Cornish credit union in liquidation after High Court order

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A credit union in Cornwall has gone into liquidation following an order issued by the High Court.

The Cornwall and Isles of Scilly Credit Union Limited was a not-for-profit co-operative.

It was owned and controlled by approximately 2,100 members with savings totalling about £550,000.

Kevin Murphy, from the liquidator Chantrey Vellacott DFK, said all savers would be protected under the Financial Services Compensation Scheme.

Mr Murphy said: "The credit union was wound up yesterday (Friday) by the High Court following a petition from its directors.

"The directors had taken the view that the credit union was insolvent, in that its liabilities exceeded its assets.

"The Financial Services Authority, which regulates credit unions, had indicated it was no longer prepared for the credit union to continue trading because it was insolvent."

Cornwall and the Isles of Scilly Credit Union Limited was trading as Cornish Community Banking.

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