NI Presbyterian mutual society, Short of funds for withdrawal?

Treasurer

Could someone tell me .....did the Directors of the PMS appoint the Administrator. ?
If so and with no disrespect to Arthur Boyd ,wouldn't an Independent non Presbyterian have been the correct choice ?

ballyblack

And there is more (or maybe less for savers?)


Presbyterian Mutual administration fees

Professional fees in relation to the administration of the failed Presbyterian Mutual Society amounted to more than £2 million in the 12 months to November 2010, writes Francess McDonnell. The latest progress report from the administrator of the society, Arthur Boyd, has detailed for the first time the extent of the costs incurred in the last year in trying to find a solution to the crisis sparked by the failure of the Belfast-based organisation.

http://www.irishtimes.com/newspaper/finance/2011/0113/1224287411886.html


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Excap123

Jock221 wrote: »

Good old Arthur he is going to have the biggest slice of the PMS cake while the rest of us starve. Doing it on the cheap yeah right!!!

There's always someone who is going to whinge. What codswallop some financially illiterate people can write. How can an Administrator get the biggest slice of the cake when 25million has already been returned to creditors and another 225million or more is on the way? Thank goodness the administration is not being run by one of the big international accoutancy firms - then you would be able to complain. Is it just Presbyterians who are so down in the mouth? If the PMS had been liquidated straight away with no government bail-out, I could understand it - but thanks to the lobbying of some strong and optimistic people and to a business plan that persuaded the government to provide a £175m loan and more, savers have something to be thankful for.

BETRAYED

Treasurer wrote: »

Could someone tell me .....did the Directors of the PMS appoint the Administrator. ?
If so and with no disrespect to Arthur Boyd ,wouldn't an Independent non Presbyterian have been the correct choice ?

Last 'duty' of the PMS Directors was to appoint Arthur Boyd as Administrator.
An order had to brought in through the NI Assembly to enable a mutual society, even it was a limited company, to go into administration.
Pity that that same order did not equate shareholders and creditors.
Judge Deeny mentioned that in an 'aside' at the first Court hearing.

BETRAYED

Excap123 wrote: »

There's always someone who is going to whinge. What codswallop some financially illiterate people can write. How can an Administrator get the biggest slice of the cake when 25million has already been returned to creditors and another 225million or more is on the way? Thank goodness the administration is not being run by one of the big international accoutancy firms - then you would be able to complain. Is it just Presbyterians who are so down in the mouth? If the PMS had been liquidated straight away with no government bail-out, I could understand it - but thanks to the lobbying of some strong and optimistic people and to a business plan that persuaded the government to provide a £175m loan and more, savers have something to be thankful for.

Those of us who prayed for a resolution to this fiasco are now giving thanks for what has been achieved.
My wife and I were relieved to receive the creditor pay out.
But what about the shareholders.............not one penny after two years and two months.
No access to any of their funds.
Can't have their funds earning a trickle of interest in some other savings account or ISA.
Got no interest for the year before PMS went into Administration.
With inflation their savings have decreased in value.

PMS Secretary told me that funds were not at risk. I assumed that he meant PMS did not buy shares in the Stock Market.
Wish they had.................we would have recovered by now.

goodbyepci

Here's an interesting link to another story on MSE about Barclays mis-selling.

Could there be similarities?

http://www.moneysavingexpert.com/news/banking/2011/01/barclays-to-pay-60m-after-investment-mis-selling?utm_source=forum&utm_medium=sidebar&utm_campaign=box

BETRAYED

goodbyepci wrote: »

Here's an interesting link to another story on MSE about Barclays mis-selling.

Could there be similarities?

Similarities indeed. But I think ours was more like blatant fraud.
Obtaining our savings by false pretences.

goodbyepci

http://www.government-news.co.uk/information-commissioners-office/201101/fs50297770.asp#

ballyblack

NEWS LETTER TODAY

PMS rescue will be 'in July at the earliest'


http://www.newsletter.co.uk/news/PMS-rescue-will-be-in.6696473.jp

BETRAYED

ballyblack wrote: »

NEWS LETTER TODAY

PMS rescue will be 'in July at the earliest'

More depressing news.

Seems like it's "Live old horse and you might get grass"