The administrators to Taggart Holdings, Taggart Homes and Taggart Properties have confirmed that "based on current projections there will be insufficient funds to enable any distribution to unsecured non-preferential creditors".

Their progress report for the period from 21 October 2009 to 19 April 2010 states that "recovery of any equity value" from the helicopter owned by Taggart Homes "is increasingly unlikely" because of essential engine-repair costs and depressed conditions in the aircraft market.

A legal issue surrounding the rights "of the individual management companies to purchase the ground rents contained within their developments [that] has impacted on a possible sale of the portfolio" of Taggart Homes in Britain and Northern Ireland has also arisen.

The administrators said they were seeking final legal sign-off in relation to the "ability to realise any value from this asset". They are continuing to pursue outstanding ground rents.

The administrators also stated that the volatility in the property market has led to "difficulties" in completing the sale in principle of apartments at two schemes in Britain and of a site at Barn Garage in Eccles, Lancashire, "which had previously been agreed in principle". They also stated that "appropriate realisation strategies, taking into account market conditions" have been adopted in relation to land at Harrington and Oldham.