Wednesday, October 16, 2019

Receiver grants new lifeline to customers of collapsed S&L, finance houses to file claims

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Depositors and creditors of the 23 collapsed savings and loans companies and finance houses who could not submit their claims have been granted another lifeline to do so — they now have up to October 18, 2019, to file their claims.

A statement issued by the receiver on Monday, October 7, 2019, said: “The Receiver has noted that some depositors of the 23 S&Ls and Finance Houses have not yet submitted their Proof of Debt (“PoD”) forms.

Consequently, it is the intention of the Receiver to extend the period for depositors to submit their PoD forms to accommodate the needs of depositors who are yet to do so.

Notice is hereby given that depositors who have not yet submitted their claim forms should do so on or before Friday 18th October 2019 for validation.

The release further added that, after this date, the receiver will conclude that there are no more outstanding claim forms to be submitted.

The central bank in August 2019 appointed Eric Nana Nipah, a Director of PricewaterhouseCoopers (Ghana) Limited (“PwC”) as Receiver for the purpose of winding down the affairs of 23 collapsed Savings and Loans and Finance Houses after they lost their licence due to a number of regulatory infractions.

Mr. Nipah among other things is expected: (i) to maximize asset realisations for the benefit of Creditors including mainly Depositors and (ii) Distribute realizations in accordance with the relevant provisions of Act 930, to satisfy the indebtedness of these institutions to their body of Creditors, to the extent possible.

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