In a statement, MHA acknowledged the Regulator’s support in reaching the milestone, a “fitting way” for the association to celebrate its 25th anniversary this year.

In Regulator began engaging intensively with Muirhouse in December 2014 after it identified serious weaknesses in the Association’s governance and financial management as well as a failure to comply with Regulatory Standards of Governance and Financial Management.

A statutory manager and three additional members were then appointed to its governing body.

The managerial appointment was ended in December 2015 after Muirhouse recruited a new chair and began the process of recruiting new Board members.

Further governance and financial management improvements, and the appointment of a new chief executive, led to the Regulator deciding to end its statutory intervention in June 2016.

The Regulator maintained its engagement with Muirhouse as the Association managed the intensive period of change and improvement.

Stevie McAvoy, MHA chief executive, said: “This magnificent achievement is the culmination of hard work, perseverance and determination by MHA staff and Board. We are grateful for all the support given to us, not least that of the Regulator.

“This decision gives MHA the momentum to build further on our already excellent business performance and to continue in our determination to deliver excellent services and a stronger Muirhouse community.”