Dina Devalia and James Sleight of PKF Geoffrey Martin & Co have been appointed as Joint Administrators of Greater Milton & Possilpark Credit Union Limited.
The Financial Services Compensation Scheme (FSCS) has also declared the credit union in default, which means that savers are entitled to receive their deposits back.
Founded in 1991, Greater Milton & Possilpark Credit Union serves residents living in the Milton, Possilpark, Springburn and Bishopsbriggs areas of Glasgow.
Dina Devalia, Joint Administrator, said: “All of Greater Milton & Possilpark Credit Union’s savers will have their balances returned to them by the FSCS. Savers’ deposits are safe and nobody will be out of pocket as a result of this.
“Savers don’t need to do anything to get their money back – anyone with a deposit with the organisation should look out for a letter in the post from the FSCS in the next few days.
“Anyone with a loan with the credit union should continue to repay it in the usual way.
“The Joint Administrators’ team is focused on working with the FSCS to ensure that all savers get their money back as soon as possible. We will also be on hand to assist savers with any queries that they may have on issues such as setting up new savings accounts or transferring direct debits.”