A society's fundraising venture for the Waipu Golf Club has raised no money and owes creditors more than $100,000.
The January 13 "Waipu Rocks" concert was organised by the Waipu Golf Fairway Development (WGFD) incorporated society.
It was meant to raise funds for the Waipu Golf Club, which says it is now "totally embarrassed by the situation".
The WGFD society has publicly acknowledged its debt, but is not commenting.
However, a letter to a creditor suggests that the society believes it is on "solid ground" to liquidate the society, and pay out only 54.5 cents for each dollar owed.
The biggest creditor is The Production Company, an Auckland-based business which supplied the bands. It is owed $55,000 - and would only receive $29,975 if the society's offer is accepted.
Mr Electri City, which provided on-site electrical work, is owed $5000 - it has been offered $2725 - and owner Jerrie Coetzee has lodged a claim in the Disputes Tribunal.
Production Co boss Paul van't Hof is keeping his options open, but would prefer to recover his full fee without legal action.
Dave Dobbyn headlined the event.
Society president Gordon McKay said because a Disputes Tribunal claim had been made he did not want to comment. The case is to be heard in May.
McKay acknowledged the society was responsible for the debt, not the golf club and any profits would have gone to the society to then spend on upgrading the fairways.
Van't Hof said he hoped for an amicable solution, but wanted his full payment.
''I've paid the artists what I committed to pay them before the show and believe I should be paid what was committed to be paid to me. I could not underpay the artists as I gave them my word and in this business you cannot go around not paying the people you have contracted to pay. This is just wrong.
''You could see on the day that the crowd was not going to be enough for the show to break even.
Van't Hof said he was told ticket sales were on track and more than 3000 people were expected. He estimated 1500 people attended.
"If I had been told in advance that they did not have the ticket sales needed I could have scaled back the event or the artists could have cut short their sets to still make it fit [within the budget].''
Waipu Golf Club captain John Triggs was the initial organiser of the event, until the incorporated society was set up.
''[Setting up the society] took it out of our hands ... we are totally embarrassed by the situation,'' Triggs said.
A letter sent to van't Hof from McKay and fellow society member Bob Glen states that 18 creditors had accepted the proposal of payment of 54.5 cents in the dollar, and three smaller creditors had written their debt off.
''There are only four creditors who have refused to accept the proposal including yourself,'' the letter said.
''Consultations with a solvency accountant reinforced that we need to pay all unsecured creditors on the same basis and not give any one or two creditors priority over other creditors.
"This has always been the primary focus of the society to ensure there is a fair distribution no matter how unpalatable to individual creditors. Given this, and the fact that most creditors have accepted our proposal, we consider we are on solid grounds should a formal liquidation be imposed on the society.''