Peterson Motor Group incorporated Ballarat Kia, Ballarat Chrysler, Ballarat Jeep, and Ballarat Dodge and shut its doors Monday.

Cor Cordis Chartered Accountants appointed liquidator Bruno Secatore said about 15 staff lost their jobs because of the closure.

He said the financial statements and books of the business would be closely examined.

Mr Secatore said it was too early to tell how much money, if any, creditors might receive from the failed business until a report of the company assets and stock was finished.

"Any vehicles that are under finance go back to the financier and we are in the process of determining what vehicles are not under finance and they will be sold," he said.

"Whatever spare parts will be sold, whatever equipment is there will be sold and we will try collect any debts and commence our investigation into the affairs of the company."

Mr Secatore said there was no choice but for directors to cease trading as they were not able to raise any finance.