Our Restructuring and Advisory Division appointed Administrators of Hastings & Rother Credit Union Limited t/a 1066 Community Bank

Dina Devalia and James Varney of our Restructuring and Advisory Division have been appointed as Joint Administrators of the financial cooperative Hastings & Rother Credit Union Limited, trading as 1066 Community Bank.

Founded in 1999, the credit union is based in Hastings and acts as a financial cooperative, offering its members financial security through saving and borrowing. In 2018 the credit union recorded a turnover of £13K.

Hastings & Rother Credit Union Limited entered administration due to regulatory and solvency issues on Tuesday, 8 August 2023. The credit union’s office in Hastings will close immediately.

All members funds, below the £85k limit, will be protected and repaid in full by the Financial Services Compensation Scheme (FSCS). All loan members will be required to continue repaying their loans in this administration, in line with the loan agreement.

The administration team will assist any members who need support and FAQs with a list of useful contacts have now been published on the FSCS website: https://www.fscs.org.uk/making-a-claim/failed-firms/hastings-rother/

Dina Devalia, managing director and expert on credit union administrations at our Restructuring and Advisory Division , said:

“Members of the Hastings & Rother Credit Union do not need to worry. Their money is safe and the FSCS will return 100 per cent of members’ deposits, subject to the FSCS limit.

We are working closely with the FSCS to ensure that all members will receive their money back as soon as possible. We are contactable by email HRCU@quantuma.com or telephone on either 01424 390150, 01424 202651 or alternatively call 0746 927 8739 to assist members with any queries that they may have on issues such as loan repayments or setting up new accounts for benefits payments.”