Section 57: Action following a failure.

(1) The Corporation shall cause notice to be given by advertisement in print and electronic media requiring all depositors of the insured institution facing liquidation to forward their claims to the Corporation.
(2) The Corporation acting as liquidator of a failed institution shall have power to-
(a) realise the assets of the failed insured institution; and
(b) enforce the individual liability of the shareholders and directors in accordance with section 76 of this Act.
(3) The Corporation acting as liquidator-
(a) shall pay to the Corporation such portion of the amount realised from such liquidation as it shall be entitled to receive on account of its subrogation to the claims of depositors and shall pay to depositors and other creditors the net amount available for distribution to them;
(b) may pay dividends on proved claims at any time after the expiration of the period of advertisement made under subsection (1) and no liability shall attach to the Corporation itself by reason of such payment or for failure to pay dividend to a claimant whose claim is not proved.
(4) Every judgment debt against an insured institution under liquidation or the Corporation as liquidator of an insured institution which is not subject to an appeal shall be filed with the liquidator as an unsecured creditor claim which shall be admitted to proof in accordance with the rules and regulations governing administration of claims payment issued by the Corporation.
(5) Where a depositor of an insured institution is also a judgment creditor in respect of that deposit, such depositor shall elect to file his claim either as a depositor or as a creditor but where he submits a certified true copy of the judgment evidencing the judgment debt, he shall be deemed to have elected to file his claim as a judgment debtor and not a depositor.
(6) The interest applicable on any judgment debt against an insured institution under liquidation as stated in the judgment which is filed as proof of claim with the Corporation as liquidator of such institution shall cease to be applicable from the date the Corporation commenced liquidation of such insured institution.