Best answer by Transparent
This is a good question.
Firstly, your Direct Debit was still taken by Economy Energy because it would've been in progress for a few days prior anyway. There is nothing to prevent you now contacting your bank and requesting that all future payments in favour of EE are to cease. That's your right under the Direct Debit Contract.
Secondly, you have not "lost" this money. Your financial position is guaranteed by the Industry Regulator, Ofgem.
Thirdly, EE hasn't just "gone bust". There is an Administrator appointed and they have the responsibility to sort out the finances over the ensuing weeks/months. In effect, your payment is being held in trust by the Administrator and must be applied in keeping with the Agreement drawn up between himself, OVO and Ofgem.
Next, it is a little premature to worry about any double payment possibilities. You don't even have an OVO account number yet, let alone any correspondence asking you to set up a new Direct Debit arrangement!
Even once you are provided with an OVO account, there are a number of stages to go through as it is progressively made "live". It's not an instantaneous process, and has to include the protocols for your Meter Reference Numbers to be transferred by ECOES, the national meter database.
It is just as likely that there will be delay in getting your OVO account set up... which would result in you missing a payment. Once again, don't worry. One option is to simply make a one-off credit to your new OVO account, once you know the number. Quite a lot of OVO customers deliberately keep their accounts in credit by several hundred pounds because we get paid 3% interest on it!
Post again here if you require further clarification.