A Christchurch car dealership which previously owed creditors more than $4 million has gone into liquidation, with a new report revealing an estimated $1.36 million shortfall and little prospect of further repayments.

Good Cars Limited, which operated from Ferry Road in Waltham, was placed into liquidation on 20 October, nearly 11 months after being placed into receivership following financial difficulties.

The company’s first liquidator’s report, filed with the Companies Office, reveals Inland Revenue is owed approximately $610,000 in unpaid GST and PAYE, while former staff are owed an estimated $24,000 in wages and holiday pay.

A further $625,000 is owed to unsecured creditors, including businesses involved in vehicle importing, repairs, financing and other automotive services.

The report also identifies $100,000 owed to a general secured creditor, bringing the estimated outstanding shortfall to $1.359 million.

Liquidator Brenton Hunt, of Christchurch firm Insolvency Matters Limited, said the chances of creditors receiving any money appeared slim.

“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.”

The company, owned and directed by Sergey Serikov and Iouri Serikov, had operated in the used vehicle market since 2014, importing cars from Japan and selling them online and through its Christchurch dealership.

As previously reported by chrislynchmedia.com, Good Cars entered receivership on 4 December 2025 after encountering difficult trading conditions and falling profit margins.

At the time, the business owed creditors approximately $4.16 million, including $2.17 million to secured lender AutoBridge Limited, which appointed receivers Colin Gower and Diana Matchett of BDO Christchurch.

The receivers continued operating the business while selling its remaining vehicle stock.

A subsequent receivers’ report revealed vehicle sales generated approximately $2.66 million, while the sale of a commercial property brought in another $1.19 million.

Despite those recoveries, significant debts remained.

The dealership stopped trading in March 2026.

According to the latest liquidator’s report, the directors said the company had struggled for some time to achieve sufficient profit margins, creating ongoing cash flow difficulties and eventually causing a loan to fall into default.

The report also reveals Inland Revenue had commenced legal proceedings against the company over unpaid tax assessments.

Hunt said the receivers had already sold the company’s remaining inventory and fixed assets, leaving few potential sources of recovery.

He is investigating money that may still be owed to the company from finance contracts, along with its previous financial transactions.

The investigation will examine the company’s trading history, including the use of company funds and whether the directors complied with their obligations under the Companies Act.

The report does not make any finding of wrongdoing against either director.

Among the businesses identified as unsecured creditors are Trade Me, Auto Trader Media Group, Autohub New Zealand, Canterbury Compliance Centre, Midas, Meridian Energy and several automotive repair and servicing companies.

The report does not disclose how much each individual business is owed.

Hunt has decided against holding an initial creditors’ meeting, saying the company has insufficient assets to justify the expense, although creditors retain the right to request one.

Creditors have until 30 November 2026 to submit their claims.

The liquidation is expected to take approximately 12 months, although no firm completion date has been set.

Good Cars Limited was originally incorporated in August 2014 under the name Auckland City Motors Limited.