NI Presbyterian mutual society, Short of funds for withdrawal?

PMSSaver

What is most frustrating is the lack of information about what is happening alongside dates for votes and distributions coming and going. Six monthly updates are welcome, but there seems to be little in between. For example does the deferred court case mean that the distribution scheduled for January is also deferred. There are folks with tax bills and mounting debts that cannot be paid, surely in 2010 there can be some form of regular update given?

BETRAYED

jon_groovy wrote: »

Is there any way we can let mr boyd know that this would be a real possibility for loads of people and would help all involved ?

I some months ago asked Mr Boyd to send a questionaire to all creditors to find this out. I even give the names of 20 such people in my area.

Finance Minister Sammy Wilson told the NewsLetter that a Treasury minister accepted a Department of Finance proposal in July that the Treasury would provide a guarantee for any gap in finances for the PMS while its property portfolio recovered.

Creditors were not given an opportunity to support a salvage of PMS.

Would it occur to anyone that the Administrator , the directors who appointed him and PCI could be all in favour of a winding-up of PMS for their own ends.

john2009

BETRAYED wrote: »

I some months ago asked Mr Boyd to send a questionaire to all creditors to find this out. I even give the names of 20 such people in my area.

Finance Minister Sammy Wilson told the NewsLetter that a Treasury minister accepted a Department of Finance proposal in July that the Treasury would provide a guarantee for any gap in finances for the PMS while its property portfolio recovered.

Creditors were not given an opportunity to support a salvage of PMS.

Would it occur to anyone that the Administrator , the directors who appointed him and PCI could be all in favour of a winding-up of PMS for their own ends.

I think you are missing the point here. PMS cannot be salvaged by creditors keeping there money in. It is well beyond this. The administration process cannot be reversed. Also, for this idea to work, PMS would have to carry on some form of business and I am sure the FSA would have something to say about this.

I have nothing to add about the PCI views on a winding up. It is pure speculation which I don't think adds anything.

KingVardas

john2009 wrote: »

I think you are missing the point here. PMS cannot be salvaged by creditors keeping there money in. It is well beyond this. The administration process cannot be reversed. Also, for this idea to work, PMS would have to carry on some form of business and I am sure the FSA would have something to say about this.

I have nothing to add about the PCI views on a winding up. It is pure speculation which I don't think adds anything.

john2009 - I think its actually dangerous speculation which any lawyer worth his salt would portray as an allegation. You are wise not to add anything. Everyone would be well advised not to repeat what was said.

abeliever

The Treasury Committee is to take evidence on the Presbyterian Mutual Society in Belfast on Monday 18th of January.

http://www.parliament.uk/documents/upload/PDraftPMS.pdf

goodbyepci

http://www.theyworkforyou.com/ni/?id=2010-01-11.5.48&s=Presbyterian+mutual+society#g5.71

joylikes2shop

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

expat68

joylikes2shop wrote: »

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

The judge said he was "minded" to agree to the application provided a mechanism was put in place to allow investors to oversee how the PMS was being run.

It may be the the administrator is going to start increasing the amount of information available via his website as part of the requested mechanism for savers to oversee how the PMS is being run. A little bit of additional transparency would be welcomed rather than the current 6 monthly updates.

BETRAYED

expat68 wrote: »

The judge said he was "minded" to agree to the application provided a mechanism was put in place to allow investors to oversee how the PMS was being run.
It may be the the administrator is going to start increasing the amount of information available via his website as part of the requested mechanism for savers to oversee how the PMS is being run. A little bit of additional transparency would be welcomed rather than the current 6 monthly updates.

Couldn't agree more.
The saga continues. Now March before anyone gets any payment and shareholders have to wait for approval of the court.
Anyone who needs help please do not hesitate to contact their minister.
There are Church funds for exceptional hardship.
Don't look at it as appealing for charity.
PCI, congregations and individual Presbyterians benefited from your money in PMS for years.

joylikes2shop

http://www.newsletter.co.uk/news/PMS-payout-in-March-at.5980803.jp