Bankrupt former Ticket Rocket Director living in 'luxury’ in Sydney

Matt Davey, the former owner of Dunedin-based ticketing platform Fortress Information Systems, has been reported as “living in a luxury Sydney apartment” while his businesses have been wound up and being bankrupted in both New Zealand and Australia.

New Zealand media outlets have reported that companies owned by Davey, the sole Director and majority shareholder of Fortress Information Systems Limited, which traded as Ticket Rocket​​ and which was previously known as TicketDirect​​, owed $5.56 million to the Bank of New Zealand (BNZ) according to the latest receiver’s report.

Davey who is from Canada, was bankrupted in New Zealand in May, after an initial notice was served on him in September 2021, but that matter was delayed as he sought leave to appeal an earlier summary judgment.

That was declined earlier this year.

Recent reports indicated that he was also been made bankrupt in Australia in late June, following a successful application by the BNZ.

Davey had moved to Sydney as his financial interests collapsed in New Zealand, although during his bankruptcy proceedings in New Zealand, he had submitted that he should not be made bankrupt as he has no assets of significance.

He also submitted that the failure of Fortress had taken a huge emotional toll on him over the last two years, which impacted his mental health and wellbeing, and cited ‘’negative news media’’ as contributing to that toll.

Davey, a holder of a Canadian passport was not eligible for assistance in Australia, also submitted that his ‘’day-to-day living is a struggle’’, including not being able to obtain credit cards.

Information from his Australian proceedings included Davey’s home address at the time of his bankruptcy.

That address was a three-bedroom harbourside apartment at McMahon’s Point with views of the Sydney Harbour Bridge and Opera House.

The receiver’s report shows Davey’s company held $535,000 in a bank account for ticket sales received between 11th June 2020 and 31st August 2020. Those funds should have been held on trust, and the majority of those funds have been distributed accordingly.

$25,000 was still owed to staff, while New Zealand’s Inland Revenue Department was owed $444,000.

The report noted claims from contract holders/promoters and ticket holders were ‘’substantially more than the funds’’ held by the company and its subsidiaries, with those unsecured creditor claims totalling $2.29million.

Of that figure, some $1.64 million of refunds remain due to ticket holders.

A former High Court decision noted that Fortress was hit with close to 500 event cancellations when New Zealand went into lockdown, coming at a time when the Dunedin-headquartered company was already swamped with Australian cancellations.

Davey had been the largest shareholder of Super Rugby’s Highlanders after buying into the franchise in 2015. As of February 2021, he was removed as a shareholder.

Image: Matt Davey at the time of his becoming co-owner of Super Rugby’s Highlanders in 2015.