The liquidator has to take control and then secure, realize and monetize the assets of a company prior to any distribution. The company’s size, composition, complexity and location of the assets, the length of time it takes to liquidate the assets, quality of records and the number of creditors are just some of the elements which can affect when payment is made.
Frequently Asked Questions
- If a depositor has an account in the main office of an institution and also at a branch office, are these accounts separately insured?
- When is deposit insurance payable?
- Is the insurance protection increased by placing funds in two or more types of deposit accounts in the same institution?
- Will the Corporation offset a deposit balance held by a customer against the balance due on the loan?
Did You Know?
- Misconception: All financial institutions that take deposits are covered under the Deposit Insurance Fund - Fact: ONLY member institutions that are licensed under the Financial Institutions Act, 2008 are covered under the Deposit Insurance Fund. This legislation provides for the regulation of commercial banks and other institutions engaged in the business of banking and business of a financial nature.
