NI Presbyterian mutual society, Short of funds for withdrawal?

BETRAYED

abeliever wrote: »

If anyone is interested - the accounts (inc. notes to the accounts) for y/r ended March 2014 are now available at the Supervisors PMS website. As you will see, they are still writing down the assets !

The sad saga continues.
Fixed assets, which I presume, consist mainly of the investment property are now valued at 59.6 million compared to 94.6 million on
30 June 2011.

The Joint Supervisors' report makes no mention of the Creditors' Committee, either meeting or having expenses paid.

Mr Boyd is well aware that the setting up of that committee was a ruling in the High Court and its role is laid down in legislation.

A number of creditors have asked me why the Joint Administrators' fees have to be £1 million annually over such a long administration process.

Is it time some of us go to high court?

BETRAYED

abeliever wrote: »

If anyone is interested - the accounts (inc. notes to the accounts) for y/r ended March 2014 are now available at the Supervisors PMS website. As you will see, they are still writing down the assets !

I let a friend look over the latest accounts.
Below is his comment.

In New Year I am going to speak to one or two of the larger creditors whom I know.

Looks like they have written down the assets by 20% and spent a £1M doing it.

joylikes2shop

http://www.bbc.co.uk/news/uk-northern-ireland-32825915

warmhands.coldheart

joylikes2shop wrote: »

http://www.bbc.co.uk/news/uk-northern-ireland-32825915

The plug would have been pulled a long time ago had anyone else loaned them the money !!

abeliever

2014/15 accounts can now be reached via link at PMS website.

Big change is upward property revision ! "Supervision charges" still a very substantial sum !!

ballyblack

today's Belfast Teleg link

http://www.bbc.co.uk/news/uk-northern-ireland-34388179

ballyblack

Financial Reporting Council (FRC) fines Moore Stephens NI firm


http://www.thetimes.co.uk/tto/business/industries/supportservices/article4702326.ece




https://www.cchdaily.co.uk/frc-fines-moore-stephens-ni-firm-and-partner-over-presbyterian-mutual-society



.

Dunaghy

The death of Arthur H. Boyd has been announced in today's press.

abeliever

The accounts & a related note (for yr ended March 2016) can now be accessed from the PMS website. They are presented to reflect a revised Accounting Standard.