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Auckland’s Vehicle Direct placed in liquidation and owes millions

Auckland used car dealership Vehicle Direct and two associated companies have gone to the wall. Creditors are owed more than $5.7 million. The three companies are Vehicle Direct Ltd, Auto Trading Ltd and Auto Compliance & Repairs Ltd. They were all placed into liquidation on September 4 by special resolution of the shareholder, director Muhammad Waseem. Westpac New Zealand is the largest secured creditor, with claims of just over $3.1m across the three businesses. Other secured lenders include Bizcap...

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