Depositors and creditors who are owed money by the Hindu Credit Union have been given two months to file claims against the failed cooperative society.

A number of creditors have already communicated their financial claims against the Chaguanas-based credit union to liquidator Ramdath Dave Rampersad.

A notice published yesterday informed creditors they had two months to provide details of their claims against the HCU which was deemed insolvent last month by Commissioner for Co-operative Development Charles Mitchell.

An audit by financial services firm Ernst & Young recently indicated that the accounts of the credit union, which once had more than 100,000 members, was in deficit by $487 million.

Several creditors and members have taken legal action against the HCU to recover millions of dollars in deposits and payments for services.

Rampersad told the Express during a phone interview yesterday that the notice applied to anyone who was owed money by the HCU, either for savings or for services they were not paid for.

While it was still early to gauge a response, he said a number of creditors had already communicated details of their claims against the credit union led by president Harry Harnarine.

Disposal of the HCU’s assets to repay debts is still at the planning stage, Rampersad, said, adding: ’It is important that we do everything right and this is just part of adhering to the Co-operative Societies Act.’

HCU members were also reminded to continue repaying their loans at the Chaguanas branch of the credit union.

Asked if borrowers were defaulting on loans, Rampersad would only say that there was a certain level of delinquency at all financial institutions but for the most part, people continued to make their payments.

He said the former HCU employees would not be ignored and their situation would be addressed as the credit union is wound up.

Harnarine could not be reached yesterday at any of his telephone numbers.