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NI Presbyterian mutual society, Short of funds for withdrawal?
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"Our Society is one of the great successes of our Church"
Rev. Sidlow McFarland - Chairman's Report - PMS Annual Report and Accounts 20070 -
"Our Society is one of the great successes of our Church"
Rev. Sidlow McFarland - Chairman's Report - PMS Annual Report and Accounts 20070 -
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I have been reading press coverage of yesterday's hearing. Can anyone shed any light on the extension for me? The papers report "extension cut to one year" but when you read the article in the newsletter it says that Boyd can have further extensions by going back to court.
Which is it? One year extension or longer?
If it's a one year extension, does Boyd have to sell everything in the year If he does, I think we can all kiss goodbye to a large part if our savings!
If the rumours about banks being involved are right, you can rest assure that the price they will pay will go down as each day passes if Boyd is tied into a one extension.
Was anyone at the hearing yesterday and can clarify this?0 -
John 2009,
Under law the administration period can theoretically be extended by court order or by consent from creditors - as you say information from the hearing would be helpful to see if further extensions were specifically precluded at this hearing although I would be surprised if this were the case.
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Silent_Witness wrote: »The Administrator in the PMS debacle was NEVER EVER going to be in a position to provide the members of PMS “… with an opportunity, if they wish, to reinstate the original Rules of the Society or such other terms as they may approve at a later date …” .......................................
That reality was affirmed by Mr Justice Deeny [more than a year later] and was always the position post 14 November 2008, [with or without any input from any Shareholder or Loan Note Holder of PMS participating in any legal action].
If what Silent Witness says above is true; the position that shareholders now find themselves in would have been the position with or without the legal action taken by the Howie Christian Charitable Trust. Why then was it necesssary for the HCCT to take their legal action?
Don't misunderstand me. I know that creditors have rights above and beyond shareholders in the Administration process. My point is that by taking the legal action as a trustee of the Howie Christian Charitable Trust, Silent Witness acted in a manner that was incompatable with his duties as a Presbyterian elder and Trustee of the General Assembly of the Presbyterian Church in Ireland.
Silent Witness has ensured that the letter of the law is correctly applied. But, how is he going to look PMS shareholders, including members of his own congregation, in the face. People for the most part with a lot less money than him; people he has treated according to the letter of the law.0 -
http://www.presbyterianmutualsociety.co.uk/
Creditors (i.e. "total savings" less £20,000) will receive 12p in pound as a distribution towards end April
Creditors committee will be appointed - only took 15 months!
John 2009 - administration CAN be extended subject to court approval
Plus some other points besides.........0
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