The company, which is the UK’s largest energy company to go into administration, made the ‘difficult decision’ following a steep rise in wholesale gas prices this year.
A company spokesperson said the energy firm will be ‘placed into a special administration’ where it will now be run by the government through regulator Ofgem.
However, Bulb has reassured customers that there will be no change to their energy supply.
The special administrator is required by the Government under the 2011 Energy Act to continue to supply energy to customers, and will protect customer credit balances.
Customers are advised not to take any action and they will be contact when any steps are needed.
A Bulb spokesperson said: “We’ve made the difficult decision to support Bulb being placed into special administration.
"This process is designed to protect Bulb members, ensuring there’s no change to your supply and your credit balance is protected.
What you need to know
“Special administration is designed to allow Bulb to continue to operate as usual so you don’t need to take any action.
"Your tariffs are not changing, and the price cap applies to all consumer energy tariffs. If you pay for your energy by top up, your top ups will continue to work as normal. If you’re in the process of switching to or from Bulb, your switch will continue.”
The company is expecting a high number of calls, urging the public to only call if it’s an emergency.