Barbados Financial Services Commission launches member payout process for Progressive Co-operative Credit Union liquidation

The Barbados Financial Services Commission issued a notice of payout for members and other interested parties of Progressive Co-operative Credit Union Limited, which has been placed into liquidation, and confirmed it will manage the distribution of the credit union’s assets as part of the liquidation process. Registration of the credit union was cancelled effective 12 December 2024 under section 25 of the Financial Services Commission Act, with the cancellation notice published in the Nation newspaper and the Official Gazette on 1 December 2024. The credit union had an opportunity to show cause and no objection has been raised to the cancellation; liquidation is proceeding under section 152(d) of the Co-operative Societies Act, Cap. 378A. Claimants must provide at least one valid form of identification and banking details, and certified probate or testamentary letters when claiming on behalf of deceased members; the Commission noted that in-person visits are not required. Interested parties are asked to contact the Commission by 31 March 2026 to schedule an appointment for processing and disbursement, and the notice includes a published list of members.