Basildon Credit Union - Administration

Basildon Credit Union, an Essex-based organisation with almost 500 members, entered administration on 17 March, with Dina Devalia and Michael Kiely of Quantuma appointed as administrators.

The credit union was founded in 1987 and offered affordable lending and flexible saving options for those residing or employed in the borough of Basildon.

The credit union collapsed in mid-March after suffering solvency and regulatory issues.

The Financial Services Compensation Scheme (FSCS) is now in the process of compensating members. All member funds below the £85,000 limit will be repaid in full.