Hood Property Cardrona Limited, a Scottish housebuilder, has entered administration, leaving homes unfinished and debts exceeding £4 million. The company may be forced to sell its land near Peebles in the Scottish Borders.
Administrators Forcibly Enter Site
Administrators had to "forcibly gain entry" to the closed site for 20 homes, where offers had already been accepted on "several" properties. They noted that more funding would have been needed to complete the development.
Sale Expected Within Weeks
James Stephen and Kerry Bailey of BDO have been appointed joint administrators and have extended the administration period until September. A sale is "now proceeding and we anticipate it will be completed in the next few weeks," they added.
HMRC has submitted a claim for £4,684, and a further £300,000 is owed to creditors, though it has not yet been confirmed whether this will be paid. The administrators warned: "It is anticipated that a dividend will not be paid to unsecured creditors."
