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Credit union appoints liquidators
In March 2016, the Wolverhampton-based credit union stopped trading after it was unable to repay deposits to its members.
The Financial Services Compensation Scheme (FSCS) stepped in to protect the 981 members of the credit union.
Whitmore Reans Credit Union has now revealed that on 31st January 2017 it appointed Stephen Robert Cork and Joanne Elizabeth Milner – both of Cork Gully LLP – as liquidators.
Before falling into default, the credit union served those who resided in the Whitmore Reans area of Wolverhampton.
It was claimed to have provided loans and savings accounts with its services managed and run entirely by volunteers.
The news comes after North East Lincolnshire Credit Union, Hartlepool Credit Union and Coastal Credit Union all ceased trading in 2016.
Ireland-based Rush Credit Union announced in November last year it had entered liquidation.
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