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22/02/2010
Presbyterian Savers Await Crucial Court Date
Next month a case will be heard which may have a profound impact on savers in the failed Presbyterian Mutual Society (PMS).
On March 18, the administrator for the collapsed mutual will return to the High Court in a bid to resolve further issues around its future.
A one-day hearing has been fixed to deal with how to set off borrowings against what savers had in the PMS.
Lawyers will also seek a determination on the establishment of a committee to represent the interests of those with savings in the stricken mutual.
Mr Justice Deeny has already ruled that shareholders with less than £20,000 in the PMS cannot receive interim payments from £20 million in assets realised by administrator Arthur Boyd.
Nearly 10,000 Presbyterians across Northern Ireland lost access to their savings when the PMS went into administration just over a year ago.
Confirmation has also still to be given that the society can continue to be run in administration for up to five more years. Mr Boyd is seeking permission to maintain the role until 2015 should no buyer be found.
That move was last week slammed by a saver. Speaking on BBC Radio Ulster, the frustrated investor said this move - if approved - would open the door for a protracted period of inertia, which would see the savers receive nothing of their money for years - or for as long as the administrator continued to control the assets.
See: Hard-up PMS Savers In Focus
(BMcC/GK)
On March 18, the administrator for the collapsed mutual will return to the High Court in a bid to resolve further issues around its future.
A one-day hearing has been fixed to deal with how to set off borrowings against what savers had in the PMS.
Lawyers will also seek a determination on the establishment of a committee to represent the interests of those with savings in the stricken mutual.
Mr Justice Deeny has already ruled that shareholders with less than £20,000 in the PMS cannot receive interim payments from £20 million in assets realised by administrator Arthur Boyd.
Nearly 10,000 Presbyterians across Northern Ireland lost access to their savings when the PMS went into administration just over a year ago.
Confirmation has also still to be given that the society can continue to be run in administration for up to five more years. Mr Boyd is seeking permission to maintain the role until 2015 should no buyer be found.
That move was last week slammed by a saver. Speaking on BBC Radio Ulster, the frustrated investor said this move - if approved - would open the door for a protracted period of inertia, which would see the savers receive nothing of their money for years - or for as long as the administrator continued to control the assets.
See: Hard-up PMS Savers In Focus
(BMcC/GK)
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Northern Ireland WeatherToday:Some low cloud lingering in the north and west through the day, although cloud should burn back to the coast as the day goes on. Elsewhere some good sunny spells with very little cloud. Warm with light winds. Maximum temperature 22 °C.Tonight:A sunny evening for most except where cloud lingers along the north coast. Cloud will increase for a lot of areas overnight with mist and fog patches developing. Minimum temperature 7 °C.
