Unclaimed or Abandoned Property – Finalize Bankruptcy

Alert: CFOs & Corporate Tax Departments of Delaware Corporations

CFOs and corporate tax departments of Delaware corporations beware: Delaware’s unclaimed property liability disclosure period ends June 3, 2014. See the announcement below for details. You may reduce your company’s liability very substantially. Delaware VDA Program Alert http://delawarevda.businesscatalyst.com/Forms-and-Documents/Delaware-VDA-Program-Alert-6-3-13.pdf Your company may have substantial unclaimed property liability to Delaware whether or not you have and office …

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Corporate Abandoned Property

I continue to be amazed at the amount of leakage in America’s corporate finances. By leakage, I mean money that goes unclaimed by corporations that is eventually escheated to state unclaimed property agencies. Where do these unclaimed assets come from? Mostly from checks gone astray in the mail or otherwise. Sometimes they are balances left …

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Millions In Assets Overlooked by Liquidators and Trustees

Liquidators often overlook assets, owned by debtors, which are held by state unclaimed property agencies. Sometimes the value of those overlooked assets is substantial. Several years ago, a debtor reopened its S.D.N.Y. Chapter 11 liquidation case, which had been closed for over three years, to recover over $1 million in assets held in debtor’s name …

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More Assets Overlooked by Debtors-In-Possession & Trustees

Another class of assets typically overlooked by liquidators are unclaimed dividends deposited in U.S. Bankruptcy Courts. In a bankruptcy case, the bankruptcy trustee “dividend” checks to creditors of the debtor in payment of allowed claims. Since payment of these claims often take years, a creditor’s address may change and some of these checks get lost …

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