Fri, 18 Jan 2013 | ADMINISTRATION
Scottish house builder Lomond Homes entered administration on 17th January in the evening after being unable to meet Fife Council’s demand for debt payments.
While it is thought that Lomond Homes has a total of over £25 million in debts, it owes its local council £494,000.
It was reported by The Courier on Tuesday this week that Fife Council had approached the housing developer to recover the debts, which related to two legally–binding Section 75 Planning Agreements for developments in Blairhall and Lochgelly. A request for a short extension had been granted by the council, but was not met.
Fife Council’s head of revenue Eileen Rowand commented: “The council has a duty to protect public money and collect what is owed.”
Graham Frost of PwC has been drafted in to take care of the business’ administration procedure. He said Lomond Homes had no staff and had “almost no construction activity being undertaken at present”. His task is to attempt to sell off its landbanks in Fife and Clackmannanshire to recover funds for Lomond Homes’ creditors.
The firm had been criticised in December for its unfinished work in some areas, including a pathway into the Public Park, road works and other constructions.
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