PMS shareholders not creditors

When I mentioned the UK’s Treasury Committee evidence gathering at Stormont on the illegally operating Prebyterian Mutual Society [PMS], the PMS adminstrator was still waiting for a ruling on his firm’s application for a five year extension to their current contract. He appears to be still waiting for that ruling. But, in the meantime, Mr Justice Deeney has ruled that shareholders with £20,000 or less invested in the society cannot legally be classed as creditors unless they had applied to withdraw that money prior to October 2008. The ruling clarifies who is eligible to be paid first from the £20million the society has reportedly generated since it went into administration.