Administrators, Begbis Traynor, are hopeful of saving one of the dealer’s sites in Bury, which holds a Fiat franchise. Cort also has a Kia franchise in Rossendale.
Both dealerships are continuing to trade.
According to the administrators, the business suffered as a result of ‘cash-flow pressures and slow payment by manufacturers, resulting in losses it could no longer sustain’. These factors, coupled with the collapse of MG Rover 12 months ago, caused the company's failure.
Cort customers with the manufacturer's warranties will have these honoured at other authorised dealerships, said Begbies Traynor.
The majority of the 44 staff at the two sites have now lost their jobs.
Begbis Traynor said: “As far as the future of the Rossendale dealership is concerned, there's very little we can do. But we feel slightly different about Bury which we're not writing off at this stage. The dealership is ticking over at the moment."