London-based DJ Booking Agency Elastic Artists has officially gone into administration, a similar process to going bankrupt in the United States. In a new email sent out to artists on Dec. 7, the booking agency told their clients that the company had officially entered administration and that it is "unlikely" that artists would receive all of their payments.
According to Fact, Michael Robert Fortune and Carl Derek Faulds are the appointed administrators who will operate as agents on behalf of the company and try and return as much money as possible back to their clients.
In an email sent to artists obtained by Fact, Elastic explained the process of administration and what it means to their clients, before asking artists and promoters to ""submit details of what they are owed. We are keeping a record of this and as soon as there is a substantial update we will be reporting back to everybody."
It goes on to deliver the bad news that artists won't receive their full payments.
Promoters and artists should only expect "a proportion of the money owed. Unfortunately it is unlikely that 100% of the money owed will be received and it is likely that it will take a number of months for artists and promoters to receive such payment. At this juncture we are not able to comment on the timing or level of payment that will be received."
The saga of Elastic Artists has been relatively quick, at least publically. It was revealed at the end of November that several artists and their agents were pursing payments from Elastic and were unable to get them in a timely manner. Most kept their issue with the agency private, but some tried to exert pressure publically. They were then hacked by Manchester collective Levelz, which includes a former Elastic employee, who took over the social media accounts of the booking agency.
Among the artists who were on Elastic Artists included Âme, Dixon, Obey City, Evian Christ, Horse Meat Disco, Bart B More, Canblaster, DJ Slink, Frankie Cosmos, Nadus, Nom de Strip and Of Montreal.
Elastic's socials and website have been taken down.
