NI Presbyterian mutual society, Short of funds for withdrawal?

goodbyepci

http://sluggerotoole.com/2010/07/21/we-are-fully-aware-of-the-urgency-of-this-matter/

expat68

http://www.newsletter.co.uk/news/Savers39-frustration-after-PMS-meeting.6433159.jp

expat68

Update from the Administrator 22 July 2010

Nominations to Creditors’ Committee – Further Guidance
The Administrator has issued further guidance on the process for nominations to the proposed Creditors’ Committee following feedback from some members/creditors. These notes should be read in conjunction with the information already provided on this subject in Section 9 of the Administrator’s Progress Report dated 15 June 2010 which is available on this website. Information on the role of the Creditors’ Committee is also contained in the ‘Questions to the Administrator’ section of the site.

1. Some members/creditors, for reasons of privacy, are reluctant to state the amount of their claim on the nomination form. The Administrator has decided that in those circumstances it is sufficient for the person nominating someone for election to the committee - instead of inserting the amount of claim - to insert their certificate number/s which the Administrator can then verify against records to confirm the claim falls within the class of creditors, or the withdrawable shareholder group, for which the nomination is being made. The onus is on the nominees submitting a nomination to ensure that their nomination form is correctly completed, in particular that those persons supporting a particular nomination are within the correct class for voting.
2. If the creditor/shareholder signing the nomination form holds a joint account with someone else, then both signatories to that joint account must sign the nomination form, and these signatures will be regarded as a single nomination.
3. As regards the requirement to have ten other creditors nominate a candidate for election to the committee in each of the classes of creditor, this is a requirement of the directions from the High Court and the Administrator cannot vary that requirement.
4. In January 2009 the Administrator obtained a court order to the effect that the details of monies paid into the Society and borrowings from the Society should not be disclosed by him. This was because of the desire for privacy expressed by members/creditors in respect of their holdings in the Society, a desire which has been reinforced by the feedback to this nomination process.
   
   The Administrator recognises that this non-disclosure might cause some practical difficulties in seeking nominations to the creditors’ committee, which is one of the reasons why he has allowed an extended period of time for nominations to be put forward. In addition, a number of interest groups have come together to represent creditors and holders of withdrawable share capital and there are also informal networks between members through congregations, all of which he believes will enable those seeking nomination to gather the signatures required.

BETRAYED

Nomination of Persons willing to serve on PMS Creditors' Committee

If anyone needs one or more signatures of Creditors or Shareholders to support their nomination for above please PM me from this forum stating the "Class" or Group they fall into and I shall if possible send them a name and address of a member or members willing to add their signature and share or loan certificate number to their nomination form.
Sorry I can not post my e-mail or phone numbers directly on this forum.

As I understand it the Class or Group a member is in is decided by their present holding in PMS i.e. for creditors 12% less than their original holding when PMS went into administration.


Group or Class

1 Creditor up to £46,000

2 Creditor between £46,001 and £94,000

3 Creditor between £94,001 and £187,000

4 Creditor between £187,001 and £425,000

5 Creditor above £425,001

6 Share Capital all amounts.

goodbyepci

http://www.newsletter.co.uk/news/PMS-fear-over-10pc-Equitable.6437566.jp

BETRAYED

NI Assembly to set up co-ops group

July 06 2010
The Northern Ireland Assembly in Belfast is set to become the latest devolved administration to establish a cross-party group on co-operatives and mutuals.


The grouping is seeking to “provide a platform for MLAs and others with an interest in co-operation and mutuality to increase awareness of the co-operative model and its contribution to Northern Ireland’s social and economic development”.
To be chaired by Alliance Pary MLA, Anna Lo, the group wants to promote co-operation as a vital component of the province’s future and to work with the Assembly, the Co-operative Forum (NI) and the sector to sustain and increase co-operative and mutual activity.
Vice-Chair will be DUP MLA Jim Wells, while Sinn Fein’s Jennifer McCann is Secretary and Alban Maginness of the SDLP is Treasurer. At a preliminary meeting last week, members agreed to establish links with the cross-party groups on co-ops and mutuals in the Scottish Parliament and Welsh Assembly.
The group’s next meeting is set to be in September.

Excap123

BETRAYED wrote: »

Nomination of Persons willing to serve on PMS Creditors' Committee

If anyone needs one or more signatures of Creditors or Shareholders to support their nomination for above please PM me from this forum stating the "Class" or Group they fall into and I shall if possible send them a name and address of a member or members willing to add their signature and share or loan certificate number to their nomination form.
Sorry I can not post my e-mail or phone numbers directly on this forum.

As I understand it the Class or Group a member is in is decided by their present holding in PMS i.e. for creditors 12% less than their original holding when PMS went into administration.


Group or Class

1 Creditor up to £46,000

2 Creditor between £46,001 and £94,000

3 Creditor between £94,001 and £187,000

4 Creditor between £187,001 and £425,000

5 Creditor above £425,001

6 Share Capital all amounts.

The nomination form makes it clear that the classes of creditors are defined by the amount of the "original claim" - not as suggested above. The wording given for the classes in the list above is not the same as given by the administrator. I suggest going by the official documents.

Lester_F

What can I expect the Creditors Committee to achieve?

BETRAYED

Posted by Excap123

The nomination form makes it clear that the classes of creditors are defined by the amount of the "original claim" - not as suggested above. The wording given for the classes in the list above is not the same as given by the administrator. I suggest going by the official documents.

Excap13, You must have a different nomination form from me. I am sorry If I have been misleading.

Excap123

BETRAYED wrote: »

Posted by Excap123

The nomination form makes it clear that the classes of creditors are defined by the amount of the "original claim" - not as suggested above. The wording given for the classes in the list above is not the same as given by the administrator. I suggest going by the official documents.

Excap13, You must have a different nomination form from me. I am sorry If I have been misleading.

Betrayed, sorry, my slip up. It's not the nomination form itself - it is section 9 of the Administrators report which gives information on filling it in. Thats where it states "original claim". There was an atericle in the Newsletter on Saturday where it said the administrator said the bands were based on the amount held at the time of administration. Easy to get confused so no suggestion you were trying to mislead.