NI Presbyterian mutual society, Short of funds for withdrawal?

BETRAYED

clockworkorange wrote: »

I have less than 20k in the PMS but my money is treated as loans and i will recieve a payout, how can this be ?

Not that I am complaining, but i don't really need the money.

You probably had a 'share holding' before you gave a loan to the PMS.
Some people used their share certificate innocently to withdraw funds because they were often smaller than their loan certificate.
It was alledged in Court that some larger Creditors did not have any share holding.

BETRAYED

House of Lords

Written answers and statements, 22 March 2010

Lord Laird (Crossbench) To ask Her Majesty's Government further to the Written Answer by Lord Myners on 27 January (WA 329-30), whether they can apply HM Treasury's retrospective reliance on Section 228 of the Banking Act 2009 to incur similar expenditure in the case of the depositors with the Presbyterian Mutual Society.

Lord Myners (Parliamentary Secretary, HM Treasury; Labour) The Ministerial Working Group continues to explore all options in pursuit of mitigating the effects of the collapse of the Presbyterian Mutual Society on its members, who are shareholders and not retail depositors.

goodbyepci

http://www.u.tv/UTVMediaPlayer/Default.aspx?vidid=129067&chapid=105370&arti_id=8166891e-7bf2-4625-acae-ad5d9b75303b

nostromo2k

Does anyone know if the funds to be released are earmarked from the creditors (ie investment - 20k) capital holding or from the division of interest/earnings accrued over the administration period ?.

Presumably the former would be exempt from and the latter subject to income tax deductions ?

just

I agree with Ballygal post regarding privcey. My letter also showed "To all known shareholders" in the window part of the envelope.I wonder why the administrator would send out this private imformation for other people to see.How many people has seen this letter from it left his office until it was opened by me.? Would this come under data protection?


In the administrators letter it says the directors imposed 21 days notice for withdrawing shareholdings prior to 25th October 2008. Did the directors have to inform shareholders that was imposed and if so what date was on the letter that was sent out by them to notify us?

BETRAYED

nostromo2k wrote: »

Does anyone know if the funds to be released are earmarked from the creditors (ie investment - 20k) capital holding or from the division of interest/earnings accrued over the administration period ?.

Presumably the former would be exempt from and the latter subject to income tax deductions ?

It is repayment of capital invested. Administrator can not pay interest.
It is free of income tax.
Strange that in Insolvency Legislation it is called 'dividend'.

goodbyepci

http://www.belfasttelegraph.co.uk/news/local-national/reduced-payout-of-cold-comfort-to-pms-investors-14737931.html

Josef

So much for the administrators data protection. Window pane envelopes with the curtains open!!

expat68

The church could do much more if they wanted - they could offer a guarantee based on their own signficant property portfolio for a start. Since Stafford is so confident about the PMS prospects - why not take a share of the future profits he talks about in the Tele article, good for the church and good for the shareholders. Maybe if the PCI offered something other than words and prayers it might get some real traction behind a Northern Ireland driven Plan B.

Lets not forget that the Treasury Select Committee recognised the involvement of the PCI in promoting and endorsing people to save with the PMS in the first place.

nostromo2k

BETRAYED wrote: »

It is repayment of capital invested. Administrator can not pay interest.
It is free of income tax.
Strange that in Insolvency Legislation it is called 'dividend'.

Thank you for your response BETRAYED. The documentation provided was not clear on this point, and my personal understanding was that the Administrator could be empowered to apportion the dividend earnings during the period of administration, as distinct from repayment of full or part creditor capital.