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18 Mar 2011
ERNST & YOUNG ADMINISTRATORS have been called to Grant West Property and Grant Residential Property, both backed by Scotland's first billionaire Sir Tom Hunter.
Fiona Taylor and Colin Dempster were appointed joint administrators to the property funding business this week.
Auditor RSM Tenon warned of a "material uncertainty" regarding the future of Grant West. The companies also broke banking covenants on its £70m HBoS debt when the fund's liabilities were £18m more than the value of assets, The Times reports.
Taylor, director of restructuring at Ernst & Young, said: said: "Both funds have proved susceptible to the effects of the property downturn. We are currently undertaking a full review of their portfolios, but all properties within continue to be fully serviced."
The organisations struggled during the downturn as property prices plummeted.
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Briefings
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