Presbyterians hit by collapse of mutual society

THOUSANDS of Presbyterians face losing millions of pounds following the collapse of a mutual society, it was revealed yesterday.

Investors in the Belfast-based Presbyterian Mutual Society, which went into administration last November, are being given the stark choice of agreeing to get back some of their money over time — or less if it goes into liquidation.

The worth of the society has plunged by tens of millions, it was revealed.

Nobody wants to take it over, said the administrator.

He has written to some 9,500 investors making clear that getting back all of their investment is not an option.

He made a series of proposals which, if accepted, would see an orderly winding down of the society’s business over time through a formal arrangement allowed for under insolvency legislation.

Members have until January 30 to return voting papers, with a majority of more than 50% needed to proceed.

The Presbyterian Mutual Society was set up in 1982 to encourage Presbyterians to save for their mutual benefit and enable shareholders to borrow at a competitive rate of interest.