Liquidators of Rush Credit Union put assets up for sale

The joint liquidators of Rush Credit Union have put its loan book up for sale, along with its offices in the north Co Dublin villages of Rush and Lusk.

In a newspaper advertisement marketing the sale, McStay Luby has sought indicative bids by noon on December 9th.

The loan book has a gross value of €13 million. It is understood to comprise performing loans of about €8 million and delinquent borrowings of around €5 million. The liquidators continue to facilitate the repayment of loans at the credit union’s office in Rush.

There are no deposits or savings attached to the loans. The liquidators are expected to consider offers for the entire loan book, or for one of the books as a separate lot.

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The offices are described as “modern, purpose-built and fully furnished”.

Rush Credit Union was placed in liquidation at the beginning of this week following a recent application to the High Court by the Central Bank of Ireland. It had a hole in its reserves of €4.7 million and net liabilities of €2 million at the time of its winding up.