The liquidator has to take control and then secure, realize and monetize the assets of a company prior to any distribution. The company’s size, composition, complexity and location of the assets, the length of time it takes to liquidate the assets, quality of records and the number of creditors are just some of the elements which can affect when payment is made.
Frequently Asked Questions
- Are any other cash liabilities of financial institutions covered?
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
- Does deposit insurance protect the interests of creditors other than depositors of a failed institution?
- How quickly will the Liquidator make payments on certificates?
Did You Know?
- Misconception: The Deposit Insurance Corporation (DIC) is empowered to close a member institution. - Fact: A member institution licensed under the Financial Institutions Act, 2008 can only be “closed by or with the approval of The Central Bank of Trinidad and Tobago as a result of financial difficulties.”
