Mon, 06 Aug 2018 | ADMINISTRATION
Polish Credit Union UK Limited, which launched in 2013 and has 500 members under its name, has been placed in administration.
Preston-based insolvency practitioners and specialists in credit unions, Begbies Traynor has been called in, and partner Dean Watson has been appointed as the official administrator.
Opened in 2013 to provide the London-based Polish community with savings accounts and loans, the single-branched credit union located in West Ealing, London has since gained a customer-base of more than 500 members.
The union has been declared in default by the Financial Services Compensation Scheme (FSCS), which will ensure that all members will have their deposits returned to them.
Watson said: “All savers will have their balances returned by the FSCS.
“Savers do not need to do anything to get their money back and anyone with a deposit with the credit union should look out for a letter and monies in the post from the FSCS in the next few days.
“Our immediate priority is to work with the FSCS to ensure that all savers get their money back as quickly as possible.”
Staff from both the Polish Credit Union and Begbies Traynor will be available to customers to answer any questions they may have. Watson stated that all members will receive a Frequently Asked Questions worksheet, and a link to the credit union’s statement online, as well as the FSCS’s statement.
He cited the declining lack of involvement from new members as the reason for the company’s downfall.
“This case shines a light on the challenges that many credit unions face in engaging new members and responsibly increasing loan books required to ensure viability and regulatory compliance,” Watson claimed.
For more news stories about administrations click here. For all our administrations listings, click here.
Specialist utility services provider delivering contract services for telecommunications & fibre-optic networks. Works include the installation of ducts micro-ducts access chambers street cabinets & fibre optic cable installation for major blue-chip...
Provides bus & coach services on behalf of local authorities universities & private companies throughout the North East of England.
Removes & disposes of asbestos from a variety of buildings including large corporate & residential properties. Also carries out asbestos surveying sampling waste management industrial cleaning & demolition.
|
22
|
|
Jan
|
630,000 UK businesses in “significant financial distress”, according to report | BUSINESS NEWS
According to the most recent Red Flag Alert research from Be...
|
21
|
|
Jan
|
ProCook considering sale as it undertakes strategic review | BUSINESS NEWS
Kitchenware retailer ProCook is to undertake a strategic rev...
|
20
|
|
Jan
|
Modulaire Group extends UK presence with Carter acquisition | BUSINESS SALE
Modular space leasing business Modulaire Group has announced...
Sign up to receive our acquisition alert emails to get your FREE guide
|
18
|
|
Jun
|
Hotel chain Suite Hospitality enters administration | ADMINISTRATION
Suite Hospitality, which operates hotels in Exeter, Windsor ...
|
27
|
|
Apr
|
Lincs Lifts seeks buyer after appointing administrators | ADMINISTRATION
Scunthorpe-based powered access hire business Lincs Lifts is...
|
03
|
|
Apr
|
Benito’s Hat to continue trading despite entering administration | ADMINISTRATION
Fast-casual Mexican food chain Benito’s Hat has entere...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources