TO ALL MEMBERS
Dear Members 24 October 2014
REDCAR AND CLEVELAND MONEY TREE AND GLEN CREDIT UNION LIMITED
It is with great sadness and regret that we must write to notify you that a Winding Up Order has today been made against the Credit Union and that as a result, the Credit Union is closed and no longer able to accept deposits or allow members or juvenile depositors to withdraw any shares or money held in the Credit Union. Therefore you will not be able to access funds held within your account.
There is no need to panic regarding this and your money is safe. It is protected by the Financial Services Compensation Scheme (FSCS) who will pay back your funds, in the overwhelming majority of cases, within seven days. You do not need to do anything, FSCS will send a payment directly to you; these payments will be sent to members/juvenile depositors at the address registered with the Credit Union. Members due less than £1,000 will receive a letter that they can cash at their local Post Office. Members due more than £1,000 will receive a cheque.
We have attached a help sheet which includes some useful numbers of other organisations who may be able to assist you should the closure cause you financial hardship or other problems.
You are still under a legal obligation to repay your loan and the appointed liquidators (see below) will write under separate cover to those members who have loans owing to the Credit Union shortly. The FSCS will not deduct any monies owing to the Credit Union from the compensations payments described above and those loans are repayable as normal.
Following the making of the Winding Up Oder, an application was made to the Secretary of State for the appointment of Andrew Little and Peter Gray of Rowlands Restructuring and Insolvency as Joint Liquidators. We attach a letter from them explaining their role and how they plan to conduct the Liquidation along with details of any action you may need to take.
Please note that our office is now closed and all future enquiries should be directed to the Liquidators. The relevant contact details are included in their attached letter.
We would like to thank you for your support over the years and assure you that we have done all that we could to avoid this outcome.
For and on behalf of the Board of Directors
There are no current news items