Administrators appointed at Strathkelvin Credit Union

Dina Devalia, Simon Bonney, and Ian Wright, from our Restructuring and Advisory Division, have been appointed as joint Administrators of financial cooperative, Strathkelvin Credit Union (SCU).

Based in Dunbartonshire, the credit union, founded in January 1996, acts as a financial cooperative offering its members financial security through saving and borrowing. In 2019 SCU recorded a turnover of £86k.

SCU is a deposit taking financial institution which is dual regulated by PRA and FCA, entered administration on 22nd February 2022 as a result of regulatory breaches rendering the firm insolvent.

All members funds, below the £85k limit, will be protected and repaid in full by FSCS. All SCU loan members will be required to continue repaying their loans in this the administration.

Dina Devalia, Managing Director at our Restructuring and Advisory Division, said: “Strathkelvin Credit Union members don’t need to worry as all of their money is safe – 100% of members’ deposits will be returned by the FSCS. You don’t need to do anything to get your money back – anyone with a deposit with the credit union should look out for a cheque in the post from the FSCS in the next few days. We are working with the FSCS to ensure that all members receive their money back as soon as possible. We’ll also be on hand by email or phone to assist members with any queries that they may have on issues such as loan repayments or setting up new accounts for benefits payments.”