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It seems the process is that Ofgem steps in and appoints a new provider, with your credit balance intact.
Yes, it's completely seamless. It's happened to me twice. You get some letters saying you don't need to do anything and that it's going to switch to new company's xxx tariff and your bill just changes one month. Your credit carries over.
In fact, I just got a string of emails that I assumed were phishing, saying that I was owed £2.38 by Shell. Just ignored them. Then I got a physical cheque in the post. I don't know how this works but, presumably, Shell now owns one of those company's accounts and has found I overpaid or wasn't refunded £2.38 and for whatever legal reason has tracked me down and is refunding it.
Jonny69
Just for anyone worried about this, my provider (Tonik) stopped trading recently - not sure if they went bust or not but I assume so.
It seems the process is that Ofgem steps in and appoints a new provider, with your credit balance intact.
Not that it improves the ethics of running at a big loss to acquire customers and jack up prices later.