Scottish Antonine Housing Association’s bank demanded early repayment of a loan after regulatory intervention triggered a technical breach of its covenants.
The Scottish Housing Regulator stepped to appointed a manager after it discovered the 338-home association did not have a legitimate board.
This move prompted Antonine’s lender, The Co-operative Bank, to end the loan agreement because one of the covenants specified against regulatory intervention. The bank required repayment of its outstanding loan balance, plus breakage costs, by 31 December last year.