Thousands of investors face losing millions of pounds in savings following the collapse of the Presbyterian Mutual Society.
The administrator of the society has told members it was not yet possible to say how much money they would get back.
The administrator said that if the members agree to the orderly run down of the business they would receive part of their investment back over a period of time, but he has made it clear that getting all their money returned is not an option.
The Belfast-based society was set up to encourage church members to save and borrow at competitive rates.
Last October there was a run on its reserves when £21m was withdrawn leaving £4m in the bank.
The collapse of the property market has also seriously devalued its assets and the administrator says that with no one willing to buy or invest in it, it is unlikely it could continue.
It has 10,000 shareholders throughout Ireland, most in Northern Ireland, and a year ago had assets of £300m.
