On 5 July 2002, Trade and Commerce Bank was placed into provisional liquidation by an order of the Grand Court of the Cayman Islands. It entered official Liquidation on 29 August 2002. The bank is now in official liquidation that has ceased to accept deposits and carry on business.
Trade and Commerce Bank has Category B banking license number 88037 issued by the Cayman Islands Monetary Authority. This type of license allows Trade and Commerce Bank to conduct banking operations with non-residents and domestic banking business with other Cayman Islands licenced entities.
There is no deposit guarantee scheme in the Cayman Islands: in the case of Trade and Commerce Bank failure its depositors will not get any compensation.
Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.
There is no deposit guarantee scheme in the Cayman Islands.
In the case of Trade and Commerce Bank failure its depositors will not be paid out any compensation.