Question

How many days do customers have to file a claim with the CIPF when a firm goes bankrupt or insolvent?

1) 60 days
2) 90 days
3) 120 days
4) 180 days

Answer 1

Customers have 180 days to file a claim with the CIPF when a firm goes bankrupt or insolvent, and it is important to file promptly within this period to ensure protection of their assets.

Step-by-step explanation:

Customers have 180 days to file a claim with the Canadian Investor Protection Fund (CIPF) when a firm goes bankrupt or insolvent. The CIPF offers protection to clients of member firms, ensuring that assets such as securities and cash are returned within defined limits. This timeframe is crucial, and customers should act promptly to ensure their claim is filed within the 180-day period following the date of the firm's insolvency as set by the CIPF policies.