Cornish credit union in liquidation after High Court order

Related Stories

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.

More on This Story

Related Stories

The BBC is not responsible for the content of external Internet sites

BBC Cornwall

Weather

Truro

Min. Night 14 °C

Features & Analysis

Elsewhere on the BBC

  • planesEnd of the line

    The vast ‘boneyards’ that are home to thousands of aircraft that have come to end of their flying days

Programmes

  • A screenshot from Goat SimulatorClick Watch

    The goat simulator which started as a joke but became a surprising hit, plus other tech news

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.