A company set up to run a star-studded music festival at Chichester has called in liquidators. It has debts of £50,000.

Music 2000 was headlined by American pop legend Art Garfunkel who flew into Britain specially for the £24-a-ticket concert.

He is believed to have been paid for his 40-minute performance. But other artists including Katrina and David Soul, former star of American cop series Starsky and Hutch, are thought to be among the creditors.

Worthing-based insolvency practitioner Levy Gee has been called in to deal with the company's affairs and is expected to be appointed as liquidators.

A spokesman for Levy Gee said a creditors' meeting would take place on September 6 when the company will officially go into liquidation.

He confirmed that several suppliers to the event had not been paid and the shortfall was in the region of £50,000.

The day-long event, in Oaklands Park, Chichester, on August 6, was organised by Malcolm Spencer as a millennium tribute to music.

Mr Spencer could not be contacted today but it is believed the debts have been caused simply because not enough tickets were sold.

The event itself also led to complaints after it over-ran and some performers, including Katrina, were limited to performing just one song.

Several people who attended the event said the music was good but criticised the organisation.