Hollie Fullbrook of Tiny Ruins was scheduled to play at Echo Festival before the event was cancelled.

The promoter of failed New Year's Eve event Echo Festival owes $650,000 to creditors, including about 700 ticket-holders.

McLaren Falls Festival, the company behind the two-day music event, was put in liquidation by its director Paxton Talbot last month.

Originally called McLaren Valley Music Festival, the Echo event was cancelled in November due to low ticket sales, just weeks after promoters announced its relocation from McLaren Falls near Tauranga to Auckland's Vector Arena.

The planned festival was to feature the likes of Disclosure, The Flaming Lips, Kurt Vile & The Violators, Young Fathers, Tiny Ruins, Jamie XX, Die! Die! Die! and Mel Parsons.

Liquidators Gerry Rea Partners said some of the 700-odd people who bought tickets to the event might have already been refunded.

READ MORE: Echo Festival liquidation angers ticket holders

McLaren Falls Festival owed $400,000 to secured creditors, including Kiwibank.

Unsecured creditors, including ticket holders and contractors, were owed an estimated $250,000.

This was used to pay deposits to secure acts and accommodation, and liquidators were reviewing if the funds could be recovered.

About $30,000 from ticket sales was held by a separate ticketing company and liquidators were looking at the legal status of that money.

Creditors had until January 18 to file a claim with liquidators but it was not clear if unsecured creditors would be reimbursed, a liquidators' report said.