Used-car business faces liquidation
A Christchurch dealership has been put into liquidation nearly 11 months after entering receivership owing more than $4 million.
Good Cars, owned by Sergey Serikov and Iouri Serikov, was based in the suburb of Waltham but ran into difficulties late last year.
Brenton Hunt was appointed liquidator of the business on October 20. He set a November 21 deadline for creditors to make their claims and to establish any priority under section 312 of the Companies Act 1993.
The development comes after a finance firm, which was owed $2.17m as a secured creditor, placed Good Cars into receivership on December 4, 2025.
The company imported used vehicles from Japan, selling them online and at its dealership. The first receivers’ report notes the business encountered unfavourable trading conditions and falling margins on car sales, which led to a number of vehicle loans being in default.
Joint receivers Colin Gower and Diana Matchett, of BDO Christchurch, released a second report in August. It states the sale of a commercial property generated proceeds of $1.19m and selling remaining vehicle inventory to retail customers made $2.66m.
They say as at the date of the report, $40,900 relating to loan and overdraft facilities was still owed to the finance firm that appointed them.
“Subject to any additional recoveries with respect to the debtor funds… there are unlikely to be any further funds available for distribution to secured creditors,” add Gower and Matchett.
