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Quantuma’s Dina Devalia and James Varney have been appointed joint administrators of financial cooperative Hastings and Rother Credit Union Limited, which traded as 1066 Community Bank.
The company entered administration yesterday (8 August) due to regulatory and solvency issues, and as a result, has closed immediately.
While all members’ funds below the £85k limit will be protected and repaid in full by the Financial Services Compensation Scheme (FSCS), all loan members will be required to continue repaying their loans in this administration in line with the loan agreement.
Founded in 1999, the credit union is based in Hastings and acts as a financial cooperative, offering its members financial security through saving and borrowing. In 2018, the credit union recorded a turnover of £13K.
The administration team will assist any members who need support and FAQs with a list of useful contacts, which have now been published on the FSCS website.
Devalia said: “Members of the Hastings and Rother Credit Union do not need to worry. Their money is safe and the FSCS will return 100% of members’ deposits, subject to the FSCS limit.
“We are working closely with the FSCS to ensure that all members will receive their money back as soon as possible.”
