Parkhead Credit Union Limited has been placed into administration and has now ceased trading. Dina Devalia and James Sleight of PKF Geoffrey Martin & Co Limited are the appointed Joint Administrators.
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, said: “Savers don’t need to worry as their money is safe – all of Parkhead Credit Union’s savers will have all of their deposits returned to them by the FSCS.
“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.
“The Joint Administrators’ team is focused on making sure that all savers get their money back as soon as possible. We’ll also make time to help customers with issues such as setting up accounts elsewhere and assistance with transferring their benefit payments.”