Credit Union Goes Into Liquidation

20 pound noteA credit union, which encouraged savers in Scilly, has gone into liquidation.

Liquidators have been appointed for Cornwall and the Isles of Scilly Credit Union Limited, trading as Cornish Community Banking, following an order of the High Court on Friday

It was owned and controlled by approximately 2,100 members with savings totalling around £550,000.

Credit unions operate as not-for-profit financial co-operatives.

The directors have attributed its failure to bad debts on loans made by the union.

Every member will get their money back in full, as they are protected by the Financial Services Compensation Scheme.