Update:

The company have released the following statement on their website:

Due to ticket sales falling far short of expectations for this year's event, Crawl Promotions Ltd, the Company which promotes the Camden Crawl, is unable to pay its debts in full to any suppliers, staff or the Company's directors and shareholders. As it stands the total debts substantially exceed the value of the assets of the Company. Because of this completely unanticipated situation and after nearly ten years of successfully promoting the Camden Crawl festival, it is with great regret and sadness that there has been no other option than to convene meetings for the purpose of placing the Company into Creditors' Voluntary Liquidation. An Insolvency Practitioner has been appointed to assist in this process, details of which follow below. The Meetings of Shareholders and Creditors are scheduled for the 11the July 2014 and notices have duly been despatched to all concerned parties. Once the Company is in Liquidation and a Liquidator is appointed, the Liquidator will realise all assets, try and agree all creditor claims and if possible make a distribution (paying a portion of the debts due to all creditors).


Original Story:

"It is with great regret that the Board has decided that there is no option but to place the Company into Creditors' Voluntary Liquidation. The Board has instructed an Insolvency Practitioner to assist in this process."

That's what we received this afternoon following our enquiry regarding the festival's financial situation.

We'll be bringing you a full report in the coming days.