Companies connected to the cancelled Juicy Fest and Timeless Summer Tour music festivals owe creditors more than $2.4 million.

Festivals were scheduled in cities throughout January, but were cancelled in December.

Eccles Entertainment co-founder Brent Eccles says new legislation is needed to protect the ticket buyers - who aren't always guaranteed to get their money back if an event is cancelled.

LISTEN ABOVE

See omnystudio.com/listener for privacy information.