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.
This is a unique opportunity to acquire a well-established family-run business which has been successfully trading for over 150 years.
This is a unique opportunity to acquire a tech-driven, carbon-neutral commercial laundry facility, Neptune, which is disrupting a mature market with patented technology and innovative software.
This is a unique opportunity to acquire an established events entertainment business serving a loyal customer base across the UK, including local authorities and corporate clients.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.