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22/02/2010
Presbyterian Savers Await Crucial Court Date
Next month a case will be heard which may have a profound impact on savers in the failed Presbyterian Mutual Society (PMS).
On March 18, the administrator for the collapsed mutual will return to the High Court in a bid to resolve further issues around its future.
A one-day hearing has been fixed to deal with how to set off borrowings against what savers had in the PMS.
Lawyers will also seek a determination on the establishment of a committee to represent the interests of those with savings in the stricken mutual.
Mr Justice Deeny has already ruled that shareholders with less than £20,000 in the PMS cannot receive interim payments from £20 million in assets realised by administrator Arthur Boyd.
Nearly 10,000 Presbyterians across Northern Ireland lost access to their savings when the PMS went into administration just over a year ago.
Confirmation has also still to be given that the society can continue to be run in administration for up to five more years. Mr Boyd is seeking permission to maintain the role until 2015 should no buyer be found.
That move was last week slammed by a saver. Speaking on BBC Radio Ulster, the frustrated investor said this move - if approved - would open the door for a protracted period of inertia, which would see the savers receive nothing of their money for years - or for as long as the administrator continued to control the assets.
See: Hard-up PMS Savers In Focus
(BMcC/GK)
On March 18, the administrator for the collapsed mutual will return to the High Court in a bid to resolve further issues around its future.
A one-day hearing has been fixed to deal with how to set off borrowings against what savers had in the PMS.
Lawyers will also seek a determination on the establishment of a committee to represent the interests of those with savings in the stricken mutual.
Mr Justice Deeny has already ruled that shareholders with less than £20,000 in the PMS cannot receive interim payments from £20 million in assets realised by administrator Arthur Boyd.
Nearly 10,000 Presbyterians across Northern Ireland lost access to their savings when the PMS went into administration just over a year ago.
Confirmation has also still to be given that the society can continue to be run in administration for up to five more years. Mr Boyd is seeking permission to maintain the role until 2015 should no buyer be found.
That move was last week slammed by a saver. Speaking on BBC Radio Ulster, the frustrated investor said this move - if approved - would open the door for a protracted period of inertia, which would see the savers receive nothing of their money for years - or for as long as the administrator continued to control the assets.
See: Hard-up PMS Savers In Focus
(BMcC/GK)
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28 March 2011
Rescue Package For PMS Imminent
An agreed rescue package for the Presbyterian Mutual Society (PMS) is to be implemented within weeks.
Rescue Package For PMS Imminent
An agreed rescue package for the Presbyterian Mutual Society (PMS) is to be implemented within weeks.
02 August 2011
Presbyterian Mutual 'Pay Day' Arrives
Savers in the failed Presbyterian Mutual Society (PMS) who lost money when the organisation went into administration are expecting to receive a cheque in the post today.
Presbyterian Mutual 'Pay Day' Arrives
Savers in the failed Presbyterian Mutual Society (PMS) who lost money when the organisation went into administration are expecting to receive a cheque in the post today.
16 December 2010
Presbyterian Savers 'Saved'
The Stormont Finance Minister has made a budget commitment to the beleaguered Presbyterian Mutual Society (PMS) savers whose cash has been frozen after the organisation went into liquidation.
Presbyterian Savers 'Saved'
The Stormont Finance Minister has made a budget commitment to the beleaguered Presbyterian Mutual Society (PMS) savers whose cash has been frozen after the organisation went into liquidation.
08 April 2011
PMS Savers Get Summer Pay-out Offer
There has been a broad welcome for news that the administrator of the Presbyterian Mutual Society (PMS) has proposed a 'Scheme of Arrangement' to the 10,000 creditors and members for them to get a total of more than £232m by early July.
PMS Savers Get Summer Pay-out Offer
There has been a broad welcome for news that the administrator of the Presbyterian Mutual Society (PMS) has proposed a 'Scheme of Arrangement' to the 10,000 creditors and members for them to get a total of more than £232m by early July.
16 May 2011
PMS 'Scheme Of Arrangement' Passed
Creditors and shareholders of the Presbyterian Mutual Society (PMS), which is in administration, have voted overwhelmingly to accept a proposed Scheme of Arrangement which will result in them receiving a total of more than £232m in repayments.
PMS 'Scheme Of Arrangement' Passed
Creditors and shareholders of the Presbyterian Mutual Society (PMS), which is in administration, have voted overwhelmingly to accept a proposed Scheme of Arrangement which will result in them receiving a total of more than £232m in repayments.
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
