Page last updated at 18:24 GMT, Monday, 17 November 2008

Administrator is appointed to PMS

Presbyterian Mutual Society door
An administrator has been appointed to the society

A Belfast-based chartered accountant has been appointed as administrator of the Presbyterian Mutual Society.

The appointment of Arthur Boyd, of Arthur Boyd & Company, was made at the request of PMS directors.

Legislation was passed last week which gave the society the option of going into administration or a voluntary repayment arrangement.

The PMS, which said it could not meet demands for withdrawals from members, has assets of more than 300m.

Mr Boyd, who is a licensed insolvency practitioner, said his role was to "act in the best interests of everyone who is owed money".

""My aim is to see if the society can be rescued or, if this is not possible, to ensure that the society is wound down in an orderly manner to maximise the return of money to members," he said.

"I cannot at this stage say whether members' funds can be returned to them in full or what proportion of their funds can be returned. The society has considerable assets, but if those assets were sold now it might not produce the best return for members."

Mr Boyd said more than 180m of the society's assets was in loans to members and 130m was in fixed and other assets.

He said he would endeavour to make his "initial proposals to the members within eight weeks".

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