Yesterday Heatwave festival promoter Patrick Whyntie over at Mess+Noise proudly declaring that criticism of the much maligned festival “makes me focused to prove them wrong in coming year.”

However now it seems that he may not have a chance to resurrect the festival. Music Feeds claims that “a source” has forwarded them a copy of an email from Heatwave to their creditors which reveals that the festival has been declared insolvent and is now in the hands of liquidators.

According to the email there are “a number of factors which contributed to this but the bottom line is that we did not have the break-even crowd in SA.” The three day camping event in South Australia had been expected to attract 5000 punters, but fell well short with Whyntie admitting in his interview with Mess+Noise that the actual attendance was closer to 2,000.

The insolvency announcement goes on to explain that the interstate festival tour, which reportedly received almost $2 million from “outside investors”, failed to “generate sufficient income to cover the debts incurred in SA” and as a result the festival is unable to honour its financial commitments.

Late yesterday afternoon, Heatwave announced on Facebook: “We learnt a lot and strongly believe that an affordable festival is what this industry needs, we’re not sure on the future moves just yet but either way big effen props for your support for Heatwave!”