Insolvency firm Khov Jones, which was appointed liquidators of E Cycles NZ Ltd last week, said Hoff-Nielsen blamed Covid-19 for the business's failure.
"The liquidators have been advised that the reason for the failure of the Company which led to the appointment of the Liquidators was due to Covid-19 having an impact on the Company's cashflow and the economic impacts of retail spending, therefore the Company was no longer profitable or sustainable and was unable to meet its liabilities," the report said.
Hoff-Nielsen is the sole shareholder in the business.
The report showed the company had assets of $188 in cash, but the value of other assets such as stock on hand or vehicles was not disclosed. The report said it was not prudent to disclose a value, on the basis it might be prejudicial to a future sale.
Employees were listed as preferential and secured creditors under wages and holiday pay, but the value was yet to be determined.
Inland Revenue was owed $133,016, while other secured creditors were owed $100,000 (the latter value was an approximation, based on the information provided to date).
Among the list of creditors were BNZ and Heartland Bank, as well as bike companies Shimano, Wattwheels, and Pon.Bike Australia.
Santiago Latour Palma, who has raised a claim with the Employment Relations Authority against the business, is also listed as a creditor.
The report said the liquidators were aware of an Employment Relations Authority proceeding against the company.
It was still too early to comment on any recoveries, or the likelihood of their distribution, it said.
Further reports will be issued every six months.
The liquidators have frozen the company's bank account and secured the three sites in Newmarket, Blenheim, and Waiheke operated by E Cycles NZ Ltd, which traded as Bikes and Beyond, but the report put a call out for prospective buyers to get in touch by 29 July.
The report was released on the same day Tana returned to Parliament, following her resignation from the Green Party.
Tana resigned after an investigation found she likely knew of allegations of migrant exploitation at the business, and had not been up-front with the Greens. She continues to disagree with the investigation's findings.
"What I can categorically say is that we've spent so much money wasting taxpayers' hard-earned money to find out that I am married to my husband, for better or for worse," she said on Tuesday.
