Future of PMS back in court

Published Friday, 19 February 2010
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The administrator for the collapsed Presbyterian Mutual Society will return to the High Court next month in a bid to resolve further issues around its future.

A one-day hearing has been fixed to deal with the question of how to set off borrowings against what savers had in the PMS.

Read Jamie Delardy's blog: No further on

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 £20m assets realised by administrator Arthur Boyd.

His decision last week was taken on the basis that they cannot be classed as creditors.

Nearly10,000 Presbyterians across Northern Ireland lost access to their savings when it went into administration just over a year ago following a run on its funds.

Confirmation has also still 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.

The case has been listed for a further hearing on 18 March.

© UTV News
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