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
- Will the Corporation offset a deposit balance held by a customer against the balance due on the loan?
- When is the Liquidator appointed?
- What procedure does the DIC follow after an institution has been closed?
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
Did You Know?
- Misconception: Certificates, deposit books and other documentary evidence of deposits held in a member institution are not relevant to making claims in the event of a failure. - Fact: A claim, supported by appropriate proof, must be made to the Deposit Insurance Corporation before payment of deposit insurance can be made. As such, all information including certificates, deposit books bank statements etc. would be required to facilitate a smooth payout process. See Tips for Depositors.
