Dealership’s debts total $1.36m

A Christchurch dealership has gone into liquidation owing nearly $1.36 million, with the first liquidator’s report predicting none of that money will be clawed back for creditors.

Good Cars Limited, which was based in the suburb of Waltham, first ran into trouble when a finance company placed it into receivership in December 2025.

Shareholders of the used-car business then appointed Brenton Hunt, of Insolvency Matters, as liquidator on October 20 and he filed his first report with the Companies Office on October 28.

The statement of affairs shows Good Cars is estimated to owe just shy of $1.36m, which includes $610,000 to Inland Revenue in GST and PAYE, $24,000 to staff in wages and holiday pay, and a further $625,000 to unsecured creditors.

Some $100,000 is also owed to the finance company as the general secured creditor. The report lists nearly 60 unsecured creditors and five secured creditors.

Hunt notes in his report that Inland Revenue has begun legal proceedings against Good Cars for unpaid tax assessments. He is unaware of any other legal action involving the company.

“It is not practicable to provide an estimated date for the completion of the liquidation at this stage but it will most probably be within a 12-month period,” he adds.

“It is also not possible to provide a definitive statement as to whether sufficient assets will be realised for the purposes of making payment to any class of creditor at this stage but it is looking unlikely.”

Sergey Serikov and Iouri Serikov are listed as the directors and shareholders of Good Cars, which was founded in 2014 and previously traded as Auckland City Motors Limited.

Hunt’s report states the directors said the business became insolvent after struggling for some time to achieve significant margins, which led to difficulties with working capital and a loan going into default. All stock and assets were sold by the receivers.