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B2B Transactions Compared to Due Diligence

My company is in the state of Ohio which states that B2B transactions are not escheatable and therefore not submitted as unclaimed monies due. However, I'd like to hear the group's thoughts on the due diligence process (i.e. the letters that go out to the claimants requesting response). My feeling is that we should still submit those letters in an effort to clear out outstanding payments, but I seem to get a lot of push back.

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Topic Expert
Keith Perry
Title: Consulting CFO and Business Operations A..
Company: Growth Accelerator
(Consulting CFO and Business Operations Advisor, Growth Accelerator) |

Anon,

Can you clarify? Are you liquidating something and are caught in an odd situation where the state is saying that individual claimants have priority, or possibly that b2b claimants have no legal standing (that is my reading). Oddly, if the latter is true, then perhaps the residual gets disbursed to the shareholders?

A little more detail about the situation would help.

Cheers,

KP

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