In the matter of: Bulb Energy Limited (In energy supply company administration)

In the matter of: Bulb Energy Limited (In energy supply company administration)

The administrators’ remuneration and pre-appointment costs were properly incurred, fair, reasonable, and commensurate with the work undertaken, as confirmed by an independent assessor and the principal economic stakeholder (BEIS). The sums are approved in accordance with the statutory and regulatory framework for special energy administration.

Parties
Company: Bulb Energy Limited (in Energy Supply Company Administration); Energy Administrators / Applicants: Mr Matthew Cowlishaw, Mr Matthew Smith, Mr Daniel Butters (Teneo Financial Advisory Limited); Interested Party / Funder: Secretary of State for Business, Energy and Industrial Strategy (BEIS); Secured Creditor: Sequoia
Jurisdiction
England and Wales
Judgment Date
11 September 2024
Procedural Posture
Insolvency (special Energy Administration) / Application for Approval of Administrators’ Remuneration and Pre Appointment Costs
Outcome
Applications granted; administrators’ remuneration and pre-appointment costs approved.
Legal Topics
Administrators’ Remuneration, Pre Appointment Costs, Special Administration Regime, Court Approval of Fees, Stakeholder Interests
Insolvency Law Energy Law Administrative Law Administrators’ Remuneration Pre Appointment Costs Special Administration Regime Court Approval of Fees Stakeholder Interests

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Parties

Bulb Energy Limited (in Energy Supply Company Administration)

Company

Mr Matthew Cowlishaw, Mr Matthew Smith, Mr Daniel Butters (Teneo Financial Advisory Limited)

Energy Administrators / Applicants

Secretary of State for Business, Energy and Industrial Strategy (BEIS)

Interested Party / Funder

Sequoia

Secured Creditor

Procedural Posture

Insolvency (special Energy Administration) / Application for Approval of Administrators’ Remuneration and Pre Appointment Costs

Legal Issues

  1. 1 Whether the administrators’ remuneration and pre-appointment costs are fair, reasonable, and commensurate with the work undertaken
  2. 2 Whether the sums sought have been properly scrutinised and justified under the special energy administration regime

Ratio Decidendi

The administrators’ remuneration and pre-appointment costs were properly incurred, fair, reasonable, and commensurate with the work undertaken, as confirmed by an independent assessor and the principal economic stakeholder (BEIS). The sums are approved in accordance with the statutory and regulatory framework for special energy administration.

Court Disposition

Applications granted; administrators’ remuneration and pre-appointment costs approved.

Orders

  • Administrators’ remuneration approved in the sum of £24,969,221 plus VAT.
  • Pre-appointment costs approved in the sum of £3,181,920.67 plus VAT.