Dealership in liquidation owes $1m
An Auckland dealership that was put into receivership and then liquidation owes more than $1 million to creditors, according to the liquidators’ first report.
The document released on September 10 shows Auckland Vehicles Ltd owes money to more than 120 creditors, including upwards of $720,000 to Inland Revenue.
The company, which was based in Greenlane, was put into receivership last month and then into liquidation on September 3, when Kieran Jones and Steven Khov of Khov Jones Ltd were appointed liquidators.
Their first report notes they have been advised the failure of Auckland Vehicles, which had been a distributor for Hyundai, Isuzu, Renault, KGM and LDV, was due to it not meeting its liabilities and obligations and as a result of the receivership.
Winger Motors acquired those franchises from Auckland Vehicles on July 1 this year and is not associated with the receivership or liquidation of Auckland Vehicles.
Jones and Khov say they have sent notices to Auckland Vehicles’ officers and professional advisers requesting the firm’s books, records and legal files.
They have also issued notices to the secured creditors asking for details of their debt and securities and have engaged with the receiver to ascertain the position of the company.
The first report shows Auckland Vehicles owes $720,523 to Inland Revenue in GST and EMP (employment activities), while unsecured trade creditors are owed $378,647.
A statement of the company’s affairs also reveals the figures for secured creditors and other unsecured creditors have yet to be determined.
Among the list of 122 creditors are ACC, ASB Bank, Hyundai Motors New Zealand, Inchcape Automotive Retail, Isuzu Utes New Zealand and a number of dealerships.
The liquidators note the company had no tangible assets as of the date of the liquidation but the receivers are still collecting outstanding debtors.
They explain it is not practicable at this stage to estimate when the liquidation will be complete, or if there will be any distribution, and further reports will be issued every six months.
