The Liquidator is appointed when the Court makes the winding-up order.
Frequently Asked Questions
- Does the borrower’s obligations to the institution continue after the institution is closed?
- How is a depositor notified of the date and place of payment of his or her claim after an institution is closed?
- When is deposit insurance payable?
- 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: 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.
