Unclaimed Property
At Bailey Cavalieri, we are passionate about delivering abandoned & unclaimed property service offerings to clients that aid them in navigating the complexities of unclaimed property planning, compliance, audit defense and unclaimed property litigation. We take deep personal accountability to deliver quality service and value to our clients. If your company is looking for a seasoned and courageous partner in its journey to unclaimed property compliance, look no further than BC.
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Unclaimed Property Audits
The Firm has extensive experience in helping clients prepare for unclaimed property audits by doing self-assessments of potential risks. During the audit process, we will ensure that the state auditors comply with all applicable laws and that our clients knows their rights. We also have experience in appeals of audits and litigation regarding the scope of audits.
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Unclaimed Property Compliance
We work closely with our clients to assist them in the often-daunting task of attempting to comply with all state unclaimed property reporting laws. We have done numerous fifty state surveys on a myriad of unclaimed property issues and do not have to re-create the wheel to answer our clients questions.
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Unclaimed Property Planning
We are at the forefront of helping our clients think through their business processes to eliminate unclaimed property law risks and to get funds to their true owners, who are often customers, employees and vendors of our clients, rather than to state unclaimed property office
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Mergers and Acquisitions
We assist clients in determining the risks in acquiring companies that do not have robust unclaimed property reporting histories. Since many of our unclaimed property practitioners have corporate law backgrounds, we are very familiar with the acquisition process of representations & warranties and indemnification required by M&A transactions and do not have to be educated by the deal team.
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Practice Insights
June 2023 Rhode Island companion bills S 759 and HB 5732 were signed by the Governor on June 20, 2023. The new law requires sellers of gift cards to display a “conspicuous notice, in a form prescribed by the department... Read More
June 2024 Rhode Island is on the verge of enacting legislation that will require retailers to post a warning about gift card scams. Similar to legislation that was recently enacted in New York, companion bills S 759 and HB 5732... Read More
May 2023 Effective June 20, 2023, sellers of gift cards in New York will be required to post a warning of potential gift card scams. The New York Division of Consumer Protection released model notice language on May 25,... Read More
Every state in the U.S. has some form of an unclaimed property law (“UPL”). State UPLs generally require businesses that are holding property due and owing to another (i.e. usually money) to hand over that property to the appropriate state... Read More