The 'Nuclear' Option
Winding Up Irish Nationwide
One of the options for our campaign is to propose a special resolution under Section 109 of the Building Societies Act to wind up the Society. This would mean that the assets of the Society (primarily, the mortgage business & the property assets) would be sold off. The proceeds of the sell-off would be divided between the members and the Society would be closed down. The significant disadvantage of a winding up would be that the entire staff of the Society would lose their jobs. I'd really welcome your feedback as to whether you support the winding up of the society.