Delaware incorporated companies that may not be up-to-date on their state unclaimed property requirements should give serious consideration to enrolling in Delaware’s Secretary of State Voluntary Disclosure Program (SOS VDA Program).
The Delaware Secretary of State will begin mailing notices to companies incorporated in Delaware (Holders) that it has identified as likely being out of compliance with reporting dormant, abandoned or unclaimed property. Delaware is urging any Holders that receive this notice to enroll in the SOS VDA Program. Holders that do not enroll in the SOS VDA Program within 60 days date of the noncompliance notice will be referred to the State Escheator for audit. Once an audit notice is issued, Holders will not be permitted to enter into the SOS VDA Program.
Delaware put the SOS VDA Program in place to respond to concerns about Delaware’s ongoing audit program, and to encourage more companies to become compliant with reporting their dormant, abandoned or unclaimed property. The SOS VDA Program provides every company an opportunity to voluntarily comply prior to being issued an examination notice.
If you receive one of these notices from the Delaware Secretary of State or would like more information concerning unclaimed property, please contact us.
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