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Player1 Events Faces Liquidation as Insomnia 73 gets Cancelled Amidst Unpaid Debts

Posted : 16 September 2024

In early September, the Insomnia 73 gaming festival, which was expected to offer a weekend of gaming, esports, and cosplay fun for all ages, did not take place. The absence of the event is attributed to ongoing financial issues from the previous edition, Insomnia 72, for which the organizing company, Player1 Events, still owes over £500,000 to various businesses. Despite repaying many freelancers, significant debts remain unpaid.

 

Player1 Events recently proposed a settlement offer to the companies owed money from past Insomnia events. The offer was valued at 10.27 pence on the pound, meaning that businesses like High Viz Media Ltd, owed £34,213.80, would only receive £3,513.76. Other affected companies include Protec European Events, Emblem Events & Exhibitions, and Five Star Crew Company, each owed substantial amounts but receiving only a fraction of what is due.

 

This settlement offer has been rejected, and Player1 Events is now poised to enter a Creditors’ Voluntary Liquidation (CVL). Previously, the company opted for a Company Voluntary Arrangement (CVA), attempting to negotiate repayment terms with its creditors. The key difference with a CVL is that it involves ceasing trade and liquidating assets to repay debts, as opposed to the CVA’s attempt to restructure and settle obligations.

 

The financial troubles for Player1 Events began after Insomnia 72, held from March 29 to April 1, when contractors discovered missed payment deadlines. This led to public outcry and a report revealing the company had laid off its staff. Player1 Events initially sought a CVL but later chose a CVA, accumulating £8 million in debt. Now, with the CVA rejected and a new director appointed, the company faces CVL proceedings as creditors await some form of repayment for the outstanding debts.

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