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Wednesday, 29 September 2010

Elphinstone Estates in administration

Elphinstone Estates, the East Renfrewshire-based property developer, and several connected companies have gone into administration reported the Estates Gazette.

KPMG, the administrators, hope to sell the company's 18 sites and properties across Scotland.

In a statement KPMG said: “In common with many developers Elphinstone has experienced very challenging conditions in recent times. It has been impacted by the reduction in construction, particularly residential, activity, with demand for development sites dropping significantly with a consequent impact on land values."

Lloyds TSB Scotland Business Monitor has reported an improvement in the fortunes of companies in the region with 30% of companies in the region reporting an increase in turnover in the three months to August.

The Scottish property market did get somewhat overheated, so I expect to see more problems for construction and property businesses. KSA Group have rescued a construction company using a CVA and we have rescued a Scottish recruitment business using a CVA. Many people in Scotland assume that a CVA will not be approved by HMRC. On the contrary the HMRC team that deals with Scottish CVA’s attended the meeting and took part in the process. The CVA vote was 100% in favour and the CVA was accepted by creditors in December 2009 paying 33p in £1.

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