Car trader in liquidation

Raynmac Ltd, trading as Cars R Us, has been put into liquidation after operating from premises in Cunard Street, New Lynn, Auckland.

The company is now in the hands of Damien Grant and Adam Botterill, of Waterstone Insolvency, after going into liquidation on October 29.

Records held by the Companies Office show Darren Beehre is Raynmac’s sole director and shareholder, reports the NZ Herald.

One of the reasons given by the liquidators in their first report for the dealership’s fate is poor economic and trading conditions leading to reduced sales turnover. Another is the repossession of inventory by a secured creditor.

According to a notice in the NZ Gazette, the creditor had a security agreement and took possession of collateral. 

This included an Audi A5 Sportback 2.0TFSI Sport and Q5 Black Edition, Jaguar F-Type and F-Pace Prestige, a Mercedes-Benz A45 4 Matic, C43 4 Matic and CLA180 Shooting Brake Sport, a BMW 320i M Sport and 530E M Sport iPerformance, and a Tesla Model S 90D.

The liquidators have yet to receive any preferential, secured or unsecured creditor claims. They report four financing statements have been registered against the dealership, pictured above.

They state: “The liquidators are aware there may be other creditor claims against the company. It’s unknown whether there will be sufficient realisable assets to enable a distribution to any class of creditors.”

Other dealerships have gone into liquidation in 2024. They include Auckland Vehicles Ltd going into liquidation in September owing more than $1 million to around 120 creditors. Long-standing Napier car and boat dealership Euro City Ltd, reports the NZH, went into voluntary liquidation in April owing about $1.2m to 148 creditors.