CREDIT UNION’S $1M WIND-UP NEARS END

MORE than two-thirds of the cheques representing outstanding funds owed to hundreds of the One Eleuthera Cooperative Credit Union’s (OECCUL) members were signed over the weekend, its liquidator confirmed yesterday.

Errol McPhee, also the OECCUL’s former chairman, told Tribune Business more than 600 cheques were signed for members and he is “happy” this process will end soon. “You don’t know what it’s like to have 780 people calling you every day for their money. It’s very stressful,” he added. The OECCUL was ordered to close in December 2022 and wind-up its affairs, leaving 780 members without access to their funds. It went into liquidation under The Bahamas Cooperative League (BCLL) shortly afterwards, and is now ready to repay its members what they are due. “Last Saturday gone, me and the secretary was in the church signing cheques.

All of the cheques that was outstanding in Eleuthera, over 600 of them, we dealt with,” said Mr McPhee.

Stephanie Missick-Jones, the BCLL’s general manager, confirmed to Tribune Business she was in the process of signing-off cheques yesterday and members should be receiving word from the BCLL shortly. She said: “We are in the process now. It’s ironic that you are calling now because just last week we were there putting together cheques, and we are continuing with that, so in a few weeks it will be done.”