Depositors in Kenya’s Dubai Bank have been asked to complete and return claim forms in respect of their deposits in order to get refunds from the collapsed lender.

In a statement, Aggrey Bett, the acting chief executive officer of Kenya Deposit Insurance Corporation (KDIC), said that the payments will be made within fourteen days after return of the forms and verification.

“It should be noted that only insured deposits up to a maximum of Ksh100,000 ($1000) shall be paid immediately upon verification. Balances of deposits above the insured threshold and other creditors’ claims will be paid equitably as and when the Liquidator accumulates enough funds from the liquidation process which usually takes a year or so,” Mr Bett said.

The bank was on Monday placed under liquidation, barely ten days after it was placed under receivership. The bank was recommended for liquidation by its receiver managers KDIC, setting the stage for its dissolution.

READ: CBK names liquidator for Dubai Bank

A fortnight ago, the Central Bank of Kenya (CBK) placed Dubai Bank in receivership after breaching the cash reserve ratio for the last one month and failing to honour its financial obligations.

“On 24th August 2015, KDIC submitted a report to CBK recommending that Dubai Bank Kenya Limited be liquidated. The recommendation was premised on the review of Dubai Bank Kenya Limited by KDIC after appointment as receiver by CBK. The KDIC report indicates that considering the magnitude of weaknesses of Dubai Bank Kenya Limited, liquidation is the only feasible option,” CBK said in a statement.

“KDIC will release information about the liquidation of Dubai Bank Kenya Limited and payment of depositors in due course,” the regulator added.

While placing it in receivership, CBK said that it has considered Dubai Bank’s violations of banking laws and regulations, including failure to maintain adequate capital and liquidity ratios as well as provisions for non-performing loans and weak corporate governance structures is detrimental to the interests of its depositors, creditors and the public.

Dubai Bank has in the past three years been fighting to disprove claims that its clients risk losing billions of shillings to dodgy book and record keeping.