A company may go into liquidation when its liabilities are greater than its assets.
Frequently Asked Questions
- What is the insurance coverage on a trust account held under the provisions of an irrevocable express trust?
- If two or more persons, for example a husband and wife, have, in addition to the individually owned accounts of each, a valid joint account in the same insured institution, is each account separately insured?
- Does deposit insurance protect the interests of creditors other than depositors of a failed institution?
- How is a depositor notified that an institution in which he or she has a deposit, has been ordered to be closed?
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.
