Thankfully, we are entering the final phase of the PMS crisis. I hear that the number of calls to the PMS office has increased in recent days with savers inquiring about when they might receive their money. Here’s the latest update from the Administrator. It looks like the envelopes with the cheques will be falling through the letter boxes before the end of July.
I can now confirm that my application for the Scheme of Arrangement to be sanctioned by the Court will be heard next Monday, 4th July 2011. On the assumption that sanction is obtained on that day, my plans are to draw down the funding available from the Department of Enterprise Trade and Investment (Northern Ireland) which should enable me to issue cheques to members and creditors before the end of July 2011 .
And here is the latest statement from Mr Boyd following yesterday’s court decision:
I am pleased to say that the Court has formally sanctioned the Scheme of Arrangement and that the Scheme Supervisors can now proceed to draw down the funds and issue cheques this month to members and creditors once certain pre-conditions have been satisfied. I am currently working through the pre-conditions with my legal team and will update members and creditors shortly when I have a more precise date for drawing down the funds and making distributions.
I fully understanding that awaiting the outcome of the necessary legal process surrounding the Scheme of Arrangement has been stressful for members and creditors and I would like to thank you for your patience.