Creditors of failed energy broker to miss out on almost £1.8m

The unsecured creditors of failed Derby energy broker are unlikely to receive the cash they are owed, TheBusinessDesk.com understands.

Admininstrators from FRP say that cash owed to unsecured creditors totalled almost £1.8m.

The assets of Utility Exchange Online, which traded as as Switch My Business, a company that advised SMEs on how to make savings on their utility bills, were acquired out of administration by Under B1 for £3m on Wednesday, July 14. However, almost of all of that cash was paid out to preferential creditors.

The company, which had an office in Derby (and an office in Manchester which recently closed), was impacted by the Covid-19 pandemic due to diminished energy usage by its customers, according to administrators.

Documents seen by TheBusinessDesk.com show that while the firm’s customer book was included in the sale, its fixtures and fittings weren’t. A statement from FRP Advisory, the administrator, reads: “Based on the information currently available, the joint administrators think that the company has insufficient property to enable a distribution to be made to unsecured creditors, except from the prescribed part if applicable.”

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