Past failures: O-Regen

The East London Credit Union crashes into administration, leaving several important questions unanswered

October 8, 2019 Cllr. Paul Douglas, East London Credit Union, Past failures: O-Regen, Stella Creasy MP, the Labour Party in Waltham Forest

On 11 September 2019, the East London Credit Union (ELCU), trading as the Waltham Forest Community Credit Union, collapsed into administration. Simultaneously, the UK Financial Services Compensation Scheme announced that it was stepping in to safeguard ELCU’s 5,500 members’ deposits, valued at £2.25m, and most could expect like-for-like payment within a week. The administrator, LBWF, and the East ... »

Documenting Past Failures: (9) the collapse of LBWF’s pet charity, O-Regen

March 18, 2015 Past failures: O-Regen

The registered charity O-Regen was set-up in 1997 as part of the redevelopment of Cathall estate, and charged with running community facilities in the south of the borough together with various programmes to benefit local residents. From the start, O-Regen appeared blessed. It was presented with a £4.5m endowment as well as a portfolio of 16 leasehold properties yielding an income of £120,000 p.a.... »