The Regulator used its statutory powers to direct the transfer of assets of an RSL for the first time in November following a period of statutory intervention at Kincardine.

It said the action was taken after its statutory intervention and independent investigations identified “serious failures in governance and financial management”.

However, lawyers acting on behalf of KHC at the time accused the Regulator of acting in a “very high handed and unnecessary manner” and criticised the roles of the statutory manager and committee members appointed by the Regulator.

The transfer of Kincardine’s 72 homes located Stonehaven, Portlethen and Fordoun was completed in January.

The Regulator said it has now removed Kincardine’s name from the register as it “no longer manages or rents homes and no longer carries out social housing functions following the transfer”.

Ian Brennan, director of regulation, said: “We have removed Kincardine from the register of social landlords as the co-operative no longer meets the criteria for registration.

“Following the transfer of its homes to Grampian Housing Association, the co-operative no longer manages or rents homes.

“We used our statutory powers last year to direct the transfer because of serious failures in Kincardine’s governance and financial management.

“We took this action to safeguard and promote the interests of Kincardine’s tenants and ensure their homes were secure and that they continued to receive good services.

“The de-registration of Kincardine marks the end of our statutory intervention in the co-operative.”