A UK construction company has gone into administration, reportedly leaving homes unfinished and owing over £4 million. Hood Property Cardrona Limited, a Scottish company, has entered administration and may have to sell its land near Peebles in the Scottish Borders. The administrators had to forcibly enter the site of a 20-unit housing development to assess the situation, as offers had already been accepted on multiple properties.

Additional funding would have been necessary to complete the construction and development of the properties, 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.

The administrators had to gain entry to the development site in Cardrona near Peebles and implement new security measures since no one was present at the site. A sale is currently in progress and 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, with uncertainties about whether these amounts will be repaid. The administrators cautioned that unsecured creditors may not receive any dividends.

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