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North East Warrington Credit Union (NEWCU) Limited appoints administrators
On 4 May 2022, the members committee of North East Warrington Credit Union (NEWCU) Limited (NEWCU) resolved to place the Company into Administration appointing Mike Dillon and Andrew Poxon of Leonard Curtis Group as Joint Administrators (the Administrators).
NEWCU is a community co-operative and not-for-profit organisation. It was owned and ran by its members for its members. Membership was based on people sharing the common bond of living and/or working in the Warrington area. NEWCU provided its members with the ability to save or borrow money and provided services to those who had a low income and those who did not have a record of borrowing.
NEWCU has entered Administration as it is unable to meet its regulatory requirements because of a number of historic bad debts and has subsequently been declared insolvent. The Financial Services Compensation Scheme (FSCS) subsequently declared the Company in default on 4 May 2022 which means it can step in and return money to members. The Administrators have been liaising with the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) regarding plans for winding down the business and they will continue to work with the PRA, FCA and FSCS to achieve a satisfactory outcome.
The Administrators would like to assure customers that their funds are safe. In most cases, customers savings will be paid back to them within 7 days of the date the firm was declared in default by FSCS, being 4 May 2022. Customers do not need to do anything. FSCS will automatically pay customers back their savings using the account information it receives from the Company. FSCS will contact customers by post.
The Administrators have published detailed guidance on the next steps for customers on their dedicated webpage for the Administration www.leonardcurtis.co.uk/NEWCU. This website will be used to provide further updates and information as and when appropriate and customers are encouraged to monitor the website on an ongoing basis.
For all customer, creditor and non-press related enquires a dedicated email address has been set up newcu@leonardcurtis.co.uk and we would encourage all queries to be directed to us via this channel.
Leonard Curtis is part of the Leonard Curtis Group.
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Reach Commercial Finance Limited. Registered in England no 09056450. Leonard Curtis is a trading style of Reach Commercial Finance Limited. Leonard Curtis is a broker not a lender and is independent with access to the whole of market. We may receive commissions that will vary depending on the lender, product or other permissible factors. The nature of any commission model will be confirmed to you before you proceed. Authorised and regulated by the Financial Conduct Authority FCA no. 753686. Registered with the Information Commissioner’s Office reference ZA069234
Leonard Curtis Legal Limited is a limited company, registered in England and Wales with registered number 09820186. Registered office: Riverside House, Irwell Street, Manchester M3 5EN. Leonard Curtis Legal Limited is registered with the Solicitors Regulation Authority with number 626004.