“to maximise the return of money to members..”

Will Crawley has some interesting detail on the relationship between the Presbyterian Mutual Society (PMS) and the Presbyterian Church. And with no apparent answer from the Prime Minister, despite the letter of encouragement from the Presbyterian Moderator, the BBC notes that PMS have taken that newly-legislated administrative option. From the BBC report.

“My aim is to see if the society can be rescued or, if this is not possible, to ensure that the society is wound down in an orderly manner to maximise the return of money to members,” [appointed administrator Arthur Boyd] said.

“I cannot at this stage say whether members’ funds can be returned to them in full or what proportion of their funds can be returned. The society has considerable assets, but if those assets were sold now it might not produce the best return for members.”

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  • Suchard

    The proverbial has hit the fan. Insolvency practitioner’s fees dwarf Johnathan Ross’s and is the administrator a presbyterian or born again? As there could be possible coflicts of interest here. It’s a case of never mind the cloth feel the width as some one is guaranteed to get short changed here.

  • ulsterfan

    Not looking too good for the society when the Administrator takes such a negative view.
    The members must take charge and do what commonsnse dictates and neither believe or put trust in so called Professionals of the financial systems who created such a mess in the first place.
    A sale of assets at the moment would be a disaster with little demand for commercial property.
    They must sit tight for a number of years until there is an upturn in the Economy and in property prices but in order to do so the rules must be changee to make it impossible for a run on the Society which is taking place but more importantly prevent others disposing of assets until such times it is prudent to do so .
    No enforced sales —thank you.