The forgotten $400,000
Client request
About 10 years ago we set up a structure for our client to do business in the most popular jurisdiction at the time and opened an account with one of the largest private banks in Latvia.
After a while, the business changed and the client no longer needed the company and the account. He himself changed his place of residence from the Russian Federation to Thailand. Of course, he stopped dealing with the company's issues.
We continued to maintain a relationship with him. We exchanged news, discussed pressing issues and periodically reminded each other of the need to close a dysfunctional business according to all the rules.
Due to changes in global attitudes towards tax-exempt companies (opening of registers, introduction of auditing requirements, exchange of information between countries, etc.), the client has decided to liquidate the company completely, according to all processes.
The solution
To avoid wasting time and having to send documents for signatures, we have obtained a power of attorney on behalf of the client for our representative.
Next, work began on completing all the processes.
The first thing to do was to close any issues with the bank where the current account had previously been opened. After all, there is no turning back once the company is liquidated.
Through our communication with the bank, we found out that the client has had $400,000 in his account for several years, which no one remembers.
So there was a previously unforeseen second step, which we set about: reinstating a company that had not been renewed in the register for many years and preparing documents for the bank, in order to transfer the funds to the clients private account.
The result
We successfully closed the liquidation of the company by complying with all the rules and laws. Our client received the amount recovered in his personal account. We, in turn, recommended a management company which would help him multiply the money he had recovered. It is good when money makes money.
Successfully closed the liquidation of the company
Successfully refunded the money
Increased the clients finances