Delaware Extends Deadline to Respond to February 2020 VDA Invitations
On February 20, 2020, Delaware’s VDA Administrator mailed invitations to enter into the State’s Abandoned and Unclaimed Property Voluntary Disclosure Agreement Program (“VDA Program”) to more than 100 companies identified as likely being out of compliance with Delaware’s Unclaimed Property Laws. By statute, an invitee has 60 days from the invitation’s mailing to enroll in the VDA Program or the company will be referred to the State Escheator for audit.
As a result of the COVID-19 crisis, Delaware’s VDA Administrator acknowledged that many companies may not have full access to their mail or the ability to route the invitation to the appropriate decision makers. As a result, the Delaware VDA Administrator announced today that any holder who received an invitation from the Secretary of State to join the VDA Program during February 2020 will be allowed to join the Secretary of State VDA Program through May 22, 2020.
If you have any questions regarding this Alert or Delaware’s unclaimed property program in general, please contact one of the members of the Morris Nichols Unclaimed Property Counseling Group.
Copyright © Morris, Nichols, Arsht & Tunnell LLP. These materials have been prepared solely for informational and educational purposes, do not create an attorney-client relationship with the author(s) or Morris, Nichols, Arsht & Tunnell LLP, and should not be used as a substitute for legal counseling in specific situations. These materials reflect only the personal views of the author(s) and are not necessarily the views of Morris, Nichols, Arsht & Tunnell LLP or its clients.