NI Presbyterian mutual society, Short of funds for withdrawal?

expat68

So if you have a disillusioned congregation they could decide to have a show of hands, call it a day, sell up lock, stock and barrel and divvy up the proceeds. Wouldnt mind putting that one to the test !

So on that basis PCI have nothing to do with the PMS or their individual congregations - what do they do all day in church house (assuming they do actually own that).

On another note has anyone looked into the appointment of a creditors committee as per administrators report p29.This is normally done at the creditors meeting but as this will be by correspondence it will be made more difficult. I also note that he hasnt included any resolutions as to whether the creditors would like to appoint one. I am sure there are 3-5 suitable people out there who would appreciate the opportunity for regular and direct contact with the administrator. Its your right and a good opportunity to provide input and get feedback.

expat68

[FONT=Times-Roman+T42+EGKXOJ]

"There is provision in law and in professional best practice for a
creditors’ committee to be formed in relation to the majority of
appointments, provided that the creditors agree and subject to a
minimum number of three creditors being willing to sit on a committee.
The role of the committee is to represent the general body of creditors
and to liaise with the of[/FONT][FONT=Times-Roman+T42+AJAHUC]fi[/FONT][FONT=Times-Roman+T42+EGKXOJ]ce-holder on matters such as legal actions or in
relation to [/FONT][FONT=Times-Roman+T42+AJAHUC]fi[/FONT][FONT=Times-Roman+T42+EGKXOJ]xing the of[/FONT][FONT=Times-Roman+T42+AJAHUC]fi[/FONT][FONT=Times-Roman+T42+EGKXOJ]ce-holder’s remuneration."[/FONT]

[FONT=Times-Roman+T42+EGKXOJ]Just following on from the last mail and some follow up research - seems that its professional best practice to appoint a creditors committee. I am hopeful that we will be following best practice in this case. [/FONT]
[FONT=Times-Roman+T42+EGKXOJ][/FONT]
[FONT=Times-Roman+T42+EGKXOJ]Is everyone hopeful that there would be 3-5 sound , willing individuals from the 9,500 out there ?[/FONT]
[FONT=Times-Roman+T42+EGKXOJ][/FONT]
[FONT=Times-Roman+T42+EGKXOJ]I should state that I am not a creditor or resident in NI , otherwise I would be looking for 2-4 co-volunteers.

[/FONT]

crazymess

Expat

Thank you for all your helpful posts to date

So therefore when you say creditors, you mean, in this particular situation, those with over £20000 invested?

Administration and Liquidation normally happens to Companies and Businesses not normally Financial Institutions, if you know what I mean?

Well then I suggest, anyone up and willing, should Private Message you Expat, if you are willing to facilitate this.

goodbyepci

Morning early birds
Any of you up yet?
Jeffrey Donaldson is going to be on Radio Ulster after 8am about the PMS

A saver called Ivor McCandless already has been on, he told it like it is!!

Bannside_2

Is it just me or is the focus of this forum more directed at the PCI rather than the PMS? Notwithstanding any connections they have, but it seems we are more content to attack the church, sell its property and land without getting any real answers as to what happened to the PMS. Was the money lent out as it was supposed to be, were there improprieties last year that caused the fund to go into administartion etc. I don't doubt that we are all looking for someone to blame. But to me those people are in the PMS and not some poor reverend stuck in a chucrh in the back of beyond!

Bannside_2

Yes Jon_Groovy......I agree with what you are saying wholeheartedly. I don't think the PCI has dealt with the situation correctly at all. The point I'm trying to make is that if the PCI managed to stump up all the cash this morning and every investor got back what they put in, well that would be marvellous. But that would just exonerate the PMS from everything that happened. And I think a lot of guilty people would be breathing large sighs of relief!!

expat68

crazymess wrote: »

Expat

Thank you for all your helpful posts to date

So therefore when you say creditors, you mean, in this particular situation, those with over £20000 invested?

Administration and Liquidation normally happens to Companies and Businesses not normally Financial Institutions, if you know what I mean?

Well then I suggest, anyone up and willing, should Private Message you Expat, if you are willing to facilitate this.

Yes - creditors in this case would be those with >£20,000. Anyone with less would be a shareholder who under standard company law rank below creditors althought the administrator may introduce a subsequent resolution to remedy this as the PMS didnt differentiate. I know that there were 3 cases of legal proceedings against the PMS from people trying to get their money out so there are some peopel out there with enough knowledge and tenacity to make this work. If anyone is interested private message me and I will do my best to facilitate. My access will be sporadic until Sunday though as i am travelling so dont distress if I'm not online for a while.

ballyblack

Reference the investor Ivor McCandless & Geoffrey Donaldson on Radio Ulster this morning.

You can listen again here to the 11 minute interview (the revelant piece starts at about 1hr.37 mins into programme)

http://www.bbc.co.uk/programmes/b00gtgct

expat68

http://www.newsletter.co.uk/news/Calls-for-guarantees-on-PMS.4901039.jp

Newsletter co-incidentially has a spokesperson for the administrator mentioning a creditors committee for the first time today - hmmmmmmmmmmmm. Recommends taking legal advice - ah yes, if you would release some funds to the creditors they might be able to afford that.

Mr Boyd - perhap you could demonstrate you are acting in the best interest of the creditors and make it easy for them. This is something that is addressed at a creditors meeting which you are not holding, there was no resolution included for the creditors to request this, in fact little attention was drawn to the creditors rights to even hold one - is it so bad that a small number of responsible creditors might want to meet with you once in a while for an update on what is happening to their money? If there are legal reasons why you cant assist the creditors then please let us know - if I misunderstand the legislation I apologise wholeheartedly. People are putting a lot of faith in you - please help them.

goodbyepci

Newspapers and BBC today

http://news.bbc.co.uk/1/hi/northern_ireland/7844444.stm

http://www.midulstermail.co.uk/news/Investors-request-meeting-over-Presbyterian.4895564.jp

http://www.newsletter.co.uk/news/Calls-for-guarantees-on-PMS.4901039.jp