The liquidator files statements of Affairs annually with the Official Receiver and Statements of Accounts semi-annually with the Registrar of Companies. Much of the information regarding the liquidation process, including costs associated with the liquidation, can be found in the Statement of Accounts and by visiting the DIC website.
Frequently Asked Questions
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
- Will the Corporation offset a deposit balance held by a customer against the balance due on the loan?
- Are foreign deposits insured?
- If a depositor has more than $125,000 (the current insured limit) in a failed institution and is paid $125,000 by the DIC, what happens to the amount in excess of $125,000?
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.