Mutual society set to be run down

The Presbyterian Mutual Society went into administration in November

Members of the Presbyterian Mutual Society have voted overwhelmingly to allow the administrator to run down the company in an orderly manner over time.

Investors had until last Friday to vote on five resolutions allowing the administrator to prepare proposals for the society's future.

They were all passed by a majority of around 90%.

Ten thousand savers have been hit by the collapse of the society, which was put into administration last November.

In January, the PMS administrator, Arthur Boyd, wrote to 9,500 investors recommending that they accept a proposal, which he said would give them some of their money back.

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