Dealership enters liquidation

An Auckland dealership has entered liquidation because it lacks sufficient assets to meet its liabilities and also faces legal action from a finance company.

Premium Automotive NZ Limited, which traded as Auto Aspire in the suburb of St Johns and sold new and used cars, was incorporated in January 2022. 

Its shareholder and director, Lukas Roslin, passed a special resolution on October 9 this year to appoint Steven Khov and Kieran Jones as joint liquidators.

Khov and Jones have issued their first liquidators’ report, which notes there were 16 known creditors as of October 16.

The company’s assets and the total owed to creditors have yet to be determined, although a statement of Premium Automotive NZ’s affairs shows Inland Revenue has a preferential claim for $124,871 in GST and Heartland Bank is owed $89,167. Unsecured creditors are owed $25,596.

The liquidators also explain legal proceedings by UDC Finance have begun in respect of the company’s assets and a freezing order was put in place before the date of liquidation. 

Khov and Jones say they have been engaging with UDC and its lawyers and updates will be provided in future reports.

“The liquidators have been advised that the reason for the failure of the company which led to the appointment of the liquidators is due to the company having insufficient assets to satisfy its liabilities and having active legal proceedings from a financier which included a freezing order over the company’s assets,” add the liquidators. 

They have requested the company’s books, records and legal files, and have also frozen its bank account and issued notices to secured creditors asking for details of their debt and securities. 

“The liquidators have taken possession of the company’s tangible assets and are currently liaising with the financier in respect of the freezing order.”

Khov and Jones say it is too early to comment on any possible recoveries, the likelihood of a distribution, and an estimated date for completing the liquidation.

The liquidators are also determining if there are any unpaid wages, holiday pay and/or redundancy pay to former employees.