8:19 am, August 6, 2026
Creditors left out of pocket by the collapse of EV subscription firm Onto are set to recover just 1.4p in every pound they are owed.
That is according to new documents, recently filed via Companies House, which reveal that liquidators are in the process of finalising the firm’s winding up procedure.
The statement of receipts and payments to June 1 reveals that unsecured creditors are set to be paid a final dividend of just 1.4p to the pound, following an interim payment of 1.02p per pound last year.
It is expected that the final payment will be made by this Saturday (Aug 8), moving the firm one step closer to being officially liquidated.
Onto initially collapsed into administration in 2023 with debts of £121m, before liquidators were appointed in June of this year.
The latest update, published by joint liquidators at Teneo, reveals that 190 unsecured claims worth around £103m were ultimately received by the liquidators – far higher than initially anticipated.
The liquidators said that the increase was ‘due to higher value claims received from the secured creditors’
Mixed outcome for creditors
It is likely that trade suppliers are among the unsecured creditors to have lost out as a result of Onto’s collapse, but other classes of creditor have managed to recoup their losses.
According to the report, secured lender Greensill Capital (UK) Limited has been repaid in full, while ordinary preferential creditors – mainly employees – have also received 100p in the pound.
Elsewhere, an anticipated secondary preferential claim from HMRC was reduced to zero following VAT adjustments.
Liquidators also confirmed that investigations into the company’s affairs have now concluded with no further recoveries expected for creditors.
Meanwhile, there are now no remaining assets to realise, meaning only administrative work remains before Onto is officially wound up.
According to the report, the outstanding tasks are to ‘make payment of the unsecured dividend’, deal with any creditor queries, pay the final liquidation costs and complete the statutory closing procedures.
The process brings the Onto story to an end, nine years on from the firm being founded in 2017.
Offering cars to customers on a monthly subscription, it grew to have more than 7,000 EVs in its fleet by the start of 2023 and introduced more than 20,000 people to electric cars via a subscription.
At the time of entering into administration, Onto employed 139 staff, and Teneo made 61 of the positions redundant, which it said had been a ‘difficult decision’.
In August 2021, we put Onto’s service to the test for a special video report. You can watch the video below: