Cornish Community Banking goes into liquidation
The fight to save Cornwall and the Isles of Scilly Credit Union Limited - also know as Cornish Community Banking - from bankruptcy seems to be lost, after the credit union has gone into liquidation.
"On 15 February 2013, Cornwall and the Isles of Scilly Credit Union ("CISCU") was placed into liquidation following an order of the High Court," the credit union said in a statement on its website.
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Kevin Murphy and Richard Toone of Chantrey Vellacott DFK LLP have been appointed as liquidators.
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In October last year, The Cornwall and Isles of Scilly Credit Union Limited, which was not-for-profit co-operative, reported it had been operating in the red for more than a year.
According to Cornish Community Banking its members should not be worried about losing their savings as a result of the liquidation.
"We would like to reassure members of CISCU that your money is safe. As CISCU was authorised by the Financial Services Authority (FSA), your deposits are protected by the Financial Services Compensation Scheme (FSCS). All deposits are protected (including savings and CUCA accounts)," it said in a statement.
4 Comments
by Doitdreckley
Monday, February 18 2013, 11:29AM
“Who wants independence?
There did not seem to be any publicity for the Credit Union”
by Waltersmith
Sunday, February 17 2013, 9:33PM
“..and they want independence!”
by Doitdreckley
Sunday, February 17 2013, 1:17PM
“The Cornish Credit Union never took off like it has done in Canada or Ireland. It was essentially a poor persons bank and needed people with a range of incomes to bank into it as what existed was the poor lending to the poor. Its a great pity that there are so many people in Cornwall who bank with the highwaymen that led us to financial and social disaster in 2008.”
by shipmateron
Sunday, February 17 2013, 10:43AM
“Oh no, that's £74.23 lost to the UK economy, here we go into another recession!”