is no proven fraud and the Directors acted in good faith, the Directors are not personally liable… Read more »

ha
Reply to  Mr J
7, July 2012 12:41 am

it should protect their personal assets. thats what a limited company is for. as for assets, cash will be considered an asset. They sold tickets, and the income for that will have been used for certain things, but any remaining should be split between the creditors, which includes customers. On the other hand, if they are guilty of fraud, and thats a very big if, then they… Read more »

Cynic
6, July 2012 8:18 pm

“That is what liquidation will ensure happens. Company assets will be sold and the money split between all creditors.”

Not all creditors are equal! HRMC usually takes it bite first!

“The liquidator will pay a dividend to unsecured creditors ONLY if enough funds have been realised from the company’s assets after paying costs,secured creditors and preferential creditors”

No.5
Reply to  Cynic
6, July 2012 8:21 pm

There will be no assetts

ha
Reply to  Cynic
7, July 2012 12:51 pm

I didnt say the assets would be split equally, and there will be assets even if it is only cash. yes, the tax man and other preferential creditors will be paid first. thats the way it goes, and the risk people take every time they buy something – they may not get a refund if the company liquidates. In this case, Im not sure why anyone would… Read more »

Cynic
6, July 2012 8:32 pm

Learn from it! If a company has a dodgy track record in paying its past debts, make the directors sign contracts accepting personal liability for any new deals with you. Then, if they default, CCJ them in their personal legal status and get the debt collecting rottweilers to chase them. It probably won’t get you all your money back but it places an obstacle in the way… Read more »

ha
Reply to  Cynic
7, July 2012 12:53 pm

make them sign? how exactly?

there will come a point when people refuse to do business with these people, but there will never be a point when Snellen & Ward agree to put their personal assets on the line. Its all very well to suggest what you have, but if people wont sign a contract like that then its ultimately pointless.

Cynic
Reply to  ha
7, July 2012 1:01 pm

Quite right! You got the message correctly- no putting personal assets on the line = no contracts = no chance of losses for the contractors.

Koo Janzen
6, July 2012 9:46 pm

Oh dear, why am I not surprised. And so many people accused those against this festival of being unfair and instructive. I have seen comments that have taken pity on the poorly beleaguered organisers… And look at what has happened now. We saw it all coming, it was inevitable! And in answer to some of the comments above, it is not always that easy to get your… Read more »

Mason Watch
6, July 2012 10:06 pm

The sheer ‘front’ of these two got them through the initial WOWfest startup to a point where they could take funds off private and commercial creditors alike. That they were granted a license at all by a committee of the IOWCC remains a blot against right thinking IOW residents. Do we think the message has now got through our collective skulls? Never, ever again must these shysters… Read more »

Nev
Reply to  Mason Watch
7, July 2012 10:50 am

Well put Mason totally agree.

colin
Reply to  Mason Watch
7, July 2012 1:20 pm

Fact. I think the current owners, and I do know them, will be shocked to hear that the house they bought from the receiver/re-possessor doesn’t belong to them! And the Landlord charging them rent for the house they are in at the moment? Does he not know that, according to you, P&G own that as well? Get your facts right before you publish. Property was repossessed 1… Read more »

No.5
Reply to  colin
7, July 2012 1:32 pm

They were not lead to the slaughter…they created the events that lead to this fiasco Using other peoples disgrace to justify this disgrace is comical These people ripped off anybody who came near them, not just other businesses but ex friends and neighbours. They put people out of buisness and made no attempt to remedy that. Health issues should in no way hinder attempts at recovering lost… Read more »

Mason Watch
Reply to  colin
7, July 2012 6:08 pm

Wolves? Hyenas? ReallY Colin? Do you think the £70,000 plus in debts from their last outing (inc £3,000 to a young employee) and much the same now in 2012 puts them in the Trump or even more bizarrely Abraham Lincoln category i.e competent businesspeople just suffering a little downturn? What a load of drivel…..the only way success would be achieved is on the back of other peoples… Read more »

Steephill Jack
6, July 2012 10:40 pm

I must recommend the report from the ‘new’ Ventnor Town Council concerning the management of the Winter Gardens 1994-2011. http://www.ventnortowncouncil.org.uk/wg/ Section 3 is about ‘The Jazzers’ and you can follow the parts played over those years by many former town councillors. Here is one bit on Ward and Snellen: 3.72 During 2009, another three of the companies Geraldine Ward and Philip Snellen had been Directors of were… Read more »

Chris Wilmott
6, July 2012 11:23 pm

Does current company law prevent the people who ran this organisation from setting up something similar tomorrow? I think not. As for “no assets,” will they be obliged to show where all the money has gone? I think not. Is there a general feeling of confidence that our institutions take reasonable care of the public interest? I think not.

Cath
Reply to  Chris Wilmott
7, July 2012 9:04 am

Most of the general public who bought tickets will have bought using a credit card and will be able to get their money back through the card company. A hassle, yes, but they should get their money back eventually. There are laws to cover this. Businesses, and this will be mostly small businesses I would guess, will probably have to write off the loss. They may possibly… Read more »

Cynic
Reply to  Cath
7, July 2012 9:24 am

“Most of the general public who bought tickets will have bought using a credit card and will be able to get their money back through the card company.”

Only if the ticket cost more than £100. Promo, student and other tickets were less than £100.

Sailor Sam
Reply to  Cynic
7, July 2012 11:23 am

Wasn’t they ‘offering’ discounted tickets of £99 up till just before the deadline of paying their policing payment? You could be forgiven for thinking they were enticing people to buy tickets knowing that the event may not even take place… wouldn’t that be fraud?

ha
Reply to  Sailor Sam
7, July 2012 12:57 pm

I dont think so. Only if they definitely knew the event would not take place would they be guilty of fraud. Try proving it… nothing would be written down.

Stephen
7, July 2012 10:22 am

The first slice of any cash in any company in administration will, probably, be allocated for the administrator’s fees probably around £300+ per hour. Do not hold your breathe for any more than 1 or 2p in the pound!

Cynic
7, July 2012 12:58 pm

I wrote “I agree with the comment that those ISLANDERS who did business with WOWfest should have known better about the risks they were running, given the amount of publicity about previous debts not being paid for similar events managed by the same organisers.” No. 5 replied “Maybe they weren’t lucky enough to have a news service like VB where they are based.” Where on the Island… Read more »

No.5
Reply to  Cynic
7, July 2012 1:27 pm

most of those owed money by WOWfest are not Islanders

Cynic
Reply to  No.5
7, July 2012 1:32 pm

How do you know? :-))

….. or is this another case of most of the money from a successful festival is likely to go off the Island? :-))

No.5
Reply to  Cynic
7, July 2012 2:24 pm

Because I have been in contact with several of them and the professional body for mobile catering businesses who are persuing WOW on behalf of their customers.

Cynic
Reply to  No.5
7, July 2012 2:31 pm

So no “many millions for the Island” from WOWfest either? :-))

No.5
Reply to  No.5
7, July 2012 2:43 pm

nope…but then no comparison between WOWfest and The IOW Festival…

Sailor Sam
Reply to  No.5
7, July 2012 3:01 pm

That’s because not many Island based business would have anything to do with them I guess!

ha
Reply to  Cynic
7, July 2012 1:55 pm

“Where on the Island can Islanders not access VB?” more to the point, why wouldnt islanders access VB? I can think of several reasons. Some may prefer the county press. Some may prefer another online news service. In any case, why should people have to check the past record and honesty of company directors before buying tickets? The company sold tickets for a service and should either… Read more »

Stewart Blackmore
7, July 2012 5:26 pm

Wowfest Cash at Bank: £85, Total Liabilities: £85,865, Net worth: -£78,089.

Nobody will get a cent.

Cynic
Reply to  Stewart Blackmore
7, July 2012 5:43 pm

“Follow the money”…..

bored
Reply to  Stewart Blackmore
8, July 2012 6:12 pm

how exactly have you found out what their bank balance is? that is surely confidential information.

Janet Scott
Reply to  bored
8, July 2012 7:34 pm

Oh! dear bored, do keep up.

Check Vb’s article headed ‘ WOWFest Organisers Failing to Return Deposit’ comment no’s 10,11,12.

Stewart Blackmore
Reply to  bored
9, July 2012 8:29 am

Bored, they are a limited company and the information is in the public domain, nothing underhand need be done to find this information.

Braveheart
8, July 2012 12:43 pm

Follow this link as it makes some very interesting reading:-

http://www.efestivals.co.uk/festivals/others2012/wowiow/

No.5
Reply to  Braveheart
8, July 2012 6:04 pm

a bit of creative writing

Mr J
8, July 2012 6:09 pm

that was all on their website. Must have cost them a few hundred?

I don’t quite see why anyone would have any sympathy for them. Based on the track record of failures, either they are crooks or incompetent business people?

Mason Watch
8, July 2012 11:29 pm

This one is going to run and run……CP reporting that the license has been surrended. Will VB seek a comment from Mrs Soccia (?) as to her thoughts on her committe’s decision to award it? No matter what your view of the Boy Pugh I have to say he was spot on with this issue despite the abuse he took for it.

No.5
Reply to  Mason Watch
9, July 2012 2:46 am

He was…although his issue was The Nimby one before he found out the history of the organisors..this then became his best weapon

Braveheart
9, July 2012 2:28 pm

WOW Festivals Ltd director Geri Ward, who used to be with the Cumbria Constabulary:-
http://uk.linkedin.com/pub/geri-ward/5/652/741

Braveheart
Reply to  Braveheart
9, July 2012 3:33 pm

Above I have yet another comment which will no doubt sit around for days waiting to be moderated?

Crusty The Clown
Reply to  Simon Perry
9, July 2012 3:51 pm

Some people seem to think you have nothing better to do than sit around waiting for them to leave comments that might need moderating.

Braveheart
Reply to  Simon Perry
9, July 2012 8:25 pm

Simon and Sally Please accept my most sincere apologies for the comment I made, it was rather crass of me to not realise you deserve weekends off especially as you both work very hard to keep the site running so smoothly. Unfortunately, at this moment in time I cannot proffer any fundamental excuse as to why I posted such an inane remark other than a weakness of… Read more »

Sally Perry
Admin
Reply to  Braveheart
9, July 2012 9:15 pm

Apology accepted :-)

Nic
10, July 2012 3:12 pm

Anyone looking for them should know that Geri Ward is at the office in Spithead, Sandown. In a blue, 4 door X-Reg Freelander.

Colin
10, July 2012 5:06 pm

You will see that the moderator has removed part of the ‘Mason Watch’ posting above as it overstepped the mark either ‘Data Protection’ or other legal/moral issues. Debt recovery has a legal process, you do not turn up on someone’s doorstep or encourage others to do so. I am not trying to deny they have issues from the past or prevent debt recovery (because of illness and… Read more »

No.5
Reply to  Colin
10, July 2012 5:54 pm

Debt recovery is already a justified method..they have been to court on many previous issues, had judgement made against them and still failed to pay…exacatly the process required for debt recovery.

Debt recovery agencies have access to databases and woyld check who was resident before calling.

Lets hope their true address becomes available so that it can be asset stripped to pay of their debts

Sailor Sam
Reply to  No.5
11, July 2012 12:47 pm

Can I just point out that debt recovery agencies (DCA’s) have no legal powers what so ever to recover money. They still need to obtain a CC judgement and then issue a warrant of execution to instruct CC/certified bailiffs to attend and remove goods/assets.

giraffe
Reply to  Colin
11, July 2012 12:39 pm

Wow Colin, you’re sticking your neck out for people who in my view don’t deserve it. People who have previously gone via the courts to get money back have got nowhere with these two, as they hide behind a different Limited company each time. When do you think it does become legitimate to go up to someone with a track record like these two have had and… Read more »

Mason Watch
Reply to  Colin
16, July 2012 4:52 pm

Colin, with your in depth knowledge of Phil & Geri you might like to confirm that they have changed their directors details to reflect their new address and not left it as the property which you state has now been repossessed. That will do more to prevent problems than anything else. It’s a small Island for a disappearing act to work succesfully and it hasn’t I didn’t… Read more »

Braveheart
11, July 2012 11:25 am

The organisers and directors of WOW Festival Ltd may run but, they can never hide indefinitely as its quite easy for the Courts to trace them through Utilities Companies.

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