Rick Harrison and Steve Absolom were appointed Joint Liquidators of Nabuh Energy Limited on 25 November 2021.
Based in Sheffield, the Company was a low-cost energy provider with a focus on the prepayment domestic gas and electricity market in the UK serving approximately 70,000 meter points.
The business had been loss making for some time, driven by its rapid growth strategy and in October 2020 was added to the public list of companies which had failed to make payments of their annual Renewables Obligations liabilities.
In March 2021, after considering a number of options for the business, the Director completed a sale of the Company’s business and assets (including migration of all customers and TUPE of staff) to British Gas Trading Limited.
However, following a true-up reconciliation process with the purchaser, it was determined that the proceeds of the sale were insufficient to enable to Company to fully discharge its 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.”