On 23rd July 2024, hyperTunnel Limited and hyperTunnel Holdings Limited – UK based technology companies formed to create innovative underground construction methods using technology such as robotics and AI – were placed into Administration, with Paul Michael Davis and Timothy John Edward Dolder appointed as Joint Administrators of both companies.
A statement on the hyperTunnel website says, “The affairs, business and property of the Companies are being managed by the Joint Administrators, who act as agents of the Companies and without personal liability.
“Paul Michael Davis is licensed to act as an Insolvency Practitioner in the UK by the Institute of Chartered Accountants in England & Wales and Timothy John Edward Dolder is licensed to act as an Insolvency Practitioner in the UK by the Insolvency Practitioners Association. They are bound by the Insolvency Code of Ethics when carrying out all professional work relating to an insolvency appointment.”
Speaking to Tunnelling Journal Paul Davis said, “As administrators we are seeking a buyer for the business. Currently the business is not trading. We hope to have an update in the next 7 to 10 days.”
“The companies were unable to pay their debts and the directors had to take action to protect creditors.”
Davis explained that the business would hopefully be sold, though it was yet to be determined whether hyperTunnel would cease to function as a company.
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