Isles of Scilly Credit Union goes into liquidation
The fight to save a credit union from insolvency appears to be over after it was declared bankrupt.
Cornwall and the Isles of Scilly Credit Union Limited went into liquidation on Friday following an order issued by the High Court.
The not-for-profit co-operative trading as Cornish Community Banking (CISCU) was owned and controlled by 2,100 members with savings totalling about £550,000.
The union said in a statement: "We would like to reassure members of CISCU that your money is safe."
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Kevin Murphy of liquidator Chantrey Vellacott DFK said: "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."
Less than a month ago, members of the credit union voted to oust the board and agreed on a recovery plan.
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