Over 36,000 active policy holders are now in limbo as Southampton-based insolvency practitioners Duncan Swift and Peter Hall, and London-based Mike Jervis, try to find a buyer for the business.
Time to Insure became one of the first casualties of the New Year when rapid expansion and over-staffing threatened to cripple the company on its first day of business this month.
But the management called in the firm in time when it was realised that receiverahip was the only option.
Swift said: ‘I am looking for to sell all or part of the business as a going concern and collect in the premium debt that remains as some of the clientele required deferred payment terms.’
He added that, following an advertisement in a national newspaper, he has had over 40 enquiries from interested buyers and one-third of the business has already been sold.
Unfortunately the firm was called in too late to safeguard all of the jobs and 65 out of the total workforce of 110 were made redundant on the first day of the appointment.
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