The company had been registered under the name Soundwave Festival Pty Ltd until September 24, when its name was changed to Penny Denny Pty Ltd before again being changed to its current name ACN 127 870 866.

Al Jourgensen of the band Ministry at Soundwave festival.

It is understood Soundwave’s promoter AJ Maddah is the sole shareholder of the company, which had been the operating company of Soundwave Festival since 2007.

The first meeting of creditors of the company under administration are due to meet on October 7. On Tuesday, Maddah said that the company under administration had ceased to be the operating company of Soundwave Festival in April this year.

It is not the first time AJ Maddah - who also founded the now-defunct Harvest Festival - has faced financial problems.