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Receiver of collapsed savings and Loans extends submission of claim for depositors

The Receiver for the 23 collapsed Savings and Loans has revealed that some depositors of the defunct firms are yet to submit their Proof of Debt (“PoD”) forms to enable them lay hands on their deposit.

The Receiver of the collapsed savings and Loans in a statement released Monday 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.

Thus, it is the intention of the Receiver of the collapsed savings and loans 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. After this date, the Receiver will conclude that there are no more outstanding claim forms to be submitted.”

The Bank of Ghana (BoG) appointed Eric Nana Nipah, a Director of PricewaterhouseCoopers (Ghana) Limited (“PwC”) as the Receiver of the collapsed savings and Loans for the purpose of winding down the affairs of the collapsed Savings and Loans and Finance Houses.

Meanwhile, in a related development, the receiver appointed by the Bank of Ghana for the collapsed Microfinance, Eric Nipah, has emphasized that there is no assurance that the customers of collapsed financial institutions can retrieve full deposits.

ALSO READ: Here are the steps to retrieve your monies from collapsed savings and loans companies

According to Eric Nipah, the receivership processes also include realization of assets from the collapsed Microfinance Institutions in order to support the initial GH¢900 million bailout provided by the government.

He therefore envisioned that, with more than 152,000 depositors filling claims in excess of GH¢1.4 billion, there is the possibility that the funds provided by the central government will not be enough.

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