The Lemon Fool

Over the years I have had a few funds which were closed by their management, and I have received a cash payment at the time of closure. But often
a trivial final amount arrives several years later - usually after I have forgotten all about them. One such payment arrived in my account on Tuesday - Kames European Equity Fund, an OEIC which was closed in February 2017. It amounted to £3 in addition to the initial £1800 received at the closure. The sum is trivial - but why does it take 6 years to close down a Fund?

scotia wrote:Over the years I have had a few funds which were closed by their management, and I have received a cash payment at the time of closure. But often
a trivial final amount arrives several years later - usually after I have forgotten all about them. One such payment arrived in my account on Tuesday - Kames European Equity Fund, an OEIC which was closed in February 2017. It amounted to £3 in addition to the initial £1800 received at the closure. The sum is trivial - but why does it take 6 years to close down a Fund?

I think I can beat that!

20/09/04 Merrill Lynch European IT (MLEIT); Placed in Members Voluntary Liquidation
25/06/12 MLEIT Liquidation; £40.26 Final liquidation payment for Merrill Lynch European IT - 1747 @2.3048p per share

It was, I believe, originally Mercury European Privatisation Investment Trust (MEPIT) and I had forgotten all about it. Why does it take so long? It just does. Sorting everything out, finding buyers for everything when not all of it may be quoted investments, tax issues, etc.