Published Thursday, 28 January 2010
Mr Justice Deeny will also rule on whether or not the stricken Society can continue to be run in administration for up to five more years.
Arthur Boyd, the administrator appointed to manage its affairs, is seeking permission to maintain the role until 2015 should no buyer be found.
Judgment was reserved on both issues following a two-day hearing in Belfast, along with a third area dealing with how to set off borrowings against what savers had in the PMS.
Nearly 10,000 Presbyterians across Northern Ireland lost access to their savings when the Society went into administration just over a year ago following a run on its funds.
The PMS includes two groups: those who invested up to a maximum of £20,000 in the form of shareholdings; and others wanting to put in larger amounts who loaned money to it.
Insolvency legislation normally requires creditors to take preference when it comes to paying back money.
But counsel for the administrator has stressed how the PMS operated on a basis of mutuality and equality between all members.
Mr Justice Deeny heard how Mr Boyd wanted an authoritative decision on how to distribute funds between loan capital holders and chare capital holders.
It was contended that all of those who are members, rather than just lenders, can be categorised as creditors.
Completing his submissions, Stephen Shaw QC, for the administrator, said: "The difficulty he faces is the proper and authoritative classification of who falls within that category (of creditors) or not.
"Today and yesterday, if nothing else, serves to illustrate the large complexity of this issue."