MOORFIELDS APPOINTED LIQUIDATORS OVER INSURTECH COMPANY

Restructuring and recovery specialists Andy Pear and Milan Vuceljic were appointed Joint Liquidators of Honcho Markets Limited on 30 September 2022.

Honcho Markets Limited, established in 2015, provided a customer-orientated value comparison website to establish value comparisons within the automotive insurance industry. The company had built a significant reputation in the market but unfortunately run in to difficulties earlier this year due to the competitiveness in the marketplace.

Prior to the Joint Liquidator’s appointment, the company had been working hard trying to achieve a sale, investment or solvent solution for some time, however was unsuccessful. The company’s main asset is the technology developed for customers to use a reverse-auction marketplace whereby customers could compare car insurance based on value rather than the usual price comparison, along with a database of over 30,000 users.  

The Joint Liquidators are now marketing the company’s assets for sale, for the benefit of creditors. The Joint Liquidators are open to receiving offers for the company’s assets.

Interested parties should contact Amber Walker at amber.walker@moorfieldscr.com

Andy Pear, Partner at Moorfields, said: “It’s unfortunate not to have found a buyer for the business but the company has some great technology which it has heavily invested in, so would be valuable to the right buyer.”

ENDS

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Katie Smith

Tel: +44 (0)20 7186 1144

Email: ksmith@moorfieldscr.com

About Moorfields

Moorfields Advisory Ltd is one of the UK's leading independent firms of restructuring and insolvency specialists. The highly skilled teams include restructuring professionals and licensed insolvency practitioners who provide leadership, experience and high-quality advice to companies and their stakeholders in financially distressed situations.

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