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.
Converter of commercial vehicles modifying vans into fully-equipped mobile workshops for vehicle repairs. Delivers an ancillary fleet management service offering recurring maintenance and health & safety testing services for the lifespan of its clien...
Commercial cleaners delivering contracted services for offices factories & holiday lets across the North West. Its team of 130+ cleaners regularly service c.170 sites achieving consistent levels of turnover & recurring revenue.
Opportunity to acquire a respected specialist painting and decorating services company in Nottingham, known for its excellence and skilled craftsmanship.
17
|
Sep
|
West Midlands manufacturer to target M&A under new CEO | BUSINESS NEWS
PP Control & Automation (PP C&A), a West Midlands-based manu...
16
|
Sep
|
SRG expands retail division with acquisition of North West broker | BUSINESS SALE
Insurance underwriting and broking firm Specialist Risk Grou...
16
|
Sep
|
Pair of Midlands furniture brands fall into administration | ADMINISTRATION
Administrators are set to market the assets of a pair of Mid...
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
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
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.