Allegedly the old company was not actually a limited company and allegedly Simon Boak is personally liable for the debts incurred by the events office. I may be wrong and this is only my opinion and should not be quoted as fact. Allegedly Simon Boak is barred from setting up a limited company, this again is hearsay and should not be relied on as being the truth, if however this is true then it may be that he may not be allowed to be a director of the new company (or indeed any company) and the new company may, in fact, be totally separate from the original one.
Sorry if this seems to be a little vague, my brain can never be relied on when it comes to clarity.

On a positive note I hope that the new company, if independent of the original one, is successful in its venture to have a Folk Festival in Pickering. The new company should not suffer for the activities of the previous one (if there is no connection)
Simon's idea for a folk festival in Pickering was a good one and if nothing else he should be given credit for the idea if not for the resultant debacle.