Why do energy companies go bust on a Wednesday?!

BW1990

Just a curiosity I have.

Avro and Green went bust on a Wednesday. The following Wednesday (as I recall), Symbio and a few other went bust. Then, yesterday, another few went bust. What is it about Wednesdays? 

mysteryUser

Interesting trend!

Something to break the trend... Utility Point went bust on Tuesday 14th September. 

gefnew

Daligas today

bagand96

PFP went bust on a Tuesday too.

Just guessing here, but energy providers need to go to Ofgem before announcing their administration. It may be that whatever process Ofgem follow means it’s more likely to be in the middle of the week?

It could just be a coincidence.

Another example… airlines always go bust overnight.  Because at that point all the aircraft have either landed back at UK airports or are airborne on their way back to the UK so they’re not impounded abroad. 

[Deleted User]

bagand96 said:

PFP went bust on a Tuesday too.

Just guessing here, but energy providers need to go to Ofgem before announcing their administration. It may be that whatever process Ofgem follow means it’s more likely to be in the middle of the week?

It could just be a coincidence.

Another example… airlines always go bust overnight.  Because at that point all the aircraft have either landed back at UK airports or are airborne on their way back to the UK so they’re not impounded abroad. 

I believe that suppliers have to give Ofgem 14 days notice of their intention to default to the SoLR process.

wittynamegoeshere

So it's not really a Wednesday thing then.  I suppose it does give a couple of working days either side for people to sort things out and/or hide all the money.

If Neon Reef go pop tomorrow we'll have the full set.

Neil_Jones

"Give 100% at Work. Monday 13% . Tuesday 22% . Wednesday 40%. Thursday 20%. Friday 5%"  As the joke goes

Shedman

Will this become an urban myth like rock stars dying at 27 😅

Farway

Shedman said:

Will this become an urban myth like rock stars dying at 27 😅

I heard a new one this morning, three years after someone builds the World's tallest building there's a financial crash

Not checked, I'll leave that to someone with more time than I have

DiseasedBunny

We’ll tomorrow’s Wednesday, wonder how many will fall?

BW1990

Tomorrow’s the big day, guys! 

Which precarious suppliers will be left standing to carry on delivering us cheap energy for a further week! 

(thanks for the responses btw; seems like it’s not just a Wednesday thing - it’s just the most popular day!)