Hohm Energy files for liquidation

[Daniel Puchert]

Major South African solar company begins liquidation

Hohm Energy Services filed for voluntary liquidation with the Companies and Intellectual Property Commission (CIPC).

An insolvency practitioner contacted the company's creditors on Monday, informing them that those with claims over R1,000 are entitled to nominate a liquidator for the appointment.

 

[PaulGherkin]

And like that it's verby!

 

[Fuzzbox]

Flew too close to the SUN.

 

[PaulGherkin]

Greed always comes back to bite..

 

[PlutoForrest]

I'll be damned!

 

[konfab]

Looks like all the adverts they bought on mybroadband didn't get them their customer base.

 

[PaulGherkin]

Looks like all the adverts they bought on mybroadband didn't get them their customer base.

Yep.

Also, on an unrelated track. When LS was so bad, when we were in Stage 6 all the time, a couple of colleagues resigned from the company to go into this. They never said where they were going but now that they're begging me to find out if there's a job for them at my current digs, I can only guess they went to this company and now are finding themselves out of a job.

 

[isie]

Major South African solar company begins liquidation

Hohm Energy Services filed for voluntary liquidation with the Companies and Intellectual Property Commission (CIPC).

An insolvency practitioner contacted the company's creditors on Monday, informing them that those with claims over R1,000 are entitled to nominate a liquidator for the appointment.

Bleh they didn't go on holiday yet

 

[Neptuner]

They expanded quite aggressively putting up shops all over the country. Seems like the only winners were the ones who put up their ads and ran energy doom & gloom articles.

 

[FiestaST]

https://twitter.com/x/status/1835630283619529031

 

[B-1]

They expanded quite aggressively putting up shops all over the country. Seems like the only winners were the ones who put up their ads and ran energy doom & gloom articles.

 

[acidrain]

I wonder what happens to those system that opted for the subscription based models? Either the systems are repossessed or they become debtors in this ordeal and should prepare for having to settle the contract early

 

[Speedster]

I wonder what happens to those system that opted for the subscription based models? Either the systems are repossessed or they become debtors in this ordeal and should prepare for having to settle the contract early

I doubt that they can be forced to settle early

 

[acidrain]

I doubt that they can be forced to settle early

Maybe not. The liquidators will have the decision whether to continue with the agreements or not.

I'm sure deciding on continuing would not sit well with creditors as 1. They would have to wait longer and 2. Liquidators will still be on the books until all debts are paid and the winding-up process is complete.

Hence the interesting question though as the creditors in this case likely don't have such cash lying around.

 

[Speedster]

Maybe not. The liquidators will have the decision whether to continue with the agreements or not.

I'm sure deciding on continuing would not sit well with creditors as 1. They would have to wait longer and 2. Liquidators will still be on the books until all debts are paid and the winding-up process is complete.

Hence the interesting question though as the creditors in this case likely don't have such cash lying around.

What is most likely to happen is that someone will buy over the contracts. The liquidators might extend an early payment option but it would have to come with a pretty nice carrot to get people to bite. They don't have any stick to force early payment - that's simply not an option.

 

[FiestaST]

 

[Bliksis]

I could swear this is not breaking news.

 

[jdido87]

Whatever the distance is between the earth and the sun is the reason they out of business. Their prices were out of this world.