The Liquidator shall place a notice of dividend in the Gazette and newspaper and shall also send a notice of dividend to each creditor whose Form 55 – Proof of Debt has been admitted. The notice shall specify how many cents on the dollar will be paid and the date and time for the dividend.
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?
- How is a depositor notified that an institution in which he or she has a deposit, has been ordered to be closed?
- When can an eligible depositor expect to receive his or her money?
- Is the depositor required to produce proof of ownership to the DIC or to the transferee institution?
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.
