Timaru car dealership placed into liquidation
The owner of a Timaru car dealership which was placed into liquidation in February has cited ill-health of a family member and adverse trading conditions for the failure of his business.
Garry Whimp, of Blacklock Rose Limited, was appointed as liquidator of Cooks Trading 2012 Limited in the High Court at Timaru on February 26, following an application by a creditor over unpaid bills.
In his first liquidator’s report, published on April 5, Whimp said the company, which traded as Bay City Motors at 143 King Street, had already stopped trading when the application was lodged.
As at February 26, 2024, the company had assets of $12,800 and liabilities of $83,733, making a deficit of $70,920.
Steven Rodney Cook is the sole director and shareholder of the company. In his report, Whimp saidCook had been spoken to and he had obtained limited details regarding operations of the business.
“The director advises that due to the ill health of a family member, he was unable to focus fully on the business,” Whimp’s first report said.
“He also stated that adverse trading conditions affected the turnover.”
On Monday, Whimp said the business had no cars for sale at the time of liquidation, nor any staff.
“It had stopped trading before liquidation and cars were no longer there; we’re looking into that. We don’t have information on the date it stopped trading.”
The listed known creditors were ASB Central Auckland Commercial Banking, BNZ, Martin Wakefield Ltd and Auto Logistics. The last day for unsecured creditors to list claims was April 12. Whimp said none had come forward.
“But it is still early days — once people find out, some could come forward later. It takes a while.” Whimp expected it would take another six months to finalise the liquidation.