Calling All DE Corporations: Are You Complying with Delaware Unclaimed Property Reporting?

The Delaware Escheator’s chief enforcement tool for companies that don’t comply with Delaware’s Unclaimed Property reporting requirements are “invitation letters.” These letters invite a non-filing company to participate in the Unclaimed Property Voluntary Disclosure Program. 
Despite the name, these letters are not an invitation at all. Rather, the letter is sent to a company that has been identified by the Escheator as a non-filer. Do not ignore this letter. If it’s ignored after 60 days, the company is immediately selected for an unclaimed property examination. The examination is conducted by one of Delaware’s third-party vendors (paid on commission). These examinations can last 2-3 years and can be very burdensome. And as the vendors are paid on commission, they are incentivized to find liability.  Notably, at a recent conference in Philadelphia, the Escheator stressed that the automatic examination policy will be strictly enforced if the invitation letter is ignored.

 

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