Herefordshire-based Marches Credit Union Limited has gone into liquidation following an order issued by the High Court.

However, members of the Union have been assured that savings and deposits will not be affected. The liquidation follows action taken by directors who brought certain undisclosed matters to the attention of police which are subject to on-going investigations. Guy Mander and Graham Bushby of Baker Tilly Restructuring and Recovery LLP, have been appointed liquidators of the Union.

Guy Mander, joint liquidator, said steps have been taken to inform all members that their savings are protected. He explained: “We have immediately written to all members and juvenile depositors to provide them with information as regards FSCS, details of alternative local credit unions and other steps they may wish to take.” Following the winding up order, March Credit Union Limited, which employs approximately 400 members, is no longer able to accept deposits or make loans.....Read more here