Yes. When acting as Liquidator of a closed institution, the DIC is acting on behalf of all creditors of that institution and its obligation is to collect on all loans promptly and efficiently along with other assets of the institution.
Frequently Asked Questions
- How is a depositor notified of the date and place of payment of his or her claim after an institution is closed?
- In the event of a deposit transfer, how will a depositor know when and where he can withdraw his funds?
- What does a deposit transfer involve?
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
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.
