A British construction company has gone into administration, leaving homes unfinished and owing over £4 million. Hood Property Cardrona Limited, based in Scotland, has entered administration and may have to sell its land near Peebles in the Scottish Borders, as reported by The Herald.
Administrators revealed that they had to forcibly enter the site of the 20-unit housing project that the company was constructing, where offers had been accepted on multiple properties. However, additional funding would have been required to complete the construction and development, according to administrators’ updates.
Joint administrators James Stephen and Kerry Bailey from BDO have extended the administration period until September, as per The Express. They mentioned that they had to gain entry to the development site at Cardrona near Peebles in the Scottish Borders to assess the situation and implement new security measures.
The sale of the property is currently in progress, with expectations of completion within the next few weeks. HMRC has filed a claim for £4,684, and creditors are owed an additional £300,000, though it is uncertain if these debts will be settled. The administrators cautioned that unsecured creditors may not receive any dividends.
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