The liquidation follows changes to the company’s ownership structure in November. Prior to that, the Souled Out company was led by Victorian-based co-founders Alexander Ross McDonell and artist agent Emal Naim. They co-owned the business alongside Michael and Vedrana Zarafa and Kaitlyn Rose Porter. Bernard Kumar, co-founder of the Promiseland Festival with Naim, was also previously a shareholder. Since November, Michael O’Grady has been listed as the sole director and shareholder.

Souled Out cancelled its 2025 festival edition in February, just one week before scheduled dates in Melbourne, Sydney and Brisbane. At the time, organisers also addressed ticket-holders’ concerns regarding the absence of announced dates in Perth and Auckland, stating they were working “tirelessly” to make those events happen.