The Nation's Premier Unclaimed Asset Location & Recovery Specialists

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Frequently Asked Questions: Corporations & Nonprofits

The following list addresses many common questions about Global Discoveries. We also encourage you to contact us for additional discussions on these topics or any other questions you might have.

How long has Global Discoveries Ltd been in the asset location and recovery business?
How do I know you’re legitimate?
What does "unclaimed or lost asset" mean?
What can cause those assets to get lost?
If my business has been merged, bought, liquidated or is inactive, how do I go about claiming any unclaimed or lost assets it is due?
How do I get started?
Will I need to provide any documentation?
How long will the process take?
Is there a time limit to claim any lost or unclaimed funds?
Is it possible to find additional unclaimed or lost assets?
Does Global Discoveries provide collection services?
Can I claim these assets on my own?
How does Global Discoveries make money in this process?
Does Global Discoveries offer any other services?

How long has Global Discoveries been in the asset location and recovery business?

Global Discoveries was formed in 2000 and is currently registered in good standing with the Nevada and California Secretary of State Offices. The company originally started doing business in 1999 under the name California Asset Recovery, which was a division of a company formed in 1995 known as California Equity Management Group Inc, both wholly owned and operated by Global Discoveries CEO Andrew B. Katakis. Unfortunately, many clients contacted by California Asset Recovery believed it was a collection agency due to the ambiguous name. So, after enjoying many years of success, Mr. Katakis and his new partner transferred both the business model and assets of California Asset Recovery into what is now known as Global Discoveries CEO Andrew B. Katakis believed that it was best to create a new identity that better represented the company business profile, which focused exclusively on locating and recovering unclaimed or lost assets. The new name improved the company’s presence and eliminated the confusion associated with the previous name.

Since our inception in 2000, we have been a member in good standing of the Better Business Bureau. We are a BBB Accredited Business and have received the BBB Award of Excellence acknowledging our high quality of service year after year.

Most importantly, we have helped thousands of clients recover more than $25 million. We routinely work with some of the largest financial organizations in the country, including Bank of America, CitiGroup, HSBC and Wells Fargo Bank.

For additional information, please see:
Licenses, Affiliations & Certifications
Who We Serve
Testimonials
Back to top What does "unclaimed or lost asset" mean?

The phrase refers to anything owed to your company or organization for a number of reasons. By the time we contact you, most assets have been reduced to a monetary figure and are being held by a variety of agencies or parties. Every year, Global Discoveries locates millions of dollars being held in an organization’s name. In most cases the laws regarding these funds don’t require the party holding the assets to make more than a cursory attempt to locate the beneficiary, meaning that without our research that money would go unclaimed.

Several things can happen that prevent a claim holder from delivering your funds. Often a payment is never received because of an incorrect or incomplete mailing address or their office has relocated. In other cases, the funds were lost because of a name change, acquisition or merger, bankruptcy, or liquidation.

Back to top If my business has been merged, bought, liquidated or is inactive, how do I go about claiming any unclaimed or lost assets it is due?

It depends on the documentation associated with the situation. Our professionals will do any necessary research to obtain proof of your organization’s right to the claim and help guide you through the process to make things as smooth as possible.

If Global Discoveries has already contacted you, the first step is to have an authorized representative from your organization complete and return the services agreement. It provides Global Discoveries with the authority to act on your organization’s behalf while working on your claim. After we receive all the required paperwork, a claims professional will contact your organization with any further needs and keep you up to date on the status of your claim.

Some entities may require additional documentation before releasing any assets. Generally this is limited to proof of your position within an organization, but may also include further substantiation of your right to the claim. Our highly trained and experienced staff will help ensure that your organization is aware of any additional documents needed and can help you prepare and submit them.

That can vary depending on the type and complexity of your claim or the body holding the assets. For most of our corporate and nonprofit clients, it generally takes between six months and a year to retrieve the assets, but there are cases that take several years to complete. After receiving all the necessary paperwork, your claims professional will be able to provide a more accurate timeline based on your particular claim.

We will do everything possible to expedite your claim, but in many cases there are no laws mandating when asset holders must release the assets, so the asset holder dictates the length of your wait. Remember, we operate on a contingency-fee basis and receive no payment until your assets are returned, so it is in our best interests to move as quickly as possible.

There is no easy answer to that question. Every claim is unique, and asset holders are regulated by a variety of different laws. Assets held by the State Abandoned Property Offices usually have either lengthy or no time limits, but those are not the assets we normally locate and recover. Many assets we locate have fairly narrow time windows in which you can file a claim, and some asset holders are allowed to absorb the unclaimed asset after that time expires. When we locate assets and contact potential claimants, we inform them of any relevant claims deadlines. Whether there is a deadline or not, the claims process can be lengthy, so we advise that you return all your paperwork as promptly as possible. The sooner we are able to recover your assets, the sooner you will be able to put them to work for your organization.

Global Discoveries has a wealth of technology and software developed specifically for that purpose. If you have received a call or letter from us informing your organization that assets have been found, you can request that we begin a more thorough search on your behalf. If you have not received a letter, please contact a representative to find out more about the variety of asset location and recovery services we offer and help us tailor a program to fit your needs.

Global Discoveries specializes in unclaimed or lost asset location and recovery. While it may appear that we provide services similar to a collection agency, we do not, in fact, collect on outstanding debt. Our software searches a vast array of networks and databases to discover any assets that have gone unclaimed or have been lost by an entity and are rightfully the property of an organization or individual.

If Global Discoveries notified you of unclaimed or lost assets, it may be possible to claim them on your own. However, locating these assets and filing and following a claim is our core competency and it’s a difficult, time-consuming process that has taken us years to perfect. It’s simply not cost efficient for most companies to take on the additional work and divert attention from their core business. Outsourcing the claims recovery to our expert team allows you to focus your time, attention and resources on your business operations and long-term growth. Because we know the process and have developed solid relationships with asset holders, we can expedite your claim and help you recover assets faster, while avoiding unnecessary expenses and possible mistakes.

We work on a contingency-fee basis on all claims, with terms spelled out in a written contract signed by Global Discoveries and a legal representative of your company. We cover all expenses incurred in the claims process, so there are no upfront costs to your organization. Once assets are recovered, we deduct any expenses incurred from the total and you pay us the percentage from the remaining amount, as agreed upon in our written contract. Deducting expenses from the total amount recovered gives you added assurance that we will keep those costs to a minimum. Finally, in the uncommon instance that we are unable to recover your organization’s assets, we absorb all expenses and you owe nothing.

We can also provide asset search services to companies upon request. Many of our clients take advantage of our expertise, databases and advanced search capabilities by keeping us on retainer to perform routine searches. We offer various programs and will be happy to tailor one to your needs and budget.