Presbyterian Mutual Society

Welcome to the Presbyterian Mutual Society Ltd (In Administration)

This website has been established and will be maintained by the Administrator to deal specifically with the affairs of the Presbyterian Mutual Society Limited (In Administration).

Current Information

Update from the Administrator 28 January 2010

As members/creditors will know from my report to them in December, I have applied to the Court for directions on a number of matters. As I have said, I want as soon as possible to pay a first distribution of capital but I need the Court’s permission to do that. Also, because of the delay in the Government Working Group’s report on any possible alternatives, I have taken the precaution in case of a prolonged insolvency of seeking an extension of the administration for five years.

I have sought direction as to whether I should make a distribution to both share capital holders and loan capital holders and a direction on how set-off should be applied for those with borrowings from the society.

On January 27 and 28 the Court considered arguments on what it regards as the main matter of how holders of share capital should be treated in Administration. The Judge has reserved judgment for a period of two weeks.

When these matters are clarified, I am then obliged to give 28 days notice to those to whom I am directed by the Court to pay a distribution. Therefore the earliest I can envisage making a payment is March.

It has been impracticable for me to write to everyone with this update, which is why I am placing it on this website. I will endeavour to provide regular updates on progress, either through the website or by way of letter.

The Administrator’s six monthly progress report, dated 15 December 2009, is available here in PDF format.

Previous documents

The Administrator wrote to members on 22 September 2009 to update them on progress. A copy of his letter can be downloaded here in PDF format.

The Administrator’s six monthly progress report, dated 15 June 2009, is available here in PDF format.

The Administrator wrote to members on 1 May 2009 to update them on progress. A copy of his letter can be downloaded here in PDF format.

The Administrator issued a statement on 27 April 2009 referring to an email which was brought to his attention by some members. You can view the statement here (word document).

The result of the vote on the Administrator’s initial proposals was communicated to members in the week beginning 9 February 2009. All of the Administrator’s proposals have been passed by the required majority. A copy of his communication can be downloaded by clicking here (pdf document).

The Administrator's initial proposals of 12 January 2009 can be downloaded in PDF format here.

The original announcement of 17 November 2008 about the Administrator's appointment can be downloaded in PDF format here.



	Home Questions to the Administrator Contact Us	Welcome to the Presbyterian Mutual Society Ltd (In Administration) This website has been established and will be maintained by the Administrator to deal specifically with the affairs of the Presbyterian Mutual Society Limited (In Administration). Current Information Update from the Administrator 28 January 2010 As members/creditors will know from my report to them in December, I have applied to the Court for directions on a number of matters. As I have said, I want as soon as possible to pay a first distribution of capital but I need the Court’s permission to do that. Also, because of the delay in the Government Working Group’s report on any possible alternatives, I have taken the precaution in case of a prolonged insolvency of seeking an extension of the administration for five years. I have sought direction as to whether I should make a distribution to both share capital holders and loan capital holders and a direction on how set-off should be applied for those with borrowings from the society. On January 27 and 28 the Court considered arguments on what it regards as the main matter of how holders of share capital should be treated in Administration. The Judge has reserved judgment for a period of two weeks. When these matters are clarified, I am then obliged to give 28 days notice to those to whom I am directed by the Court to pay a distribution. Therefore the earliest I can envisage making a payment is March. It has been impracticable for me to write to everyone with this update, which is why I am placing it on this website. I will endeavour to provide regular updates on progress, either through the website or by way of letter. The Administrator’s six monthly progress report, dated 15 December 2009, is available here in PDF format. Previous documents The Administrator wrote to members on 22 September 2009 to update them on progress. A copy of his letter can be downloaded here in PDF format. The Administrator’s six monthly progress report, dated 15 June 2009, is available here in PDF format. The Administrator wrote to members on 1 May 2009 to update them on progress. A copy of his letter can be downloaded here in PDF format. The Administrator issued a statement on 27 April 2009 referring to an email which was brought to his attention by some members. You can view the statement here (word document). The result of the vote on the Administrator’s initial proposals was communicated to members in the week beginning 9 February 2009. All of the Administrator’s proposals have been passed by the required majority. A copy of his communication can be downloaded by clicking here (pdf document). The Administrator's initial proposals of 12 January 2009 can be downloaded in PDF format here. The original announcement of 17 November 2008 about the Administrator's appointment can be downloaded in PDF format here.
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