In its simplest form, ‘liquidation’ refers to winding up a company by selling off its assets and converting them into cash to pay the company’s secured and unsecured creditors in proportion to the company’s confirmed indebtedness to each creditor.
Frequently Asked Questions
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
- Is the depositor required to produce proof of ownership to the DIC or to the transferee institution?
- Which institutions depositors are insured by the DIC?
- What is the insurance coverage on a trust account held under the provisions of an irrevocable express trust?
Did You Know?
- Misconception: The uninsured balance, being that portion of deposit/(s) over TT$200,000 for which a certificate was issued, would never be honoured by the DIC. - Fact: A liquidator’s certificate is issued to the depositor by the Corporation for the unsecured balance being that portion of the deposit over TT$200,000. If, the realizations from the disposal of assets net of the subrogated claim of the deposit insurer results in a surplus, then unsecured balances would be …
