Preprinted from cfo.com
Robert J. Poulson, a partner at Poulson Law Offices, collection attorneys, in Cooperstown, New York recently announced that the firm had recovered an unclaimed payment owed to a corporate client by a state agency worth over $1 million. A check was issued and mailed by a state agency but never received by the corporate payee. It remained unclaimed for almost 2 years before Poulson Law Offices collected it. It is the second seven-figure unclaimed funds recovery that Poulson Law has made for clients in the past 18 months. The first one was for approximately $1.5 million. “Businesses that ignore unclaimed funds and asset recovery do so at their peril,” One of those unclaimed items had been missing from the company’s coffers for over 30 years while it was used by the state issuing the check, interest-free, for all those years” Poulson said.
“I am puzzled by the reluctance of corporate financial executives’ to initiate asset recovery programs and collect unclaimed funds owed to their companies.” Poulson contends that American businesses are owed billions of dollars by state unclaimed property agencies, courts, and other government agencies and that number increases every year. “Without an active asset recovery effort, those funds are lost by businesses forever” Poulson added.