From the administrators' statement

The Company was incorporated on 15 November 2004 and its principal trading activity was as property developers.

At the date of administration, the Company owned land and buildings Blinkbonny Steading, Newburgh, Cupar.

The Director, Irene Watson, has yet to provide a detailed account of the Company’s history. She has however advised that the Company had insufficient working capital to complete the required construction works for the 2 properties. This caused delays which in turn resulted in the Company defaulting on its payment obligations to the secured lender, Lowry Capital Limited (“Lowry Capital”). At the time of my appointment, the Company had 8 months of loan arrears with interest continuing to accrue.

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Acony Bell Properties Limited (SC276068)

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