Sale of collapsed energy company Bulb delayed by High Court over ‘very serious concerns’ | Business News

The sale of collapsed energy company Bulb has been delayed by a High Court judge after rival companies raised concerns.

Business is set to be purchased by Octopus Energywho announced it would take on Bulb’s 1.5 million customers after the company was put under special management last year.

The agreement is intended to “protect consumers and taxpayers” and “provide a stable new home for Bulb’s customers and 650 employees,” the Department of Business, Energy & Industrial Strategy (BEIS) said. confirm.

However, although the BEIS says the sale will be completed under a statutory process known as the energy transition plan and Energy Secretary Grant Shapps has approved its plan, the date is currently has been pushed back.

High Court Judge Justice Zacaroli ordered the handover date to be pushed back from 15 November, saying energy companies Scotland Power, British Gas and Eon had raised concerns about the proposal.

British Gas and Scotland Power have argued they do not have enough time to review the deal, increasing the possibility of a legal challenge against Mr Shapps’ approval.

Bulb administrators said there was “significant commercial urgency to justify going ahead” but a British Gas representative said there were concerns the proposal could be “illegal the law”.

David Allison KC, of ​​Scottish Power, later said there were “very serious concerns about the process”.

He told the court: “There is a degree of variation to the terms of the agreement, it is impossible for Power Scotland and its legal team to understand the agreement.”

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The Supreme Court judge postponed ordering the start of the program, with a hearing scheduled for around the end of the month.

Mr Justice Zacaroli said: “I don’t think there is any urgency that requires me to go ahead and specify an effective date today.

Friday’s hearing comes after another judge delayed a bid by Bulb administrators to reimburse costs totaling more than £28 million.


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