Bankruptcy proceedings underway

Fifteen Seconds Festival canceled due to insolvency

On Tuesday, the organizers of the Fifteen Seconds Festival in Graz filed for bankruptcy proceedings at the Regional Court for Civil Matters. The sluggish ticket sales and lack of sponsors are to blame for the bankruptcy. Over 1000 ticket holders are now affected.

Year after year, the Fifteen Seconds Festival brought around 8,000 enthusiastic spectators to the Graz Stadthalle - but now it's over. "Fifteen Seconds Events GmbH today filed an application for the opening of bankruptcy proceedings at Graz Regional Court", reported Venka Stojnic from the Austrian Creditreform Association on Tuesday. This has consequences above all for those 1170 people who had already bought a ticket.

Fewer sponsors, fewer tickets sold
The two-day future event was due to take place next week and the company had hired 17 different employees. A week ago, the event was canceled - there had already been increasing financial difficulties since the coronavirus pandemic. The search for sponsors was slow and ticket sales were worse than hoped. According to the insolvency application, liabilities amounted to 1.5 million euros and assets to around 140,000 euros. It is not believed that the festival will continue in the future.