Dina Devalia and Peter Hart of PKF Geoffrey Martin & Co have been appointed as Joint Administrators of West Wales Credit Union Limited.
The Financial Services Compensation Scheme (FSCS) has also declared the credit union in default, which means that savers are entitled to receive their deposits back.
Dina Devalia, a director at Geoffrey Martin & Co, said: “All of West Wales Credit Union’s savers will have their balances returned by the FSCS. They don’t need to do anything to get their money back; savers should look out for a letter in the post from the FSCS in the next few days.”
West Wales Credit Union has now ceased trading and is not expected to re-open.
For press enquiries, please contact Andy Konieczko on +44 (0)20 7516 2209 or firstname.lastname@example.org; for other enquiries, please contact the PKF Geoffrey Martin team on +44 (0)20 7495 1100 or email@example.com.