NI Presbyterian mutual society, Short of funds for withdrawal?

goodbyepci

Belfast Telegraph
http://www.belfasttelegraph.co.uk/news/local-national/presbyterian-investors-set-to-learn-fate-of-society-funds-14179437.html

Financial Times
http://www.ft.com/cms/s/0/85854942-f648-11dd-a9ed-0000779fd2ac.html

Bannside_2

http://www.belfasttelegraph.co.uk/news/local-national/presbyterian-investors-set-to-learn-fate-of-society-funds-14179437.html

Thought I would add this link to today's Belfast Telegraph article.

Bannside_2

Great minds goodbyepci.....I see we posted at the exact same time!! :rotfl:

expat68

goodbyepci wrote: »

Thank you expat68 for this information.

A few highlighted in italics, queries in red

Quote
over the specified period with the remainder of the debts being written off.
It this the shortfall we will be going after PCI and Directors for? That would be a the relevant amount though some time before it is known

In order for the proposals to be passed, they have to be approved by both the creditors and members of the company, and in each case a 75% majority of creditors or members attending the respective meetings are required in order for the proposals to be accepted.
Presumably more meetings by correspondence? Almost certainly and a key vote will be to allow equal rights for shareholders and creditors I would have thought

If the required approval is obtained, the arrangement will then be binding upon any creditor who voted against the proposal and any creditor who did not attend the meeting either in person or by proxy.

The use of the CVA procedure should enable the company to continue trading
Does this mean PMS will be taking in money again in loans/shares? very unlikely but they will continue to collect rent and loan repayments

and in addition the directors of the company will retain the day to day control of the business.
Erm..............I don't think so!! That will be the administrator in the short term in this case and probably in the longer term as well.


Can any of you clever lawyer people out there give any answers please?

Thanks

:cool:

Feel free to add/ challenge

freddiemae

I know its none of my business but with regard to Post 1001 when I linked to the EU site. This EU class option is free of charge for the victims. Diane Dodds is standing as an MEP -- I wonder if she would like some extra publicity taking your case to the EU under this legislation?? Just a thought

crazymess

Well jon_groovy if what you are saying is correct - end of the summer for payment - then that will have been one year our money has been frozen and to release a small amount of money - say 5% or less - look how many years it will take to get the other 45%, 55% or whatever the case may be.

Could somebody please help - why are the savers not screaming from the rooftops? Unless we get some help here quickly we are only going to see a return of half of our savings ..........

abeliever

In the first of our (New Statesman) series on faith in a financial crisis .....the Presbyterian Church in Ireland's Moderator reflects how the credit crunch has shaken trust in his institution


http://www.newstatesman.com/blogs/the-faith-column/2009/02/church-ireland-society

goodbyepci

This is money
http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=473890&in_page_id=7&position=moretopstories

News Letter
http://www.newsletter.co.uk/news/Decision-on-future-of-PMS.4959174.jp

fivealive_2

jon_groovy wrote: »

THE ADMINISTRATORS SUGGESTIONS ARE ALL PASSED

And we may get a tiny amount of money by the end of the summer

I take it you have all read your letters from the Administrator?
The one entitled "Notice of result of meeting of creditors" states "A Creditors' committee was not formed."
Were we ever given that option in a realistic fashion , other than hiding it in the small print?
:think:

fivealive_2

jon_groovy wrote: »

i haven't recieved my letter yet :-(

I have scanned today's letter into my computer in PDF format ( I covered over my contact details first ) so if any of you nice legal beagles that are helping us but are not actually members of the PMS would like a copy just send me a PM please.