Honcho Markets Ltd – liquidation

Honcho Markets Ltd, a North East insurance tech company, entered liquidation on 30 September. The company is said to have been incorporated to disrupt the vehicle insurance market through its app and website, but ran into difficulties because of rising costs and the competitive marketplace. Before entering liquidation, the company had car and van insurance sites through which it operated a reverse auction system, whereby insurers could bid for drivers’ insurance contracts, competing with each other to offer the best value package in real time. The Statement of Affairs lists approximately £250,000 in liabilities, including £30,486 to HMRC. Andrew Pear and Milan Vuceljic of Moorfields Advisory were appointed as Joint Liquidators.