'No cash left' to pay off energy firm's creditors

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'No cash left' to pay off energy firm's creditors

Mike Simons


Mike Simons

Creditors of Independent Energy, the virtual utility that went bust after IT problems with its billing system (Computer Weekly 14 September), have been told there is no cash to pay the £260m owed to them.

Receivers have warned creditors that once Indepen-dent's bankers are paid off there will be no funds left. Independent was one of the UK's most aggressive virtual utilities, but it was brought down by disastrous IT problems that left it with a billing backlog totalling £119m.

Independent Energy had a peak stock market valuation of £1.5bn, but was sold to Innogy for £9m in September.


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