Presbyterian Mutual Society rescued from administration

A rescue package has seen customers of the Presbyterian Mutual Society handed compensation after the organisation entered administration three years ago.

The news is likely to interest firms who are at risk of receiving a winding up order or needing insolvency advice.

Approximately 10,000 people were affected and the Westminster government and Northern Ireland Executive launched an initiative to help members of the insolvent society.

According to BBC News, those who invested less than £20,000 will get all their money back, while larger investors will receive 85 per cent up front, with the remainder coming after the body's assets are sold off.

Secretary of state for Northern Ireland Owen Paterson noted that the news that cheques have been sent out is positive and will be welcome for the savers, many of whom thought they would never see their cash again.

"This has been a very stressful and worrying time for a great many people, particularly the elderly who thought that their savings were gone forever," he told the online resource.

A total of £232 million payouts arrived on doorsteps around the country earlier this week and enterprise minister Arlene Foster explained that it should go some way to putting things right for those who lost out.

"Since the collapse of the Presbyterian Mutual Society, I have dealt with hundreds of letters and emails from ordinary savers and I am well aware of the personal distress and anxiety which many have suffered," she told the news provider.

The minimum customers will receive will be 77 per cent of their total holdings, with a Northern Ireland Executive loan covering most of the costs.

In other news, Hotel Verta has recently been seeking insolvency advice and has appointed Ernst and Young as administrators after falling into financial difficulties.