Low cost energy provider appoints liquidators
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Nabuh Energy has appointed Rick Harrison and Steve Absolam as joint liquidators after the business failed to make its annual Renewable Obligations liabilities payments.
The Sheffield-based low cost energy provider which was focused on the prepayment domestic gas and electricity market serving 70,000 meters across the country, was originally placed on the list of firms who missed paying the annual fees in October 2020, having been loss making for some time.
In March the Nabuh Energy’s directors completed the sale of the business and its assets including all customers and staff to British Gas Trading, however the proceeds of the sale were determined to be insufficient to enable the company to fully discharge liabilities.
Rick Harrison, joint liquidator and managing director at Interpath Advisory said: “We continue to see the fallout from issues that have been affecting the UK energy sector for some time. Our immediate priority is to realise the remaining assets of the business, primarily deferred sale consideration, and make a distribution to creditors in due course.”
Nabuh’s failure appears to have been a precursor to wider sector challenges which has seen over 19 suppliers in the UK go bust as a result of the rising cost of wholesale energy, with Brighouse-based Social Energy Supply also appointing Interpath this month as administrators.