PMS update

pmslogo_small-1Thankfully, 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.

3 Replies to “PMS update”

  1. Thanks Stafford We can always depend on you to inform us of whats happening Thanks for all the hard work you’ve put in on our behalf I know I appreciate all you’ve done as do all the other savers.
    Hopefully our wait is coming to an end What have we learnt from it? I for one to trust the Lord to work things out for good to those who love Him. Maybe too patience. Even though we often complained, Why did we? As His children we are in His hands and He is working for our good. Surely trust in Him has to be one of the most important things we learn I know people talked about hardship but really were we so hard up. He supplies all our needs None of us has lost out when He is in control how could we? what a gracious God we have Praise His name.

  2. Let’s not just talk about being thankful and what we have learned. Let’s act. What about giving to others some of our money when we receive our savings back. Savings that we thought we had lost.

  3. Firstly i think we should thank THE NEWSLETTER because without them many older peoplle who cannot use the computor would certainly have been left in the dark.The church has faired very poorly during these last few year with their uncaring attitude,people not knowing which way to turn and seeing their minister turning their backs on them.MATTHEW 5 VERSE 47 WHAT DO YE MORE THAN OTHERS?.We have been treated like leapers by the church,denied that they were anyway involved,sought legal advise,looked down their noses at us going into church house,last year when it was suggested by a minister that they should give their yearly bonus as a one off to the P M S you could hear the groaning and moaning all around needless to say it was shot down.The sad thing about this whole episode was that here was a golden opportunity for the church to shine but they just dident care.

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