A LUXURY car dealership in Bolton that had swish sports cars including a £105,000 Ferrari seized has been officially wound up.

SK Performance Cars in Bridgeman Street, Great Lever, was closed by a judge earlier this week.

The judicial decision halted in its tracks a proposed company voluntary arrangement (CVA) that would have seen creditors get back 68p in the pound of what they are owed.

The CVA was being prepared on behalf of the firm's sole director by Doncaster-based insolvency practitioners Absolute Recovery and showed the creditors - including the company's own director - are owed a total of about £800,000.

Ex-customers do not, however, have the confidence they will receive the entire value of their car or all the sums they are owed.

One creditor, who did not want to be named, said: "At the moment it looks like nobody is going to get anything.

"The biggest issue is the double ownership of the cars. It's very messy.

"Everybody is up in arms.

"Do you take legal action or agree to the voluntary credit arrangement and get just 50 per cent of your money back over five years?"

He said an estimated 40 former customers may be lining up for their share.

Things began to unravel for the firm when the High Court sitting in Leeds approved the appointment of a provisional liquidator - Critchleys based in Oxford - at the end of October.

Three days later court enforcement officers acting on a warrant went to confiscate all of the expensive vehicles in the showroom and on the forecourt and to shut up shop.

They ended up taking away hundreds of thousands of pounds worth of prestige motors – some with personalised registrations – on low loaders.

In total more than 20 vehicles were confiscated as well as a quad bike and a pick-up truck.

In a further hearing back at the High Court in Leeds on Tuesday (Dec 8) SK Performance Cars was wound up and the official receiver in Manchester was appointed the liquidator.

The winding up came about as a result of a petition by a company director named Peter Birch, of Stainton near Rotherham, South Yorkshire.

It is believed the seized cars are being stored at an auctioneers yard in Salford.