Aberdeen based property business goes into administration

Paul Dounis and Lindsey Cooper of RSM Restructuring Advisory LLP were appointed Joint Administrators of AJZ Properties and Holiday Lets Ltd on 26 October 2015.

The company, based on Carden Place in Aberdeen, operated a residential development portfolio with a range of city centre, out-of-town and development assets. The business was unable to continue due to a lack of agreement by its directors on the future strategy of the business.

The Joint Administrators are considering options to maximise opportunities for the three city centre properties in Ferryhill Terrace, Jasmine Terrace and Castle Street; five out-of-town assets in Bucksburn, Inverurie and Collieston; and two development opportunities in Aberdeen. 

Paul Dounis, RSM Restructuring Advisory partner and one of the Joint Administrators said:

‘We continue to work with our professional advisors to secure viable options for the portfolio in order to maximise returns to creditors.’