NI Presbyterian mutual society, Short of funds for withdrawal?

crazymess

Fivealive

Without a shadow of a doubt they have insurance

Its called Directors and Officers Insurance
Of course we do not know who they are insured with - only the Administrator can tell us this - however if you start to issue proceedings - you will soon find out!

freddiemae

crazymess wrote: »

Fivealive

Without a shadow of a doubt they have insurance

Its called Directors and Officers Insurance
Of course we do not know who they are insured with - only the Administrator can tell us this - however if you start to issue proceedings - you will soon find out!

However will the insurance be valid if they were acting illegally? If you drive your car and don't have MOT or road tax then the insurers can say you were driving illegally and not pay out if you have an accident. This could mean then the directors could be personally liable.

fivealive_2

freddiemae wrote: »

However will the insurance be valid if they were acting illegally? If you drive your car and don't have MOT or road tax then the insurers can say you were driving illegally and not pay out if you have an accident. This could mean then the directors could be personally liable.

You have a point. :idea:

Toastandbutter

to what extent do you think the directors assets will match £120 million?

that is assuming that you could actually win your case in court?

fivealive_2

joylikes2shop wrote: »

I totally agree with you !!!

The trouble is that 'we' the investors can try and come up with solutions...and I've heard a number which sound feasible enough to me..... .but the only person that is in a position to actually do anything is the Administrator, and from what I can gather he's neither easy to contact nor interested in hearing our solutions. :mad:

Without any regular feed back or the opportunity to discuss any soultions with him, we're all left running around in circles.

Although Mr Boyd has no LEGAL need to keep us informed of his findings and thoughts, I think at this stage it would be of immense benefit if he could treat this situation in a more compassionate way. :A

Maybe I'm being very nieve here, but what about allowing us to have our say in a forum on the existing PMS website ??
We could make public any 'solutions' we think might work.....Mr Boyd could maybe even have a Q&A spot....

It's the lack of regular official information that has us all running around like headless chickens,panicking,clutching at straws,going off in all directions.
I know I've got to the stage where I'm having real difficulty differentiating between fact and fiction....

Maybe we should all start lobbying Mr Boyd to give us more information.....:rotfl:

Apparently this is how one contacts the Administrator. I have not used this facility as I haven't figured out what I want to ask him other than the obvious "Where's my money?"
Has anyone else tried this facility and how did you get on?

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

Contact Us


Members can contact the Society:
By telephoning (028) 9031 1232
By faxing a request for a call back to (028) 9031 1441, or
By emailing for a call back to [EMAIL="pms@arthurboyd.co.uk"]pms@arthurboyd.co.uk[/EMAIL]
You can also write to:

The Administrator
Presbyterian Mutual Society
Glengall Exchange
Glengall Street
Belfast BT12 5AB






© Presbyterian Mutual Society Ltd (In Administration). Information correct at t

fivealive_2

Toastandbutter wrote: »

to what extent do you think the directors assets will match £120 million?

that is assuming that you could actually win your case in court?

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

Q. Can I take court action to recover my money?
A. The Society has been placed in Administration. This provides protection for the Society's assets against any legal action to recover monies owed and prevents legal proceedings being taken against the Society.

Toastandbutter

fivealive

I dont know all the legal permutations, but so far as I understand the directors are totally seperate legal entity from the PMS, if you are thinking of suing them directly.

The question is, how much assets do you think they have, compared to the £120 million black hole in the PMS?

fivealive_2

Toastandbutter wrote: »

fivealive

I dont know all the legal permutations, but so far as I understand the directors are totally seperate legal entity from the PMS, if you are thinking of suing them directly.

The question is, how much assets do you think they have, compared to the £120 million black hole in the PMS?

I probably know even less of the legal permutations than you do and am not planning to sue. However I just wondered about this possible 5K excess; if the Directors who are Rev.'s sat on this Committee as part of their ministerial duties then surely that makes the PCI liable for any excess if some-one does successfully sue. I am trying to figure out these things in my own thinking and would appreciate anyone's learned opinion on these matters.

D.A.

fivealive wrote: »

I probably know even less of the legal permutations than you do and am not planning to sue. However I just wondered about this possible 5K excess; if the Directors who are Rev.'s sat on this Committee as part of their ministerial duties then surely that makes the PCI liable for any excess if some-one does successfully sue. I am trying to figure out these things in my own thinking and would appreciate anyone's learned opinion on these matters.

Someone can correct me on this I'm sure, but aren't PCI ministers treated as being basically self-employed (therefore meaning that PCI may not legally be considered to be their employer)?

I could be extremely wrong on that, but I'm sure someone on here will know ;-)

Dr._Who_2

The relationship between a Minister & the Congregation is a peculiar thing in law - there was a request a few years ago for "Terms & Conditions" of employment to be drawn up - this couldn't be done as,in law, it's not an employer/employee relationship. That's for Minister & Congregation.
I would think that D.A. is correct - Ministers are regarded as, in some way, "self-employed": how, I wouldn't be sure but something like this would seem to be the case.
Regarding PMS directorships - this is something they would do in a voluntary capacity and not as part of their "ministerial duties" - how they would be nominated, and by whom, I wouldn't know. Presumably, when the Board of Directors needed new members the exisiting Directors went out and looked for worthy people and they came in as volunteers, thinking it was OK but they should have considered the legal liability they might incur - presumably that's what the insurance is for.
Now, I wouldn't do anything in a Church these days without considering the possible legal liability I might be incurring - this, of course, applies to all walks of life as the possibility of being sued is, in fact, quite high!!