“I think that seems a very sensible proposition.”

The administrator of the troubled Presbyterian Mutual Society had applied for a five year extension to his firm’s contract. But following arguments from lawyers representing some of the shareholders in the PMS – that “Some of them may die, some of them may not have the opportunity to enjoy the fruits of their savings” – the application was amended to a period of 12 months. Although whether the property market will have recovered sufficiently by then is another matter… And the amendment was made “on the understanding that if within that 12-month period there was a need for an extension, and that may arise, we would come back to court and ask for an extension”.

We are reader supported. Donate to keep Slugger lit!

For over 20 years, Slugger has been an independent place for debate and new ideas. We have published over 40,000 posts and over one and a half million comments on the site. Each month we have over 70,000 readers. All this we have accomplished with only volunteers we have never had any paid staff.

Slugger does not receive any funding, and we respect our readers, so we will never run intrusive ads or sponsored posts. Instead, we are reader-supported. Help us keep Slugger independent by becoming a friend of Slugger. While we run a tight ship and no one gets paid to write, we need money to help us cover our costs.

If you like what we do, we are asking you to consider giving a monthly donation of any amount, or you can give a one-off donation. Any amount is appreciated.