COOLY Rocks On Festival may be the only benefactor of Wintersun going into liquidation.
The two festivals drew similar crowds and were on at the same time of year, but with the demise of Wintersun the Cooly Rocks On festival should draw larger crowds.
Events NSW snatched Wintersun from the twin towns of Coolangatta and Tweed Heads in 2010 to be reinvented as a travelling festival.
In 2011 it was held in Port Macquarie and then in Coffs Harbour earlier this year.
Tweed Shire Councillor Warren Polglase thought the festival should have stayed in the area.
"It's disappointing to hear the news," he said.
"It had a great benefit to the town [Tweed/Coolangatta]."
Rodgers and Reidy Accountant's director Robert Moodier said the Wintersun Festival Association had gone into liquidation.
Cr Polglase confirmed Wintersun was in trouble and the a creditors meeting did occur.
"It happened a week or so ago," he said
"They were enticed by state funding and couldn't make it work down there."
Cooly Rocks On CEO Bob Newman said they could attract extra visitors without another similar festival on the coast.
"I guess those people may consider Cooly Rocks On instead," he said.
"We may benefit to a small degree.
"But I don't like for anyone to go under."
Some Coffs Harbour businesses, bands and contractors were still waiting to be paid from the last two Wintersun festivals, and pressure was mounting for organisers.
The Wintersun Nostalgia Festival Facebook page had a message from the administrator dated November 8.
"Details will be forthcoming soon I believe, there has been a lot going on behind the scenes to save this festival of 25 years...there has been no impropriety, no Fair Trade Investigations etc the simple fact is it's a matter of just carrying a festival that didn't make money just like a lot of business out there today and there are plenty of reasons why but not my place to go into it," the statement said.
"If Wintersun does cease to exist as we know it then we have ALL lost a lot more than a few hundred dollars in payments."
The page was filled with people unhappy with the announcement and waiting to hear from festival organisers.
The festival was established 26 years ago and until it was moved south it contributed a massive $25 million to the economy each year.
Over 80,000 people visited Wintersun annually to enjoy a throwback to the 1950s and '60s.
Wintersun Festival co-ordinators were unavailable for comment.