In a statement released in the past hour, the organisers say they are devastated but have been left with no other option.
Indie has been running in the North Cork town since 2006 when it replaced the Mitchelstown Music Festival which was held in the town square.
One of the countries most popular music festivals, the three day event was held every August Bank Holiday weekend at Deer Park on the outskirts of the town and attracted thousands of people and the biggest acts every year.
In a post on twitter this morning, the festivals organisers say they hoped the situation would never arise but they have been left with no other option.
They have also said that ticket holder funds have been protected and refunds will be issued by Christmas.
It's not the end of the festival however, Indie say they are looking to something new for the future.
They have thanked everyone who has helped them over the years including local businesses, the Council, Fire Service, Gardaí and local volunteers.
Full refund details will be available on the Indie website in the coming days.
