The Delaware Secretary of State (SOS) has indicated its intent to mail the latest round of VDA invitations on or around July 22, 2022. Under Delaware law, the state cannot initiate an unclaimed property examination (audit) unless a company has first been notified in writing by the SOS that it may enter the SOS VDA Program. Holders who do not enroll in the VDA Program within the 90-day notice period set forth in the letter will be referred to the Department of Finance for an unclaimed property audit.
VDA invitations are often sent to senior corporate officials, who may be working remotely, so it is important that a member of your company, or your registered agent in Delaware, regularly checks the mail to ensure that the invitations are received, to have time to act to react and respond appropriately.
Considering the various methods used by the state to enforce its unclaimed property law, including compliance reviews and verified reports, as well as audits, holders should be on the lookout for all communications sent by the state, particularly if your company is incorporated in Delaware or has significant operations there. We encourage you to contact MarketSphere to discuss your available options and determine the best course of action.