PMPS liquidation closes with final payments

The High Court has made final orders in the 23-year liquidation of PMPS, the deposit-taking arm of the PMPA insurance group.

On the application yesterday of John McBratney SC, for joint liquidators Bill Horgan and Ray Jackson, Ms Justice Mary Finlay Geoghegan made a number of orders, including payment of some €400,000, the last of the money available to the liquidators.

The funds will be distributed among some 6,000 former depositors of the society. Some €12.5 million had already been paid out to depositors during the 1980s and 1990s.

The judge also made a number of other orders, including for the payment of costs to various parties involved in the liquidation.

In an affidavit to the court, Mr Jackson noted the High Court had made an order for the winding up of PMPS on December 5th, 1983 and appointed Mr Horgan as official liquidator later that month. In May 2003, Mr Jackson was appointed joint official liquidator with Mr Horgan.

Mr Jackson said the affairs of the society had now been fully wound up and all its assets realised. The cash accounts of the society had been prepared and submitted to the High Court examiner, vouched and passed, he added.

He said the assets of the society at the commencement of the liquidation included some 11.5 million shares in PMPA Insurance plc (now Primor plc) under administration. He said he was informed by the administrator of that company that it was substantially insolvent and that the shares were of no value. Those shares would accordingly vest in the Minister for Finance.

Mr Jackson also stated that, when the liquidation of PMPS commenced, it held 40 mortgages as legal owner on behalf of PMPA Insurance. The beneficial interest in those mortgages was now owned by Axa Insurance plc and Axa had stated all the underlying loans had been discharged.

Axa had been asked to give the liquidators the necessary documents to release those mortgages.

In accordance with the terms of various court orders, the preferential creditors of PMPS had been paid in full and the unsecured creditors were also paid their admitted unsecured claims in full.

Uncashed dividend cheques at present amounted to €228,676, but a number of creditors had been in touch to have their cheques re-issued.

Mr Jackson said the remuneration and outlay of the official liquidators of PMPS from April was (including VAT) some €225,000. He also said the liquidators estimated that further work necessary to discharge the liquidation would involve further remuneration of some €50,000.