NI Presbyterian mutual society, Short of funds for withdrawal?

goodbyepci

http://www.dailymail.co.uk/money/article-1201325/Battling-Isaac-91-wins-200-000-Barclays-payout-mis-selling-victory.html

More mis-selling

HOPE

anotherDonald wrote: »

Hmm

I see the brotherhood are busy :think:

What is your point?? Why do you not spell it out?

KingVardas

BETRAYED wrote: »

PMS in Administration is different from any other ordinary company administration or liquidation. All of the creditors and borrowers in PMS are shareholders.
It is my opinion that this matter has been prolonged unduly by the administrator.
PMS was owned by Presbyterians, its problems were caused by Presbyterians and Presbyterians will have to play a part in resolving the matter even with government help.
Mr Boyd has never attempted to find out how many shareholders would leave their funds in the Society for a term of years to allow it to trade out of the present situation.
He did say that he could not ask government for help but he would help those who would. I have yet to find out how.
Jimmy Delargy in one UTV programme said it was a chicken and egg situation. The administrator was waiting to see what the government were going to do and government were waiting to see what the administrator was going to do.
I do know the administrator has a great deal of work to do in the background including selling houses.
I think a creditors' committe would have been a help to him and there was the provision for setting it up.
The Insolvency (Northern Ireland) Order 1989 (No.2405 (N.I.) 19)
Main Body
Part III Administration Orders

Creditors' Committee

If such a committee is established, the committee may, on giving not less than 7 days notice, require the administrator to attend before it at any reasonable time and furnish it with such information relating to the carrying out of his functions as it may reasonably require.

It's an honourable intention to want to "trade out" of your position. But you can't. Your company is legally insolvent and on top of that, if I recall, the FSA will not let you trade. So frankly, that's totally unrealistic. You members voted for the Administrator to wind the company up over time through a formal arrangement designed to maximise your return. You can't just overturn that vote. You'll also get to vote on the formal arrangement - you could be talking 5 - 10 years here - so those that have expressed patience may well need it. My advice is to plan for a long wait but pray the government will intervene to get you some money more quickly.

HOPE

The only chance we have of seeing our savings anytime soon is going to be through government intervention and nothing else. Those of you who pray, keep praying and those of you who do not give it a try. Please remember those who are suffering severe hardship and worry. Many savers cannot wait much longer and are dpending on the working party to find a resolution to pull us out of this terrible mess. We have been in this situation too long.

Toastandbutter

Another Donald, Betrayed

Dont take it personally, I suggest you use your head and not your heart here.
Go and google "libel" and find out for yourself.
Like I said, you are completely free to dabble in attacking people's character, I am certainly not telling you not to.

All I am saying is that you might want to consider the financial liability of doing so.

Toastandbutter

fyi

http://www.newsletter.co.uk/news/PMS-working-group-unveiled.5490326.jp

"draft report"???

HOPE

This on the Treasury website but I am not good at the links.

Hm/www.hm-treasury.gov.uk./d/presbyterian.mutual society for pdf

The Prime Minister is Lord of the Treasury so the Treasury will advise him.

Toastandbutter

mmmm HMT has not been sympathetic to date to PMS plight, not at all...

HOPE

John McFall HM Treasury Select Committee is certainly most supportative and holds a very powerful position. The rest seem quite cold towards us.

Toastandbutter

big diff between HMT select committee and HMT. One has the HMT power, the other only has influence.