NI Presbyterian mutual society, Short of funds for withdrawal?

BETRAYED

crazymess wrote: »

Current Information


Update from the Administrator 5 May 2010

The Administrator has today written to creditors of the Society declaring a first interim distribution of 12p in the £.
..................... At the time of writing, the Administrator expects it may be some time before the Northern Ireland Executive can obtain the necessary approvals it requires for its proposal to be put into effect......................................................................

In his letter to creditors, the Administrator says he will be writing separately to them regarding the procedure for establishing a creditors’ committee.

The Administrator’s six-monthly progress report for the period to 16 May 2010 will be sent to members/creditors in mid June.

I want to know why the Administrator could not have got the process of setting up a Creditors' Committee under way by now.
Every time he writes to members/creditors the postage costs circa £3K.

Excap123

BETRAYED wrote: »

I want to know why the Administrator could not have got the process of setting up a Creditors' Committee under way by now.
Every time he writes to members/creditors the postage costs circa £3K.

Hi there. Can you explain what this committee is for? I am confused - if the creditors are paid off, will it be able to respresent the share savers? I have a relative with a small amount in PMS who does not know how to get money from the fund that is to be set up.

BETRAYED

Excap123 wrote: »

Hi there. Can you explain what this committee is for? I am confused - if the creditors are paid off, will it be able to respresent the share savers? I have a relative with a small amount in PMS who does not know how to get money from the fund that is to be set up.

The Judge in the High Court ruled or suggested that there should be one representative of the shareholders appointed as an observer to the Creditors' Committee.

Creditors today should have got by first class post a repayment of 12% capital.
The NI Assembly proposal to HM Gov. and The Treasury to pay creditors in full is still only a proposal.

I see it that we have to wait for
1 Formation of new Government to be in place.
2 National economic problems to be addressed as first major issue for Gov. and Treasury.
3 European approval for PMS proposals.
4 Proposals of so called 'hardship fund' for shareholders to be worked out.
Many of the creditors are shareholders as well and any creditor who has any understanding of mutuality will now have concern for the shareholders who are not creditors.

Excap123

Thank you Betrayed. I'm still a bit unclear about what the committee does, will it have any say in how money is awarded to those in hardship. if it has only one person from the small savers, how does that work. I reliase it is not yet set up.

BETRAYED

Excap123 wrote: »

Thank you Betrayed. I'm still a bit unclear about what the committee does, will it have any say in how money is awarded to those in hardship. if it has only one person from the small savers, how does that work. I reliase it is not yet set up.

The Insolvency (NI) Order 1989 provides for a committee of up to five people to represent the interests of creditors.
Mr Boyd has also to make available to them any information they require within a stated time.
I see in the last paragraph of the letter attached to creditors' cheques that Mr Boyd has got the apostrophe s wrong.... Before the s instead of after it.
Could it be that this committee is only for one creditor, Ernest Howie?
Anyway Chaucer or Shakespeare didn't use the apostrophe and neither should Mr Boyd unless he knows where to put it.

Excap123

Thank you. With respect, I don't think I need information about apostrophes, I am more interested in my uncle getting some money back. You spelled Shakespeare wrongly, by the way.

ballyblack

Fight Goes On

http://www.newsletter.co.uk/news/Fight-goes-on-for-PMS.6288003.jp

joylikes2shop

http://news.bbc.co.uk/1/hi/northern_ireland/8678520.stm

DUP leader Peter Robinson said he had spoken by phone to Mr Paterson. He said: "I took the opportunity to raise the issue of the Northern Ireland economy and the Presbyterian Mutual Society.
"I look forward to more detailed conversations on these and other matters in the near future."

BETRAYED

From me to Mr Arthur Boyd (Administrator)

A number of creditors, including myself, are disappointed that you have not progressed with the process of setting up a Creditors' Committee.
I would remind you that it was made very clear to your counsel in the High Court that the setting up of such a committee was a condition for the extension of your period of administration.

goodbyepci

http://www.belfasttelegraph.co.uk/lifestyle/personal-finance/expect-new-coalition-to-put-squeeze-on-northern-ireland-14810460.html