Cycle Surgery Ltd was placed in voluntary liquidation by sole director and shareholder Paul Gough, of Dunedin, on June 2, with Insolvency Management Ltd, of Dunedin, appointed liquidators.
There are other Cycle Surgery-branded outlets, not associated with the Dunedin business, in the South Island, but it is only the Dunedin business in Lower Stuart St that is in liquidation.
While the Dunedin Cycle Surgery's asset values are yet to be determined, the 13 secured creditors are estimated to be owed $558,000, and the 64 unsecured creditors about $500,000.
Liquidator Gus Jenkins said it was "unlikely" any of the 64 unsecured creditors would get a dividend.
Several interested parties, including other bike shops, had expressed interest in buying the unsecured assets and negotiations were continuing, Mr Jenkins said.
He said several factors contributed to the liquidation, including 2010 being the worst trading year Cycle Surgery had experienced and also that the company was attempting to repay "a large amount of historical debt".
"Prior to the liquidation the company was experiencing cash flow difficulties which resulted in a major supplier removing their stock," Mr Jenkins said.
Customers with bikes under repair were being contacted so their cycles could be returned, he said.
