A company may go into liquidation when its liabilities are greater than its assets.
Frequently Asked Questions
- Is the depositor required to produce proof of ownership to the DIC or to the transferee institution?
- What is the insurance coverage on a trust account held under the provisions of an irrevocable express trust?
- If a depositor has more than $125,000 (the current insured limit) in a failed institution and is paid $125,000 by the DIC, what happens to the amount in excess of $125,000?
- How quickly will the Liquidator make payments on certificates?
Did You Know?
- Misconception: Depositors of a failed member institution would receive payment immediately upon closure of the failed member. - Fact: The legislation governing the operations of the Deposit Insurance system provides for payout to commence within 3 months of the closure of a member institution.