PDIC to pay remaining clients of closed bank

The Philippine Deposit Insurance Corp. (PDIC) next week will finally start paying the remaining creditors and depositors of Unitrust Development Bank, which was closed over a decade ago.

In a statement, the PDIC announced that it would distribute cash payments to cover part of what the bank owes to its creditors on Sept. 9, 2013.

This would come a day ahead of a hearing at the Makati regional trial court, where the same depositors and creditors were ordered to appear in person to agree to be paid in real property assets to cover the rest of the bank’s obligations.

“To receive payment, Unitrust depositors and creditors are required to appear personally or through a duly authorized representative,” the PDIC Friday said.

Creditors and depositors will have to go to the Unitrust Development Bank Exchange Corner at the Exchange Corner Complex condominium on VA Rufino street in Makati City.

Claimants will have to sign release waivers and quitclaims after getting their money. Additional requirements for individual and corporate creditors, as well as the schedule of cash payments, are posted on the PDIC website.

“Unitrust has sufficient funds to pay all claims,” PDIC executive vice president Christina Orbeta said.

Last week, Makati RTC Judge Winlove Dumayas, who presides over the bank’s liquidation court, ordered the depositors and creditors of Unitrust to attend a Sept. 10 hearing “to agree to the proposed allocations of their interests in the real properties as payment equivalent to 38 percent of their respective claims.”

Claimants were also told “to execute their respective quitclaims and waivers once all their claims have been fully settled.”

The PDIC urged Unitrust depositors and creditors to attend the September 10 hearing set by the liquidation court to discuss the payment of the remaining balance of their respective claims. The proposal of Unitrust stockholders is to pay the remaining balance with real properties.

Unitrust was ordered closed by the Monetary Board on Jan. 4, 2002, and is now under the liquidation of the PDIC.