Sunday 24 September 2017

Court orders wind-up of credit union

Newbridge Credit Union, County Kildare
Newbridge Credit Union, County Kildare

Tim Healy

THE High Court has made orders formally winding up Newbridge Credit Union (NCU).

It was taken over by Permanent TSB last month in a €53.9m deal after a proposed merger with another credit union did not go ahead.

Mr Justice Peter Charelton said he had "no hesitation" in appointing chartered accountant Jim Luby, of McStayLuby, as liquidator of NCU, as it was insolvent and in the public interest to do so.

The winding up petition was brought by the Central Bank.

Paul Gallagher, for the Central Bank, said the assets and liabilities of NCU had been transferred to PTSB following an application to the High Court on November 10 last.

That move had ensured that all customers' deposits had been saved, and in the wider sense had prevented any instability to the financial system.

Irish Independent

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