A GLENROTHES based housebuilder has gone into administration.
The final straw for Lomond Homes apparently came after Fife Council demanded a large sum in outstanding payments.
The Glenrothes-based local authority issued a demand for the company to pay £494,000 on outstanding charges.
The firm is understood to have outstanding debts of more than £25 million.
Graham Frost of accountancy firm PwC said Lomond Homes had no employees and “almost no construction activity being undertaken at present”.
He added that it will try to sell its “landbanks” in Fife and Clackmannanshire “with a view to realising value for creditors”.
Eileen Rowand, the council’s head of revenue said: “We have a duty to protect public money and collect what is owed.”
Lomond Homes was a leading player during the housing boom years of the 1990s and 2000s.
The ‘Gazette’ tried to contact the company at its offices in the town, but there was no available.
>> In today’s Gazette we mistakenly referred to Lomond Homes as ‘System Homes’ within our article.
For the record, System Homes is NOT in administration and has NO link to Lomond Homes. We apologise for the error and are happy to set the record straight.
The correction has also been put on the Facebook ages of the Gazette and Fife Free Press, and will be carried in the next editions of the paper.