A company may go into liquidation when its liabilities are greater than its assets.
Frequently Asked Questions
- What happens if a depositor expects to be paid an amount that is different from what the DIC pays?
- Does the borrower’s obligations to the institution continue after the institution is closed?
- What is the current insured limit?
- How is a depositor notified of the date and place of payment of his or her claim after an institution is closed?
Did You Know?
- Misconception: Certificates, deposit books and other documentary evidence of deposits held in a member institution are not relevant to making claims in the event of a failure. - Fact: A claim, supported by appropriate proof, must be made to the Deposit Insurance Corporation before payment of deposit insurance can be made. As such, all information including certificates, deposit books bank statements etc. would be required to facilitate a smooth payout process. See Tips for Depositors.
