A British construction company has gone into administration, with reports of unfinished homes and debts exceeding £4 million.
Hood Property Cardrona Limited, a company based in Scotland, has entered administration and may be compelled to sell its land near Peebles in the Scottish Borders, as per The Herald.
Administrators stated that they had to forcibly enter the site of a 20-unit housing development that the company was constructing, with offers already accepted on multiple properties.
However, additional funding would have been required to complete the construction of the properties and finish the development, according to the administrators.
James Stephen and Kerry Bailey from BDO have been appointed as joint administrators and have extended the administration period until September, as reported by the Express.
They mentioned, “Upon appointment, my staff, along with our designated security agent, visited the company’s development site at Cardrona near Peebles in the Scottish Borders.
“No one was present at the site, necessitating forced entry to conduct an initial assessment and implement new security measures.”
A sale is currently in progress, with expectations that it will be finalized in the coming weeks, they added.
HMRC has lodged a claim for £4,684, and creditors are owed an additional £300,000, with uncertainties regarding payment. The administrators cautioned that unsecured creditors might not receive a dividend.
