Past failures: O-Regen

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

Nick Tiratsoo 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 London and West Essex Guardian posted similar reassurance. In some ways, this upshot was surprising. Credit union failures are not unknown – on average, about seven go bust every year. And although UK... »

Cllr. Paul Douglas, East London Credit Union, O-Regen, Stella Creasy, The Labour Party in Waltham Forest

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

Nick Tiratsoo 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.; its board of trustees included many of the borough’s ‘great and good’ – at one time or another, the likes of Michael Polledri and Guy Davis (‘big players in the business and construction scene in Wa... »

Guy Davis, John Macklin, Khevyn Limbajee, LBWF, Matt Davis, Michael Polledri, O-Regen, past failures, Terry Wheeler, Waltham Forest Council, Worknet