Administrators are working to return savings to members of the North East Warrington Credit Union (NEWCU) after the company has been declared insolvent.
The members’ committee of North East Warrington Credit Union (NEWCU) resolved to place the company into administration on 4th May.
The Financial Services Compensation Scheme (FSCS) declared the Company in default, which means it can step in and return money to members. In the vast majority of cases, members will receive their savings within 7 days of the date FSCS declared the credit union in default.
NEWCU entered administration as it is unable to meet its regulatory requirements because of a number of historic bad debts.
Mike Dillon and Andrew Poxon of Leonard Curtis Group have been appointed as joint administrators.