What happens to the deposit if the agent is no longer trading/in liquidation, or bankrupt?
On being advised that an agent has ceased trading, gone into liquidation or has been declared bankrupt, the agent is sent a notice advising them that their membership is to be terminated, giving them 14 days to respond. If the agent does not respond within 14 days, or responds but do not provide a satisfactory reason for their membership to continue, they are sent a second letter advising them that their membership of TDS has now been cancelled. At this time a letter is sent to all tenants who have tenancies registered with TDS, advising them of the date on which deposit protection will cease under TDS. When an agent goes into liquidation, TDS will normally take steps to terminate their membership of the Scheme. The length of time for which a deposit will be protected when membership ends, is driven by which years membership is being ended: * 6 April 2010 to 5 April 2011; TDS will continue to protect registered deposits for 12 months from the initial start date of the tenancy or for a
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