Important update 2 May 2013   Leave a comment

On 29 April 2013 the Union was placed into compulsory liquidation and my appointment as liquidator was confirmed.

Yesterday I sent a file to the Financial Services Compensation Scheme (‘FSCS’) which should see most savers repaid (in full) by 17 May.

Today we sent out statements and the letters we’ve set out below to about 1,000 savers.  However I am missing addresses for quite a few savers.  

If you are a saver and haven’t received the statement and my letters by, say, 9 May, please call or e-mail us.  T 01902 672323, freephone 0800 2315788; angela@in-solve-ncy.co.uk 

And if you haven’t received your money back from the FSCS by, say, 17th May, please call us and we’ll chase the FSCS.

 

Paul Brindley

Liquidator

Licensed as an insolvency practitioner by the Institute of Chartered Accountants in England & Wales

—————————————————

South Warwickshire Credit Union Limited (‘SWCU’ or ‘the Union’)

(In liquidation)

 

Hello, I’m Paul Brindley of Midlands Business Recovery, the liquidator appointed after the court ordered the Union into liquidation on 29 April 2013.

 

If you have a savings account, don’t worry, you’ll be getting all of your money back soon

 

Since sending you the help sheet a few weeks ago, we’ve been working hard with the UK government’s Financial Services Compensation Scheme (‘FSCS’) to make sure that you get all of your money back and quickly.  The FSCS will be given what we believe are the final details of your claim – your name, address and the balance shown on the statement overleaf – in the next few days, they will then pay you this amount.

 

All you now need to do is…

 

  1. 1.     Check the balances on the statement overleaf with what you believe you owe or are owed.  If there’s a difference, call or e-mail me straight way.

 

My freephone helpline is 0800 231 5788 – this is manned between 9am and 3pm (Tuesday to Thursday).  Alternatively email angela@in-solve-ncy.co.uk.  If the figure on the statement agrees with what you think you are owed, you need do nothing.

 

  1. Please keep an eye on the post for a plain envelope addressed to you.

 

This will be from the FSCS, it will contain your payment.  If the balance on your savings account is less than £1,000, simply take the letter to the Post Office with proof of your identity and they will let you have the cash. If the balance on your savings account is more than £1,000, the FSCS will send you a cheque which you should pay in to a bank or similar account.  One option could be the New Central Credit Union (telephone 02476 633456, their website is: http://www.newcentralcu.co.uk).  Please ‘cash’ in the letter or cheque as soon as you can.

 

If you haven’t received your money by, say, 17 May, then please call or e-mail me.

 

  1. 3.     If you have a loan from the Union, please continue to make your loan repayments as normal

 

There’s nothing to worry about, I will be writing to you separately in a week or so…

 

  1. 4.     Please think of this – I’m asking a favour of you…

 

Because you couldn’t get your savings out of the Union before it went into liquidation, the law says that I have to supply you with reports for as long as the Union is in liquidation.  This is despite the fact that you will be paid out in full by the FSCS within days.  This means you will be getting lengthy hard copy reports that I’m sure many of you will think is just junk mail.  The favour that I’m asking is this … it would be great if you would agree that I can send you these reports by e-mail as this will keep my costs and time down.  Would you be willing to send Angela a brief e-mail at angela@in-solve-ncy.co.uk quoting your membership number and telling me to send you your reports electronically?

 

 

 

Paul Brindley

Licensed as an insolvency practitioner by the Institute of Chartered Accountants in England & Wales

 

 

South Warwickshire Credit Union Limited – in liquidation

 

Invitation to lodge a claim.  Time limits to be observed.

& other matters

 

Please note that this is a formal notice that I am required to serve on you under ‘the Credit Institutions (Reorganisation and winding up) Regulations 2004 (‘the Regulations’) and other insolvency law.

 

If you have received a statement from me setting out how much you are owed or owe to the Union, on the reverse of which I’ve said that your savings are going to be paid in full by the FSCS, you need do nothing more than just check the amount on the statement with what you believe the figure should be – there is no obligation on you to do anything with this particular document-there is no need for you to submit the claim form overleaf. 

 

The things that I’m obliged by the Regulations and under insolvency law to tell you about are:

 

  • On 29 April 2013, the Warwick County Court ordered that South Warwickshire Credit Union Limited (‘the Union’) be placed into compulsory liquidation, the order having an immediate effect;
  • The Union’s company number is IP00629C.  Its formal and trading name was South Warwickshire Credit Union Limited;
  • The Union’s Registered Office and principal trading address was 6 Windsor Court, Greenhill Street, Stratford Upon Avon, Warwickshire, CV37 6GG;
  • Paul Ronald Brindley of Midlands Business Recovery, Alpha House, Tipton Street, Sedgley, West Midlands, DY3 1HE was appointed liquidator of the Union on 29 April 2013. His insolvency practitioner number is 8337.  The best contact details to get in touch with the liquidator are by telephone 0800 2315788 (freephone) or 01902 672323; or by email to angela@in-solve-ncy.co.uk – Angela Horne;
  • Overleaf is a proof of debt.  You should complete and return this to me if you have not had a separate letter from me confirming that your savings will be paid in full by the Financial Services Compensation Scheme (‘the FSCS’) or if you are not a saver but have supplied goods or services to the Union which remain unpaid.  If you are a saver who has received a letter from me saying you will be paid in full, there is no need for you to complete or return it.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rule 4.73

Form 4.25

 

Proof of Debt – General Form

 

 

SOUTH WARWICKSHIRE CREDIT UNION LIMITED – IN LIQUIDATION

 

                Date of Winding-Up Order:  29 April 2013

1. Name of creditor

 

 
2. Address of creditor for correspondence.

 

 

 

 
3. Total amount of claim, including any Value Added Tax and outstanding uncapitalised interest as at the date the company went into liquidation.

 

 
4. Details of any documents by reference to which the debt can be substantiated. (Note: There is no need to attach them now but the liquidator may call for any document or evidence to substantiate the claim at his discretion as may the chairman or convenor of any meeting).

 

 
5. If amount in 3 above includes outstanding uncapitalised interest please state amount.

 

  £
6. Particulars of how and when debt incurred

(If you need more space append a continuation sheet to this form).

 

 
7. Particulars of any security held, the value of the security, and the date it was given.

 

 
8. Particulars of any reservation of title claimed in respect of goods supplied to which the claim relates.

 

 
9. Signature of creditor or person authorised to act on his behalf
__________________________________________________

Name in BLOCK LETTERS
__________________________________________________

Position with or in relation to creditor
__________________________________________________
Address of person signing (if different from 2 above)

 

 

Admitted to vote for

 

Admitted for dividend for
£ £
Date Date
Liquidator

 

Liquidator

 

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Posted May 2, 2013 by swcuwindsor in SWCU

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