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Credit union enters liquidation
On 2nd November, the union confirmed that Jim Luby and Tom Rogers of McStay Luby Chartered Accountants had been appointed as joint provisional liquidators by order of the High Court.
In a staff statement, the credit union said: “The employees of Rush Credit Union are devastated and shocked at the events over the last few days and months that has resulted in the liquidation of Rush Credit Union.
“This has not been an easy time for us here as we worked to the best of our ability in the difficult circumstances we were faced with.”
Although the firm’s Rush branch will remain open to facilitate loan repayments and new standing orders, withdrawals cannot be facilitated.
Instead, members’ eligible shares and deposits of up to around £89,000 will now be repaid via the deposit guarantee scheme.
Meanwhile, the credit union’s Lusk office will not re-open.
The statement added: “We co-operated fully with all investigations and reviews carried out by third parties on the members’ behalf.
“This was done on the basis that we were working in the members' best interest.
“We would like to thank everyone for their support extended to us and our families.”
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