Bosses of London music festival Camden Crawl have announced the company has gone into voluntary liquidation.

The rock event, which takes place in more than 20 venues around the city's Camden district, celebrated its 19th anniversary in June (14) following a year off in 2013.

However, on Friday (04Jul14) the festival's organisers issued a statement announcing the company has gone into liquidation as a result of being unable to pay suppliers, staff, directors and shareholders.

They blame low ticket sales for the crisis.

The statement reads, "As it stands, the total debts substantially exceed the value of the assets of the company. Because of this completely unanticipated situation and after nearly 10 years of successfully promoting the Camden Crawl festival, it is with great regret and sadness that there has been no other option than to convene meetings for the purpose of placing the company into creditors' voluntary liquidation."