OpenUnited Kingdom
Dormant Assets Scheme Insolvency Solution
Key facts
- Buyer
- Reclaim Fund Limited
- Country
- United Kingdom
- Region
- UKI31
- Estimated value
- not stated
- Published
- Source
- UK Find a Tender
Description
The Dormant Assets Scheme seeks to unlock dormant funds for good causes while protecting customers’ right to reclaim their money. It enables eligible firms to voluntarily transfer dormant assets to Reclaim Fund Ltd (RFL) and be reimbursed for any customer reclaims that happen after this transfer. If a Scheme participant becomes insolvent and there appears to be no successor firm to take on its contractual obligations with RFL (‘a disorderly insolvency’), RFL is responsible for ensuring that customers can still reclaim their money. RFL would need to outsource a customer reclaim service in this…
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