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
- When can an eligible depositor expect to receive his or her money?
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
- Is the insurance protection increased by placing funds in two or more types of deposit accounts in the same institution?
- Must a claim be filed in person?
Did You Know?
- Misconception: Depositors of a failed member institution have an unlimited time within which to make a claim on the Fund. - Fact: Depositors are granted a 12 month window in which to make a claim after which they can claim against the estate of the failed member. After the passage of 12 months, claims can only be made against the estate of the failed member institution payment for which would depend …
