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As has happened every time a supplier goes under. Customer credits are protected by OFGEM, although it may take time for the dust to settle and for it to be transferred to your new supplier. However as Bulb aren’t really entering administration in the way other have and are more being re-nationalised (as in understand SAR), it’s essentially business as usual for their customers.
Half the forum are with Bulb aren't they after the £100 referrals were pushed heavily on here. No judgment, that includes me.
Reading some interesting takes on Reddit, suggesting that if you've got credit to at least cancel your direct debit until there's some certainty. Don't keep piling money into them.