Carriageworks has become sydneyâs first major arts company to enter voluntary administration as a result of the coronavirus pandemic.
In a statement made on the Carriageworks website today (May 5), CEO Blair French said that âwith restrictions on social gatherings likely to remain in place for some time to come, the Board determined that it had no alternative but to place the company into Voluntary Administration.â
The statement also revealed that the sudden cancellation/postponement of six months of activities due to restrictions on public gatherings has resulted in an âirreparable loss of incomeâ.
âThe Board remain hopeful that the Carriageworks facility will be able re-open to artists and community alike once NSW emerges from the effects of the current pandemic,â Mr French said.
Read the full statement from Carriageworks here.
The Sydney Morning Herald revealed on May 7 that Carriageworksâ financial troubles might have begun far earlier, with insolvency discussions dating back to March.
The accounting firm called into run the company on Monday (May 4), KPMG, held five teleconference meetings with Carriageworks directors between March 23 and May 4.
During that period, Carriageworks stood down core staff…
