PROPERTY owners are being urged to check their buildings insurance after a firm of Glasgow factors went bust.
Cassea, which factored just under 250 properties in the city, was put into interim liquidation by the courts earlier this week after it was pursued for unpaid debt by energy giant EON.
The company, based in West George Street in the city centre, was the factor for the block of flats on Carrick Quay on the north banks of the Clyde.
It had previously operated the Cooperative Building over the river in Tradeston.
It is understood it was put into interim administration on Wednesday.
But the organisation which speaks on behalf of most of the major factoring firms has urged clients of Cassea to ensure their insurance was all up to date.
The Property Managers Association Scotland also insisted Cassea, which had previously been known as TLP Limited, was not one of its members.
Grant Johnston, secretary of the Association, said: "Owners should take steps to reassure themselves over their buildings insurance. That is their priority, to make sure their premiums have been paid.
"It appears from Cassea's website that they have a very reputable firm of insurance brokers and the contact details are there.
"In due course they may well hear from the liquidators who will be looking to see what debts are outstanding or Cassea or indeed if they are owed money."
One resident of Carrick Quay, where Cassea managed 60 properties, said: "As a factor they'd been fine. We got on well with them and they got things done. This came out of the blue.
"Now we're left without any maintenance, security and cleaning and all we know is they were being chased by EON and made no representation in court. It's a slightly worrying situation and causing quite a lot of aggravation and no doubt expense to us."
According to the Scottish Government's register of factors, Cassea was the manager for 234 properties, putting at it at the smaller end of the scale.
Mr Johnson added: "If any clients of Cassea have outstanding repairs it could get complicated but its sortable. But they should now consider the appointment of a new factor as getting agreement amongst so many owners could get tricky. But the priority must be insurance."
No one from Cassea was available.
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