Quantuma trio appointed joint administrators of Strathkelvin Credit Union
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Dina Devalia
Three managing directors at business advisory firm Quantuma have been appointed as joint administrators of financial cooperative Strathkelvin Credit Union (SCU).
The Dunbartonshire-based credit union, founded in January 1996, entered administration yesterday as a result of regulatory breaches which have rendered it insolvent. In 2019, it recorded a turnover of £86,000.
Dina Devalia, Simon Bonney, and Ian Wright, all managing directors at Quantuma, have been appointed as joint administrators.
All members’ funds up to £85,000 will be protected and repaid in full by the Financial Services Compensation Scheme (FSCS). All SCU loan members will be required to continue repaying their loans in this the administration.
Ms Devalia said: “Strathkelvin Credit Union members don’t need to worry as all of their money is safe – 100 per cent of members’ deposits will be returned by the FSCS.
“We are working with the FSCS to ensure that all members receive their money back as soon as possible. We’ll also be on hand by email or phone to assist members with any queries that they may have on issues such as loan repayments or setting up new accounts for benefits payments.”
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