Dina Devalia and James Sleight of PKF Geoffrey Martin & Co have been appointed as Joint Administrators of the Solent Credit Union.
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.
Dina Devalia, Joint Administrator of PKF Geoffrey Martin & Co, said: “Solent Credit Union savers don’t need to worry as their money is safe – all customer 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 organisation should look out for a letter in the post from the FSCS in the next few days.
“We’re now focused on working with the FSCS to ensure that all savers get their money back as soon as possible. We’ll 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 their benefits.”