Traditionally, distribution is made in cash. For any other form of distribution, the liquidator would solicit the support of the creditors and the sanction of the Court.
Frequently Asked Questions
- In the event of a deposit transfer, how will a depositor know when and where he can withdraw his funds?
- How is a depositor notified that an institution in which he or she has a deposit, has been ordered to be closed?
- When must a depositor file a claim?
- What is the insurance coverage on a trust account held under the provisions of an irrevocable express trust?
Did You Know?
- Misconception: Placing funds in any instrument offered by a member institution would be covered by the DIC - Fact: ONLY Savings Accounts (including interest), Current Accounts (including interest) and Fixed Deposit Accounts (including interest), inclusive of any outstanding balances due (uncleared deposits) to these accounts, are considered for deposit insurance coverage.
