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08/04/2011
PMS Savers Get Summer Pay-out Offer
There has been a broad welcome for news that the administrator of the Presbyterian Mutual Society (PMS) has proposed a 'Scheme of Arrangement' to the 10,000 creditors and members for them to get a total of more than £232m by early July.
As the Election looms in four weeks time, DUP Assembly candidate and outgoing Minister for Enterprise, Trade and Investment, Arlene Foster, welcomed the long-awaited move - announced today.
"I welcome the Scheme of Arrangement," she said, noting that she originally used insolvency legislation to allow for the society to be placed in to administration rather than forced liquidation.
"This bought us the necessary time to put these arrangements in place.
"It has been a slow and at times difficult path since November 2008, but I am pleased that the administrator has confirmed that the first cheques should begin arriving in July.
"I am especially pleased that the scheme has been constructed in such a way as to guarantee that small savers (those with savings of less than £20,000) will receive as a minimum 97% of their money back.
"I believe that the small savers will receive all of their money during the initial payments. Had we proceeded to immediate liquidation, the figure would have been zero," she explained, noting that it has taken just over two years to sort this problem.
"I hope we are finally nearing the end of the road of this difficult situation," said Mrs. Foster.
The PMS was placed in administration in November 2008 to protect its assets and enable the Administrator to seek a better return than would be possible through liquidation.
Since then, those with loan capital - who are classed as creditors - received 12% of their money back.
However, because of the way insolvency law operates, nothing was payable to shareholders (known as members).
The Administrator has developed the new scheme in order to pay out the £225m in financial assistance provided by the government, as well as £1m from by the Presbyterian Church in Ireland.
A further sum of over £6m has been made available from the income accrued by the Society during Administration, making the total proposed payout in excess of £232m.
However, if the scheme is rejected the offer of money from the UK Government and the Presbyterian Church will be withdrawn and the alternative will be liquidation and the estimated return from liquidation would be 72% to creditors and nothing to members.
In a letter to savers, the Administrator has said: "The details of the Scheme of Arrangement follow the principle of fairness that underlies the rescue package provided by the government, in that those with greater amounts in the Society should receive proportionally less in order to ensure that the so-called small savers receive all or nearly all of what they are owed."
See: Rescue Package For PMS Savers On Way
(BMcC/GK)
As the Election looms in four weeks time, DUP Assembly candidate and outgoing Minister for Enterprise, Trade and Investment, Arlene Foster, welcomed the long-awaited move - announced today.
"I welcome the Scheme of Arrangement," she said, noting that she originally used insolvency legislation to allow for the society to be placed in to administration rather than forced liquidation.
"This bought us the necessary time to put these arrangements in place.
"It has been a slow and at times difficult path since November 2008, but I am pleased that the administrator has confirmed that the first cheques should begin arriving in July.
"I am especially pleased that the scheme has been constructed in such a way as to guarantee that small savers (those with savings of less than £20,000) will receive as a minimum 97% of their money back.
"I believe that the small savers will receive all of their money during the initial payments. Had we proceeded to immediate liquidation, the figure would have been zero," she explained, noting that it has taken just over two years to sort this problem.
"I hope we are finally nearing the end of the road of this difficult situation," said Mrs. Foster.
The PMS was placed in administration in November 2008 to protect its assets and enable the Administrator to seek a better return than would be possible through liquidation.
Since then, those with loan capital - who are classed as creditors - received 12% of their money back.
However, because of the way insolvency law operates, nothing was payable to shareholders (known as members).
The Administrator has developed the new scheme in order to pay out the £225m in financial assistance provided by the government, as well as £1m from by the Presbyterian Church in Ireland.
A further sum of over £6m has been made available from the income accrued by the Society during Administration, making the total proposed payout in excess of £232m.
However, if the scheme is rejected the offer of money from the UK Government and the Presbyterian Church will be withdrawn and the alternative will be liquidation and the estimated return from liquidation would be 72% to creditors and nothing to members.
In a letter to savers, the Administrator has said: "The details of the Scheme of Arrangement follow the principle of fairness that underlies the rescue package provided by the government, in that those with greater amounts in the Society should receive proportionally less in order to ensure that the so-called small savers receive all or nearly all of what they are owed."
See: Rescue Package For PMS Savers On Way
(BMcC/GK)
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28 March 2011
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Rescue Package For PMS Savers On Way
A rescue package for the Presbyterian Mutual Society (PMS) has been announced. First Minister Peter Robinson said the implementation of the £225m package would rest with the Administrator and be available to draw down from the beginning of April in the new financial year.
06 May 2011
Presbyterian Mutual Savers 'May Get 100%'
It has emerged today that 'smaller savers' in the collapsed Presbyterian Mutual Society (PMS) are hoping to receive all of their money back - despite fears that very little - or even no cash would be forthcoming.
Presbyterian Mutual Savers 'May Get 100%'
It has emerged today that 'smaller savers' in the collapsed Presbyterian Mutual Society (PMS) are hoping to receive all of their money back - despite fears that very little - or even no cash would be forthcoming.
26 April 2016
200 Jobs At Risk After BHS Enters Administration
Northern Ireland's four British Homes Stores (BHS) have been taken over by administrators putting up to 200 jobs at risk. It is understood that the stores – in Belfast, Holywood, Newtownabbey and Lisburn – will continue to trade while administrator, Duff & Phelps, seek a buyer for the retail chain.
200 Jobs At Risk After BHS Enters Administration
Northern Ireland's four British Homes Stores (BHS) have been taken over by administrators putting up to 200 jobs at risk. It is understood that the stores – in Belfast, Holywood, Newtownabbey and Lisburn – will continue to trade while administrator, Duff & Phelps, seek a buyer for the retail chain.
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Some 40 jobs have been lost at a Northern Ireland meat processor, but administrators for the stricken business are hopeful of finding a buyer who may rehire former workers. Tenderlean, in Derrylin, Co Fermanagh, was bought out of administration in April 2010, but was driven to the wall again this summer as a result of cash flow problems.
Food Jobs Lost
Some 40 jobs have been lost at a Northern Ireland meat processor, but administrators for the stricken business are hopeful of finding a buyer who may rehire former workers. Tenderlean, in Derrylin, Co Fermanagh, was bought out of administration in April 2010, but was driven to the wall again this summer as a result of cash flow problems.
28 July 2010
Irish Jobs' Response 'Could Be Better': SF
Enhanced co-operation between the Belfast and Dublin administrations could greatly assist existing workers and in helping the unemployed get jobs. Foyle Sinn Féin MLA Martina Anderson has said that the Stormont Executive's response to recent redundancies at Quinn Insurance was not as effective as the measures taken by the Dublin government.
Irish Jobs' Response 'Could Be Better': SF
Enhanced co-operation between the Belfast and Dublin administrations could greatly assist existing workers and in helping the unemployed get jobs. Foyle Sinn Féin MLA Martina Anderson has said that the Stormont Executive's response to recent redundancies at Quinn Insurance was not as effective as the measures taken by the Dublin government.
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Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
