Managing Director for Big Stooshie Productions Limited, Scotland's charity music festival released the following statement confirming the closure of the business due to insolvency.

I am writing to you today in my role as Managing Director for Big Stooshie Productions Limited (Company Number. 398540- registered in April 2011), organisers of The Big Stooshie, Scotland's Charity Music Festival, held at Howe Country Centre on 4-6th May this year.

For the past month my team have been trying to formulate a plan in the hope that the company could remain solvent, pay our creditors and move forward towards profitable Big Stooshie events in future. However after initial investigations, and principally due to high levels of debt after the event in May, putting such a plan in place for Big Stooshie Productions Ltd would appear to be untenable within the time scale required.

After both financial and legal consultation I have been advised that it is my duty as Company Director to write to our creditors explaining the situation and to start procedures for closing the business due to insolvency.

It is with huge personal regret that I acknowledge that some businesses and individuals have not, and will not, be paid in full for their services at the Big Stooshie Festival. While we have received incredible and selfless demonstrations of support from some of our creditors, of course there are many who feel deeply dissatisfied with the situation. I completely understand these grievances and at this point can only comment that any commitments were made in good faith and I believed that funds would be available to pay everyone after the event.

As Managing Director I accept full and complete responsibility for the financial failure of the event which I thought would be a huge success right until the last day of the show. However I believe that I was honest and upfront with everyone involved with the project from day 1. I explained that the event did not have any substantial financial backing and all costs would be funded exclusively by ticket sales revenue. This statement is not meant to belittle the legitimate grievances of those who are out of pocket, simply a statement of fact.To fund the project, the vast majority of the costs were paid by myself personally with none of the money invested repaid to me. This personal investment means that I am by far the largest creditor to Big Stooshie Productions Ltd by way of my directors loan. Additionally I "donated" all the profits made from the bar, to pay the costs across the 3 days. This was supposed to be "ring fenced" from the outset as a small personal income, for 18 months of unpaid work.The impression given in the press and media is that most of the contractors where not paid, this is simply not true. The majority of the overall costs were settled before the event through personal investment and advance ticket sales. All invoices submitted on Friday 4th and Saturday 5th May where paid in full. It is true however that there were insufficient funds after Sunday to pay the majority of the invoices due on the day or invoices due for payment after the event.

It is undeniable that Big Stooshie is one of the greatest disappointments of my life and has left me and my family with serious financial worries. However I would like to end by focusing on a positive note. The Big Stooshie was not a commercial event but was organised by a small group of volunteers who wanted to start something "special" in Scotland which would have a significant and measurable effect on people's lives, by raising large sums of money for charity. The organisers and management team were all volunteers and nobody involved received any financial reward since The Big Stooshie's inception. I have great pride in what we accomplished, and I have so much respect and admiration for everyone who worked tirelessly, as volunteers or contractors to put on a show which many hailed as "the best event EVER!".

It is with sad realisation that all this effort and dedication would have been hailed as a massive success if the turnout was just a bit better. My personal conclusion is that it is a sign of the difficult financial times we live in.... Great idea but bad timing.

Yours faithfully
James Russell
Managing Director
Big Stooshie Productions Ltd