It’s unfortunate that another solar energy company has gone bankrupt.At this point in time, it was one of the largest in England.
According to a report that was recently published by Bloomberg, the company Toucan Energy Holdings 1 Ltd., which is situated in Essex, has submitted an application for bankruptcy because it owes more than 500,000,000,000 pounds.
According to the findings of the investigation, the business obtained a loan from Thurrock Council in the amount of £655 million to help pay for its expansion over the course of four years. As a direct consequence of this, it presently has 53 solar farms dispersed around the UK.
Some individuals who have a negative opinion of the council have referred to the investments as a “big scandal.” After that, Thurrock Council decided to appoint administrators to work on selling the farms in an effort to recoup some of the funds it had initially invested in them.
According to the person who currently holds the position of leader of the council, the objective of the liquidation is to maximise recovery for taxpayers.
Administrators have been appointed by Interpath Advisory to take control of the company in order to assist the firm in managing its portfolio and selling it.
“As Leader of the Council, the political buck stops with me, thus it would be proper and anticipated for me to step down,” the former leader of the council stated when he stepped down in September.
“The political buck stops with me,” he said. “It would be right and expected for me to step down.”
According to the newspaper The Guardian, his investments could end up costing taxpayers £200 million.An investigation is also being conducted over a “payment of 138 million pounds that is said to have never made it to the scheme’s management business.”
According to the person who currently holds the position of head of the council, “This is a good step toward helping Thurrock council get out of its financial mess and assist Thurrock citizens the most.
” Since Toucan’s solar farms continue to generate revenue and the Thurrock council is the company’s largest creditor, the council will have the opportunity to pursue reimbursement for the funds it loaned.
After that, he continued by saying, “I am certain that placing Toucan under administration is a significant step in lowering our entire debt.”