Pagan Osborne collapse hits property firms

Joint administrators of the firm Tom MacLennan and Iain Fraser of FRP Advisory said Pagans had 53 creditors who were owed about £185,000 in total when it collapsed.

Of this figure, significant sums were owed to property organisations. Registers of Scotland is the largest creditor, owed £34,000. Mapeley Steps, an estate agency, is owed £30,000.

Real estate advisers CBRE are meanwhile owed £18,900, while County Property Searches, based in Perth, is owed £8,422 and Tourmyhome, a firm that makes videos for property marketing purposes, is owed £5,502.

The administrators expect there to be “sufficient funds to make a distribution to unsecured creditors”.

They explained that the firm collapsed because it was unable to satisfy subprime loans that came with “exorbitant annual interest rates”.