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Crisis-hit Presbyterian Mutual Society may run to 2015

Published 08/01/2010

The collapsed Presbyterian Mutual Society could be run in administration for another five years.

An application has been made at the High Court for permission to continue running its affairs until 2015 should no buyer be found.

A judge is expected to rule on the request, made by lawyers for administrator Arthur Boyd, later this month.

Nearly 10,000 Presbyterians across Northern Ireland lost access to their savings when the PMS went into administration just over a year ago following a run on its funds.

One reason for the application is due to the current financial climate.

Any sale of assets including property in Northern Ireland, England, Scotland and the Isle of Man is unlikely to maximise their potential.

Following submissions by counsel for the administrator, Mr Justice Deeny adjourned the case until January 27.

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From Belfast Telegraph