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
- Can a depositor leave his/her deposit with the transferee institution?
- Who should file a claim if more than one person is authorised to draw on an account?
- Is the insurance protection increased by placing funds in two or more types of deposit accounts in the same institution?
- How quickly will the Liquidator make payments on certificates?
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.
