"here lies a potential problem , this kind of thing can happen as a result of commercialisation,particulr kind of enterpreneurs moving on to the folk scene, hoping to make a lot of money, showing little in the way of moral scruples"

Sandman, I think that comment is a little unfair. The directors don't appear to have had any other business interests, and their statement says that the directors are volunteers and that the company is run on a not-for-profit basis. When you are taking on commitments of tens of thousands of pounds it makes sense to do it through a company to avoid being personally liable for any debts. I don't think any of us would want those who put time and effort into running festivals to risk losing their homes if things go wrong. However when a company goes bust there is a strict pecking order of creditors, and of course HMRC is at the head of the queue.

I'm sorry to hear this news, I have fond memories of playing Beverley a number of times several years ago.