Organisers planned a bigger edition of the festival in 2022 to make up for two years of lost revenue.
But it fell into further financial trouble when only 6,000 tickets were sold instead of the hoped for 12,000.
A number of acts went public about not having been paid by organisers, with some even launching crowdfunding campaigns.
The firm behind the festival was liquidated and the event taken over by the Festival Food Beverage and Property Services company, which had previously run the event in 2018 and 2019.
Former festival director Craig Murray said debt from the previous festival was about £800,000, but that running the event in 2023 would help recoup costs.
This plan collapsed after entertainment union Bectu announced members should boycott working there.
Mr Murray claimed there had been a smear campaign, external against the festival.
New director Mr Harkin said the event would return “with a refreshed vision and a commitment to delivering the best festival experience yet”.
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