The fight to save Cornwall and the Isles of Scilly Credit Union Limited - also know as Cornish Community Banking - from bankruptcy seems to be lost, after the credit union has gone into liquidation.
"On 15 February 2013, Cornwall and the Isles of Scilly Credit Union ("CISCU") was placed into liquidation following an order of the High Court," the credit union said in a statement on its website.
Kevin Murphy and Richard Toone of Chantrey Vellacott DFK LLP have been appointed as liquidators.
In October last year, The Cornwall and Isles of Scilly Credit Union Limited, which was not-for-profit co-operative, reported it had been operating in the red for more than a year.
According to Cornish Community Banking its members should not be worried about losing their savings as a result of the liquidation.
"We would like to reassure members of CISCU that your money is safe. As CISCU was authorised by the Financial Services Authority (FSA), your deposits are protected by the Financial Services Compensation Scheme (FSCS). All deposits are protected (including savings and CUCA accounts)," it said in a statement.