The Liquidator is appointed when the Court makes the winding-up order.
Frequently Asked Questions
- What methods of payment may the DIC use in meeting its obligations to the depositors of a failed institution?
- How does the closing of an institution affect interest accruing on a deposit?
- What types of deposits are insured?
- If a depositor has an account in the main office of an institution and also at a branch office, are these accounts separately insured?
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.