Tomato Energy goes bust - here's what you need to know

masonic

JohnPo said:

MWT said:

masonic said:

What I find a little odd is there is not yet any notification from the administrators. There's a notice on their website that they are ceasing to trade, but that's it. Creditors will surely be wanting an update and to submit their proof of debt forms.

Given that Tomato filed another 'Notice of intention to appoint...' yesterday, there may still be some debate going on with the planned administrators... 

Filing a Notice to appoint an administrator gives a 10 working days moratorium on all creditor claims. This is the 3rd one they have issued in succession which is really 'iffy'. I think we can conclude all along these guys were playing 'fast and loose' but even in 'death throws' of the company that behaviour continues.

Originally there was an implication that the delaying tactics were because they were engaged in a last-ditch attempt to find an investor. I'm starting to wonder if it was actually a race to find an IP who would touch this.

MWT

masonic said:

JohnPo said:

MWT said:

masonic said:

What I find a little odd is there is not yet any notification from the administrators. There's a notice on their website that they are ceasing to trade, but that's it. Creditors will surely be wanting an update and to submit their proof of debt forms.

Given that Tomato filed another 'Notice of intention to appoint...' yesterday, there may still be some debate going on with the planned administrators... 

Filing a Notice to appoint an administrator gives a 10 working days moratorium on all creditor claims. This is the 3rd one they have issued in succession which is really 'iffy'. I think we can conclude all along these guys were playing 'fast and loose' but even in 'death throws' of the company that behaviour continues.

Originally there was an implication that the delaying tactics were because they were engaged in a last-ditch attempt to find an investor. I'm starting to wonder if it was actually a race to find an IP who would touch this.

One of the problems with going into administration can be finding the funds to ensure the administrators get paid, if the coffers are empty and the chances of collecting from debtors looks highly suspect then they may not actually be able to use the administration path, that would be a first I think for an energy supplier.

The directors can choose to use their own funds to do it, as that does offer them some protection from the consequences of a compulsory liquidation...

lohr500

Personally I think the financial and legal gurus behind the scenes within the wider Senapt/TE operation are decidedly more astute and agile than the customer facing and operational sides of TE that we have experienced.

I imagine there was always a plan in place from day 1 to cover a TE failure scenario and that a lot of damage mitigation was in place well before Ofgem intervened.

Just how three NOI applications fits into the plan eludes me, but I suspect it is all part of that bigger plan.   

MWT

lohr500 said:

Personally I think the financial and legal gurus behind the scenes within the wider Senapt/TE operation are decidedly more astute and agile than the customer facing and operational sides of TE that we have experienced.

If you read the back story behind how they got started you might form a different opinion, but I admire your confidence...

https://www.newpower.info/2021/04/interview-is-electricity-retail-complicated-farouk-alhassan-says-no-he-wants-to-make-it-easy-for-suppliers-and-customers/

Spoonie_Turtle

MWT said:

lohr500 said:

Personally I think the financial and legal gurus behind the scenes within the wider Senapt/TE operation are decidedly more astute and agile than the customer facing and operational sides of TE that we have experienced.

https://www.newpower.info/2021/04/interview-is-electricity-retail-complicated-farouk-alhassan-says-no-he-wants-to-make-it-easy-for-suppliers-and-customers/

Oh final paragraph of that aged like milk.

Edited to ensure clarity.

Bendo

Didn't realise the clowns went rhat far back. 2021 and 4 years later their software platform was still broken.

MWT

Bendo said:

Didn't realise the clowns went rhat far back. 2021 and 4 years later their software platform was still broken.

I fully agree with their vision, integrating the adapter software makes a lot of sense if you have the team and the money to pull it off, sadly they did not...

QrizB

Spoonie_Turtle said:

MWT said:

lohr500 said:

Personally I think the financial and legal gurus behind the scenes within the wider Senapt/TE operation are decidedly more astute and agile than the customer facing and operational sides of TE that we have experienced.

https://www.newpower.info/2021/04/interview-is-electricity-retail-complicated-farouk-alhassan-says-no-he-wants-to-make-it-easy-for-suppliers-and-customers/

Oh final paragraph of that aged like milk.

Quoting so we can all enjoy the irony:

Alhassan may have cracked the software side of the industry, but can he break up the suppliers’ complacency?  That is more ambitious. However, the last people I interviewed who said the electricity industry was simple was then-new entrant – and now major supplier – Bulb. It can be done.

Bulb, of course, went bust less than two years later.

superkoopauk

BG confirmed as the SOLR

https://www.ofgem.gov.uk/press-release/ofgem-appoints-british-gas-take-customers-tomato-energy

Swipe

Just to add insult to injury