A British property developer has gone into administration, leaving homes unfinished and debts exceeding £4 million. Hood Property Cardrona Limited, a company based in Scotland, has entered administration, potentially leading to the sale of its land near Peebles in the Scottish Borders. Administrators had to forcibly enter the site of a housing project with 20 units that the company was constructing, noting that additional funding would be required to complete the properties and finish the development.
James Stephen and Kerry Bailey from BDO have been appointed as joint administrators and have extended the administration period until September. They mentioned that upon their appointment, they had to gain access to the development site at Cardrona near Peebles as no one was present. The administrators are now overseeing a sale that is expected to be finalized in the coming weeks.
HMRC has filed a claim for £4,684, and creditors are owed an additional £300,000. The administrators have indicated that unsecured creditors may not receive a dividend. The situation is still uncertain regarding the payment of the debts.
