NI Presbyterian mutual society, Short of funds for withdrawal?

expat68

goodbyepci wrote: »

http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/christians-have-had-wings-clipped-16008528.html

"I believe selfishness is too much part of church life. There needs to be a greater spirit of sharing"


I assume he is referring to the PCI given the extreme reluctance they demonstrated in parting with any significant cash during the whole process.

ballyblack

Presbyterian leaders hail end to PMS crisis

http://www.newsletter.co.uk/news/local/presbyterian_leaders_hail_end_to_pms_crisis_1_2748710

D.A.

From the report of the General Board to the General Assembly:

The PMS crisis has indeed been difficult for everyone, but above all
for those who needed their savings and couldn’t get access to it. At times there
have been misunderstandings and hurts but many involved have also shown
remarkable resilience and patience. The Panel asks that it be continued for a

further year to reflect and report on lessons to be learned.

Quite right too. Pity no-one thought of doing this while the PMS was still in operation.

ballyblack

NEWS LETTER


First payments to PMS savers due within month


http://www.newsletter.co.uk/news/local/first_payments_to_pms_savers_due_within_month_1_2755617



.

ballyblack

Letters

http://www.newsletter.co.uk/community/letters/pms_crisis_and_savers_complaints_1_2777122

Mark789

Anybody know what is happening about the court sanction of the proposal?
The administrator's letter said it could be done 28 days after the date of his letter.
That was 13th May. 28 days was 10th June. It is now 17th and I can't find any update.

abeliever

on Administrator's PMS site:
Update from the Administrator Monday 20 June 2011

I am pleased to report that the period in which any challenges could be brought to the Scheme of Arrangement has now expired without any challenge being made to the proposed Scheme. The process of agreeing the funding documents with the Department of Enterprise Trade and Investment (Northern Ireland) is at a very advanced stage but as yet I do not have a date on which the Scheme of Arrangement will be sanctioned by the High Court. Once I have this date for the final hearing, I will update members/creditors again.

BETRAYED

William Humphrey (DUP)
I thank the Minister for his statement. I want to take the opportunity to thank the Minister, the First Minister, the deputy First Minister and the Minister of Enterprise, Trade and Investment for all their hard work on the Presbyterian Mutual Society. I also welcome the transfer of the funding to the Department of Enterprise, Trade and Investment for the Presbyterian Mutual Society and the rescue package. The Minister mentioned that payments would be made this summer. When will those with investments with the Presbyterian Mutual Society actually receive their money?
Sammy Wilson (DUP)
The payments will not be processed by the Department of Finance and Personnel or the Department of Enterprise, Trade and Investment; that will be up to the administrator. We have said that the money is now available for the administrator to draw down. The Department of Enterprise, Trade and Investment has the first £50 million. That was made available from current spending, and it is made up of £25 million from the Treasury and £25 million from our own resources. Any drawdown from the £175 million of borrowing available will be on the basis of demand.
The Member’s question is one for the admin­istrator to answer. All I can say at this stage is that there will be no delay as a result of funds not being made available by the Executive, and I wanted to make that clear in my statement.

BETRAYED

abeliever wrote: »

on Administrator's PMS site:
Update from the Administrator Monday 20 June 2011

I am pleased to report that the period in which any challenges could be brought to the Scheme of Arrangement has now expired without any challenge being made to the proposed Scheme. The process of agreeing the funding documents with the Department of Enterprise Trade and Investment (Northern Ireland) is at a very advanced stage but as yet I do not have a date on which the Scheme of Arrangement will be sanctioned by the High Court. Once I have this date for the final hearing, I will update members/creditors again.

I hope Mr Boyd knows that the High Court does not sit in July or August. Someone please correct me if I am wrong.

BETRAYED

Mr Boyd is listed in the High Court this week as under.

45 10/138494 BOYD As Administrator of THE PRESBYTERIAN MUTUAL SOCIETY LIMITED v HENRY MARSHALL BROWN LIMITED
13 10/040613 BOYD AS ADMINISTRATOR OF THE PRESBYTERIAN MUTUAL SOCIETY LTD v& PAUL MCALISTER ARCHITECTS LTD