NI Presbyterian mutual society, Short of funds for withdrawal?

fivealive_2

Dr._Who wrote: »

All that is really needed is for every Presbytery Clerk to circulate to every Congregation in their Presbytery the material received by e-mail last week and that the Presbyteries make it clear that they want this to be available to people. It is worth writing to the Moderator/Clerk of the local Presbytery asking about this material - the contacts listed are fairly similar to the ones listed in a helpful earlier post today, but, as has also been said, not everyone affected sees this forum. I know many people feel very badly let down by PCI - there must be some moral implication in every resolution passed by the General Assembly and perhaps that has to be acknowledged openly. People started the run on the PMS - there may also be some issues about the PMS itself. However, we need to take steps to get out of this and recover as much money as possible for people - for that to happen we need local action. I think it would be very bad for PCI to ignore an initiative from a few people who have worked hard thus far - so let's see what we can do. Name & address of Moderator/Clerk can be obtained from your Rep. Elder. Would doubt if a list of PMS investors names & addresses would be available

Hi Dr Who, I really appreciate your contributions on this thread.
Regarding the letter referred to above; it has not even been mentioned in my church and when I asked my Minister about it last night he knew nothing about it. My Rev is very reliable & conscientious. Previous to this any correspondance from the Moderator/Church House re PMS has been promoted from the pulpit and copies made available in the foyer. Why did this letter have to go via Clerks of Presbytery? Why could it not have been emailed directly from Church House to each Minister? Is this some kind of weird Presbyterian red (or even blue) tape?

pride_of_the_raven

Sorry. Just joined the forum and it would take an age to go through. Picked up a thread about an insurance policy expiring. What's this all about?

goodbyepci

http://www.publications.parliament.uk/pa/cm200809/cmhansrd/cm090424/debtext/90424-0004.htm

Josef

Some new information just posted on the PMS site.

joylikes2shop

:T WELL SPOTTED JOSEF :T

here's the direct link to save any faffing about

http://www.presbyterianmutualsociety.co.uk/

fivealive_2

joylikes2shop wrote: »

:T WELL SPOTTED JOSEF :T

here's the direct link to save any faffing about

http://www.presbyterianmutualsociety.co.uk/

Thanks Joy, I think that the Administrator's new web-site is a great idea. :idea:

abeliever

This piece:-

Credit unions and industrial and provident societies with a registered office in Northern Ireland are regulated by the Department for Enterprise, Trade and Industry, Northern Ireland, under, respectively the Credit Unions (Northern Ireland) Order 1985, and the Industrial and Provident Societies Act (Northern Ireland) 1969. Equivalent mutuals in Great Britain are regulated by the FSA

is an extract from HM Treasury Press Release in February

Question for HMG - why the anomaly? Why treat PMS differently from "equivalent mutuals" in GB?

Amontylado

Copied from the PMS site - their italics:

---

"Most Recent Statement from the Administrator of Presbyterian Mutual
Society Limited

Date: 27 April 2009

The Administrator has been contacted by a number of members who have received an email encouraging members to “register their protection of rights” and that “it will not cost you anything to register and you are merely protecting your rights". The email suggests that unless members “register their protection of rights” by the end of April 2009, the members will lose certain rights. This email did not originate from the Administrator.
The Administrator is currently investigating the source of the email. The email does not specify what rights the author is referring to and the author’s details have been deleted in the emails received by the Administrator. Furthermore, the Administrator is not aware of what “register” the email is referring to.

As far as the Administrator is concerned, members and creditors have an ongoing right of action against directors and officers of any company in Administration. This right exists throughout the course of an Administration. However, that is a matter for individual members and not for an Administrator.

The Administrator is aware of a significant amount of speculation and rumour currently circulating and would advise any member who might have concerns to take their own legal advice. "

---

So do we or don't we need to 'register our protection of rights'? And do we have to do it before 30 April when apparently some insurance policy expires? Why doesn't the originator of this email come forward and explain this?? I'm confused ...

I've also just heard that there is a group of PMS victims getting together in Derry possibly for a class action. Is anyone here in contact with them?

Dr._Who_2

This e-mail originated, I think, with a post which was originally on this site - I have searched for this post but it has now been withdrawn/disappeared, I think.
Could the original poster please, please shed some light on this?
What was it? Why has it been withdrawn?
This issue is important - if it means nothing then so be it!!
But if it REALLY matters that's a different thing!1 We don't want solicitors making money out of this if they don't need to so, please, come forward TODAY and clarify things!!

Toastandbutter

from today's News Letter online;-
Administrator tackles PMS email rumours









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Published Date: 28 April 2009

THE administrator of the troubled Presbyterian Mutual Society (PMS) has issued a statement about rumours circulating among shareholders.
Emails have been sent from member to member in recent days claiming that unspecified PMS insurance expires at the end of the month. The email advises that members must register urgently with a specific solicitor in order to protect their right to take legal action at a later date.

But the PMS administrator, Arthur Boyd, issued a statement yesterday emphasising that in any administration, the right to take legal action is, in fact, "ongoing" and can take place at any time during the process. He made no mention of any deadlines.

"As far as the administrator is concerned, members and creditors have an ongoing right of action against directors and officers of any company in administration," a spokesman for Mr Boyd said.

"This right exists throughout the course of an administration."

The administrator did not write the controversial email and is investigating its source. He said that the email did not specify what rights or register it was speaking of.

Any such legal action was a matter for individual members, not him, he added. His statement said he had been aware of a significant amount of speculation and rumour about the email. And his advice to anyone still confused or concerned was to take their own legal advice.

The text of the email, with contact details for a Belfast lawyer, surfaced on an internet chat site on Friday but had been removed by Monday.

The £315 million society went into administration in November and is now being wound down. It has almost 10,000 savers, many of whom are in distress as they are unable to access their life savings.

The Prime Minister has agreed to meet the First and Deputy First Minister to talk about their requests for a rescue package, but only after HM Treasury completes a report on the situation.


The full article contains 326 words and appears in News Letter newspaper.