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.
Offers the full scope of plumbing and mechanical services from domestic homes up to large-scale commercial buildings. Packages provided on a labour-only basis to a full supply and installation basis directly to clients or to other larger mechanical c...
LEASEHOLD
Operates several care homes which provide a safe and nurturing environment in which children can grow. Nine homes cater to the needs of children under the age of 18, while the tenth is designed to teach young people the skills required to live indepe...
LEASEHOLD
Established for circa 40 years. Provides a comprehensive range of services for the overall aim of surfacing roads and driveways, including: initial design planning, construction to prepare surfaces for work, drainage, kerbing and laying of asphalt an...
LEASEHOLD
|
09
|
|
Apr
|
Topshop flagship store up for sale | COMMERCIAL PROPERTY
Topshop's flagship Oxford Street store in London is dra...
|
09
|
|
Apr
|
Gestamp’s former Washington warehouse hits the market in £6.5m auction | COMMERCIAL PROPERTY
The former Washington base of international car parts manufa...
|
08
|
|
Apr
|
Decorating contractor targets acquisitions after MBO | MBO/MBI
Scottish commercial decorating contractor Bell Group has com...
Sign up to receive our acquisition alert emails to get your FREE guide
|
03
|
|
Mar
|
Fazenda restaurant group acquired from administrators in pre-pack deal | BUSINESS SALE
The Yorkshire-based Fazenda restaurant chain has been acquir...
|
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...
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