City Motor Group
About City Motor Group
HLB Kidsons, the liquidator of New Zealand dealership City Motor Group, recovered approximately 10 million for creditors. City Motor Group had sold cars with altered odometers, in some cases reduced by over 100,000 kilometers. The fraud affected hundreds of buyers. Liquidators discovered that the company had falsified import documents and altered odometers. The case highlighted consumer protection issues in the used car market. Company directors were banned from managing companies. The liquidation took over 5 years to complete. The fraud was discovered by a consumer who had the car inspected and found maintenance records showing higher mileage than the odometer.
Related Entries
Lehman Brothers
Lehman Brothers filed for Chapter 11 bankruptcy on September 15, 2008, the largest bankruptcy filing...
Enron
Enron filed for bankruptcy on December 2, 2001, with 63.4 billion in assets, then the largest bankru...
WorldCom
WorldCom filed for bankruptcy on July 21, 2002, with 107 billion in assets, surpassing Enron as the ...
General Motors
General Motors filed for Chapter 11 bankruptcy on June 1, 2009, with 82.3 billion in assets. GM was ...