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
- Does deposit insurance protect the interests of creditors other than depositors of a failed institution?
- If a depositor has more than $200,000 (the current insured limit) in a closed institution and is paid $200,000 by the DIC, what happens to the amount in excess of $200,000?
- What is the insurance coverage on a trust account held under the provisions of an irrevocable express trust?
- Can a depositor leave his/her deposit with the transferee institution?
Did You Know?
- Misconception: Beneficiaries under all trust account arrangements are insured separately. - Fact: The interests held by beneficiaries established under an irrevocable express trust account are insured separately up to the maximum TT$200,000 prescribed limit. Additionally, interests in accounts held by the Settlor, Trustee or Administrator of an irrevocable trust account are insured separately from the interests of the beneficiaries named under …
