NI Presbyterian mutual society, Short of funds for withdrawal?

abeliever

From NI Court Lists online:

These Court Lists are correct at the time of publication, however they may be subject to change at short notice.


CHANCERY (JUDGE) at ROYAL COURTS OF JUSTICE on 04 Jul 2011 in CHANCERY COURT at 12:30

12:30 FOR HEARING 09/001140 THE PRESBYTERIAN MUTUAL SOCIETY LIMITED (IN ADMINISTRATION)

abeliever

From Administrator's PMS web site :

Update from the Administrator Wednesday 29 June 2011

I can now confirm that my application for the Scheme of Arrangement to be sanctioned by the Court will be heard next Monday, 4th July 2011. On the assumption that sanction is obtained on that day, my plans are to draw down the funding available from the Department of Enterprise Trade and Investment (Northern Ireland) which should enable me to issue cheques to members and creditors before the end of July 2011 .

Lakeland

Does anyone know the outcome of court proceedings against Henry Marshall Brown and Paul McAlister? What is this all about?

BETRAYED

Update from the Administrator Monday 4 July 2011

I am pleased to say that the Court has formally sanctioned the Scheme of Arrangement and that the Scheme Supervisors can now proceed to draw down the funds and issue cheques this month to members and creditors once certain pre-conditions have been satisfied. I am currently working through the pre-conditions with my legal team and will update members and creditors shortly when I have a more precise date for drawing down the funds and making distributions.

I fully understanding that awaiting the outcome of the necessary legal process surrounding the Scheme of Arrangement has been stressful for members and creditors and I would like to thank you for your patience

ballyblack

PMS rescue plan clears final hurdle


http://www.newsletter.co.uk/news/local/pms_rescue_plan_clears_final_hurdle_1_2835824

Lakeland

A friend and fellow saver was out for the day shopping at Sprucefield/Lisburn yesterday. Went into one of the large clearing banks. Prominent display "Presbyterian Mutual Society members", speak to us about reinvesting your money.
This same bank allegedly encouraged savers to withdraw their savings in Autumn 2008 before taking £65 billion of tax payers money to bail them out. How mercenary is that?

ballyblack

As the Mafiosa used to say

"It's nothing personal, it's just business."

Lion44

Lakeland - I believe I was in the same bank today when the sign said "PRESBYTERIAN MUTUAL SOCIETY MATURING FUNDS PLEASE COME IN AND SEEK FREE ADVICE" This is the Bank that hounded our members for months pressurising them to move their savings and played probably the biggest part on the run on our funds whilst gaining millions. Whilst not illegal they have a brass neck and how dare they use the words 'maturing funds'. Certainly in bad taste and insulting to those of us who thought we would never see our hard earned money again. Not a penny will they get from me.

no_more_f.w.o

Lakeland wrote: »

A friend and fellow saver was out for the day shopping at Sprucefield/Lisburn yesterday. Went into one of the large clearing banks. Prominent display "Presbyterian Mutual Society members", speak to us about reinvesting your money.
This same bank allegedly encouraged savers to withdraw their savings in Autumn 2008 before taking £65 billion of tax payers money to bail them out. How mercenary is that?

You cannot blame any bank for the "run" on the PMS
The failure of PMS was not caused by the run, that happened when word had got out about the ineptitude and worse of those in charge.
PMS was a house of cards ready to fall, personally I wish the bank had warned me, so I could have removed my money in time.

Blame for failure of PMS lies fairly and squarely at the door of those running it who made disastrous decisions, and those in charge of regulating it who have never admitted their error.

Lion44

It is a matter of public record that the NI Banks were a contributory factor in causing the run on funds resulting in the collapse of the PMS along with the global economic downturn and the two issues mentioned above.