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Administrators lined up for UK arm of Microsoft-backed Builder.ai
Administrators are on standby to handle the collapse of the UK arm of Builder.ai, a Microsoft-backed start-up which has filed for bankruptcy protection in the US.
Sky News has learnt that Alvarez & Marsal (A&M) has been lined up to oversee the insolvency of Builder.ai's UK entities. News of the impending appointment comes days after Builder.ai, which was founded by Sachin Dev Duggal, collapsed in the US.
Money latest: House price dip expected to be temporary Mr Duggal stepped down earlier this year. Builder.ai had raised hundreds of millions of dollars from investors, including a Qatari sovereign wealth fund, helping it to achieve a 'unicorn' valuation of more than $1bn.
The company said it used artificial intelligence to make the process of building an app "as easy as ordering pizza". In recent weeks, however, media outlets including the Financial Times have alleged the company used potentially bogus sales figures to attract investment.
Read more from Sky News:US hiring slows but employment resilientBonuses for water bosses banned The newspaper also reported that Mr Duggal had sounded out potential backers to buy the business out of insolvency proceedings. It was unclear on Friday whether any meaningful assets remained within Builder.ai's UK corporate entities.
A spokesman for A&M declined to comment..
Amir Nisi
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