Thousands of investors face losing millions of pounds in savings following the collapse of the Presbyterian Mutual Society, which is based in Belfast.
The administrator of the society has told members it was not yet possible to say how much money they would get back, or when.
The Presbyterian Mutual Society was set up to encourage church members to save and borrow at competitive rates. It has 10,000 shareholders in Ireland, most in the North, and a year ago had assets of £300m sterling.
There was a huge run on its reserves last October when £21m was withdrawn, leaving just £4m in the bank. The collapse of the property market also seriously devalued its assets.
The administrator says that with no-one willing to buy or invest in it, the society is unlikely it could continue as a going concern.
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.
