No one who runs a business expects to lose track of their company’s assets. They may believe it is something that only happens when people are careless, and that due diligence can protect against losing track of assets. And yet, billions of dollars in lost and unclaimed assets are sitting in state trust funds right now, waiting for their rightful owners to claim them. Under what circumstances should businesses be checking to see if they are need of asset recovery services?
- If you have recently undergone a merger or acquisition
- Mergers and acquisitions are excellent ways for companies to expand their markets and improve their business operations, but they are also often messy processes. It can be surprisingly easy for people to lose track of assets while the companies are going through a merger or acquisition, especially as they restructure themselves to accommodate their new business needs. Once the merger or acquisition has finished, it can be wise to seek asset recovery services simply to figure out what may have been misplaced in the chaos.
- You, or one of your customers has gone through bankruptcy
- Bankruptcy is an important tool for people and businesses suffering with extreme financial distress, but it is also a bureaucratic nightmare. While a bankruptcy is ongoing, it is nearly impossible to get money or property from the person who declared bankruptcy. Given that bankruptcies typically take years to resolve, you may not even remember you were owed something by the time you can seek any payments they owe you.
- You have had significant staff turnover
- Sometimes, it is not bureaucracy that causes the loss of valuable assets, but simple human error. People misplace records and documents all the time, and with them can go uncashed checks and other important assets. If that staff then gets replaced, those misplaced assets may as well fall down a hole, at least until you contact asset recovery services to retrieve them for you.
- If you have been involved in substantial litigation
- Lawsuits are never pleasant to get involved with, but even after resolving the lawsuit itself, you may still find yourself with issues later on. Lawsuits often create bureaucratic nightmares that hold up money and asset transfers, which can get lost in the shuffle as litigation is ongoing. That is why it can be a good idea to get asset recovery services after your lawsuit, just to make sure nothing got lost in the mess of paperwork.
- If it has been a long time since you checked for unclaimed assets
- Finally, it is possible that you could lose assets as a result of the simple course of business. If you have been in business for a while and you have yet to check to see if you have lost or misplaced assets, now might be a good time to search, just to be sure. That way, if you do find any unclaimed assets in your name, you can seek asset recovery services to ensure you receive everything you are owed.
Let the New York commercial lawyers at Poulson Law help you with your business. With our assistance, you can minimize your legal risk and maximize your profits. The sooner you call, the sooner we can get started helping you and your business. If you are interested or believe you may have need of our services, please call our Cooperstown office at 607-547-1195 or visit our contact page.