Dealership in liquidation

The director of a Timaru car dealership says the ill health of a family member and adverse trading conditions led to the business going into liquidation.

Cooks Trading 2012 Ltd, which traded as Bay City Motors, was placed into liquidation by the high court at Timaru in February after an application by a creditor over an unpaid sum.

Steven Rodney Cook is the sole director and shareholder of the company, which was incorporated nearly 12 years ago and operated a sales yard at 143 King Street, Timaru.

Garry Whimp and Benjamin Francis, of Blacklock Rose Limited, were appointed as liquidators of Cooks Trading during the high court hearing on February 26 and have now released their first report.

It reveals the company had assets of $12,813 and liabilities of $83,734 as at February 26 this year, resulting in a debt of $70,921.

However, the liquidators note this was prepared from information provided by Cook and creditors and “we are unable, at this stage, to verify the accuracy of the data”.

The report, released on April 5, also provides a summary of reasons for liquidation 

“The director advises that due to the ill health of a family member, he was unable to focus fully on the business,” it says.

“He also stated that adverse trading conditions affected the turnover.”

The document adds it is not practicable to estimate when the liquidation will be completed, but Whimp told Stuff he expects it will take another six months.

He says Bay City Motors had no vehicles for sale at the time of liquidation, nor any staff and it had stopped trading before the high court date in February, reports Stuff.

There are four listed known creditors, they are ASB Central Auckland Commercial Banking, BNZ – Insolvency, Martin Wakefield Ltd and Auto Logistics.