Pagan Osborne collapse hits property firms, say administrators

Property organisations are among those facing the fallout from the collapse of law firm Pagan Osborne, the firm’s administrators have revealed. Joint administrators Tom MacLennan and Iain Fraser of FRP Advisory said Pagan had 53 creditors who were owed around £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”.