A subsidiary of Stewart Milne Group overseeing the planned construction of 3,100 homes near Aberdeen has gone into administration.
FRP Advisory is now running Countesswells Development Limited (CDL) which was overseeing work at the Countesswells new town.
Around 900 homes and several commercial properties and community facilities have been built or are under construction on the site.
A spokeswoman for CDL told the Press & Journal: “We are extremely disappointed that CDL, set up to deliver Countesswells, one of the most visionary and environmentally pioneering new communities in the UK, has been placed into administration.
“We firmly believe in the future of the project and will, of course, co-operate fully with the administrators to help ensure that the vision, which many people share for Countesswells, is realised.
“In the meantime, all existing construction work on the affordable homes at Countesswells will continue, and these homes will be completed and ready to move into as planned.”
Joint administrator Tom MacLennan said: “Our immediate priority will be to secure the site and finalise current construction, including completion of much-needed affordable housing projects.
“We will be reviewing the various land bank assets in line with the development plans and will work closely with the various stakeholders on the future development of the site.”