NI Presbyterian mutual society, Short of funds for withdrawal?

BETRAYED

Court List 12 February 2010 Chancery Court with Judge

09:45 FOR JUDGMENT 09/001140THE PRESBYTERIAN MUTUAL SOCIETY LIMITED (IN ADMINISTRATION)

joylikes2shop

Brown to hold talks on Presbyterian Mutual Society

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Friday, 12 February 2010


Read more: http://www.belfasttelegraph.co.uk/news/local-national/brown-to-hold-talks-on-presbyterian-mutual-society-14679407.html#ixzz0fJITJqSv

expat68

http://www.newsletter.co.uk/news/Leaders-to-meet-Brown-on.6066708.jp

Toastandbutter

http://www.newsletter.co.uk/news/Judgement-goes-against-PMS-shareholders.6067773.jp

BETRAYED

Royal Courts of Justice 12 Feb 2010

Summary of Judgment

The Hon. Mr Justice Deeny, sitting today in the Chancery Division of the High Court, ruled that the shareholder members of the Presbyterinan Mutual Society are not creditors and are therefore not entitled to receive interim payments from the administrators.

totallyletdown

BETRAYED wrote: »

Royal Courts of Justice 12 Feb 2010

Summary of Judgment

The Hon. Mr Justice Deeny, sittng today in the Chancery Division of the High Court, ruled that the shareholder members of the Presbyterinan Mutual Society are not creditors and are therefore not entitled to receive interim payments from the administrators.

I'm no expert in these matters, but that doesn't sound like good news for the small investors ?

Can someone confirm ?

NAR

UTV Story http://www.u.tv/News/PMS-shareholders-miss-out-on-interim-payments-/83992723-09fd-42b9-9c23-6d317d93f7c4

expat68

totallyletdown wrote: »

I'm no expert in these matters, but that doesn't sound like good news for the small investors ?

Can someone confirm ?

Very bad news for those with less than £20K - unfortunately this was always likely to be the outcome if it went before a court and is a consequence of the administration process which was never designed for a situation like the PMS.

expat68

http://www.newsletter.co.uk/news/PMS-shareholders-to-miss-interim.6067773.jp

http://news.bbc.co.uk/2/hi/uk_news/northern_ireland/8512461.stm

abeliever

expat68 wrote: »

Very bad news for those with less than £20K - unfortunately this was always likely to be the outcome if it went before a court and is a consequence of the administration process which was never designed for a situation like the PMS.

- Let's now see what the politicians have to offer!!