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Order made over Cork credit union
23 Jul 2014 20:08
The High Court has made an order to wind up a credit union in Co Cork.
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President of the High Court Mr Justice Nicholas Kearns this morning granted the application by lawyers for the Central Bank to wind up Berehaven Credit Union in Castletownbere, which has 3,500 members.
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The making of the application or the order could not be made public until 2pm to prevent a run on the credit union.
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The bank said the winding up was in the public interest.
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Insolvency practitioners Jim Hamilton and David O'Connor of BDO Ireland have been appointed as provisional liquidators of the credit union.
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Berehaven Credit Union has a deficit in its accounts of just over €50,000.
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However, it also needs just over €1.3 million to bring its regulatory capital requirements into line.
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