Dunedin Independent, the Edinburgh-based IFA, has fallen into liquidation after the firm’s investment portfolio became too exposed to the UK property sector.

The decline in property value coupled with shrinking revenues after the departure of staff in July last year has left the company in an untenable financial position, the firm said in a statement.

Since the firm was acquired by Switzerland’s Helvetia Wealth for £4 million ($6.3 million) in September 2010, headcount has decreased from around 30 to just 5 people.

KPMG has been appointed as liquidator and the company’s clients have been advised to contact the accountancy firm with any questions.

Kames Capital recently said that the economic uncertainty in the eurozone and a plethora of new or forthcoming regulation have caused a fundamental shift for the UK property market. The uncertainty has led to many investors lacking the confidence to invest in anything but the best commercial premises in London and the southeast, and the rest of the market has taken a hit, according to Phil Clark, head of property investment at Kames.