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SFX’s Totem OneLove, Stereosonic promoter, goes bust

Following the cancellation of Stereosonic 2016, Totem OneLove Group has followed its parent company into administration

By Jon Chapple on 24 May 2016

Stereosonic 2010, Totem OneLove Group, Ryan Polei

A desaturated crowd shot from Stereosonic 2010

image © Ryan Polei

Totem OneLove Group, the Australian subsidiary of SFX Entertainment that promotes Stereosonic festival, has declared bankruptcy.

The company, trading as SFX-Totem Operating Pty Ltd, is shown as having entered “external administration” by the Australian Securities and Investments Commission (ASIC) and confirmed to theMusic.com.au this morning that administrators have been appointed.

Totem OneLove ASIC administration screenshot

A separate company, Totem OneLove Group Pty Ltd, is currently shown, however, as still being active. IQ has contacted Totem OneLove for clarification.

Totem OneLove and Stereosonic were sold by founders Richie McNeill and Frank Cotela to SFX Entertainment, which filed for bankruptcy in February, in 2013. As of 1 February 2016 the company was owed US$10.7 million by SFX.

Stereosonic itself is on “hiatus” for 2016, although McNeill, who has since moved left Totem OneLove, said earlier this month he doubted the festival would return in 2017.