Bulb Energy Ltd, Re [2023] EWHC 1647 (Ch) (09 June 2023)

Bulb Energy Ltd, Re [2023] EWHC 1647 (Ch) (09 June 2023)

The court approved the administrators' remuneration and pre-appointment costs after independent assessment confirmed the sums sought were fair, reasonable, and commensurate with the work undertaken, and BEIS, as the primary economic stakeholder, had approved the figures. No objections from other stakeholders were sustained.

Citation
[2023] EWHC 1647 (Ch)
Parties
Company: Bulb Energy Limited; Administrator: Mr Matthew Cowlishaw; Administrator: Mr Matthew Smith; Administrator: Mr Daniel Butters; Stakeholder: Secretary of State for Business, Energy and Industrial Strategy (BEIS); Secured Creditor: Sequoia
Jurisdiction
England and Wales
Judgment Date
09 June 2023
Procedural Posture
Insolvency Administration / Application for Approval of Remuneration and Pre Appointment Costs
Outcome
applications granted
Legal Topics
Special Energy Administration, Remuneration of Administrators, Pre Appointment Costs, Stakeholder Interests
Insolvency Energy Law Company Law Special Energy Administration Remuneration of Administrators Pre Appointment Costs Stakeholder Interests

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Parties

Bulb Energy Limited

Company

Mr Matthew Cowlishaw

Administrator

Mr Matthew Smith

Administrator

Mr Daniel Butters

Administrator

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

Stakeholder

Sequoia

Secured Creditor

Procedural Posture

Insolvency Administration / Application for Approval of 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 approved by stakeholders
  3. 3 Whether the court should approve the remuneration and costs based on independent assessment

Ratio Decidendi

The court approved the administrators' remuneration and pre-appointment costs after independent assessment confirmed the sums sought were fair, reasonable, and commensurate with the work undertaken, and BEIS, as the primary economic stakeholder, had approved the figures. No objections from other stakeholders were sustained.

Court Disposition

applications granted

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.