statement of affairs

Statement of Affairs

A document that must be filed in Bankruptcy, which sets forth answers to questions concerning the debtor's past and present financial situation.

The term statement of affairs is also used to describe a type of balance sheet that shows immediate liquidation amounts, as opposed to acquisition or original costs, and is generally prepared when insolvency or bankruptcy is about to take effect.

statement of affairs

a debtor's statement in bankruptcy proceedings listing relevant information as to assets and liabilities.
References in periodicals archive ?
Now a statement of affairs has been released on Companies House which shows the huge debts left by the cheese producer that was started up in 1989.
Now a Statement of Affairs has been released showing the scale of the financial issues that were facing the firm.
The firm's statement of affairs was published last month, showing the firm collapsed with a deficit of PS93.922m, with the 581 employees owed PS1,224,658 in holiday pay, wage arrears and pension payments.
The firm's statement of affairs was published last month showing the firm collapsed with a deficit of PS93.922m, with the 581 employees owed PS1,224,658 in holiday pay, wage arrears and pension payments.
The firm's statement of affairs was published last month showing the firm collapsed with a deficit of [pounds sterling]93.922m, with the 581 employees owed [pounds sterling]1,224,658 in holiday pay, wage arrears and pension payments.
Nearly 60 percent of District 21's 530 educators were paid more than $90,000 last year, according to the district's 2018 Annual Statement of Affairs report submitted to the Illinois State Board of Education.
failing to submit a Statement of Affairs for the Company;
A Statement of Affairs document, posted on government website Companies House, showed the company had assets of just PS6,500 - while PS697,785 was owed to creditors.
The report reads: "The director's statement of affairs suggests there are intercompany loan balances totalling [pounds sterling]2.3m outstanding which can be broken down as follows - Baltic House Developments Ltd 167,050 North Point (Pall Mall) Ltd 1,315,364 China Town Development Company Ltd 795,000.
Notes in circulation stood at Rs4,918.330bn during the week ended June 15, according to the Statement of Affairs of the State Bank of Pakistan, against Rs4,752.563bn a week earlier, showing a rise of 3.48pc.
Its salient features are: specification of High Court for rehabilitation of distressed companies, extensive plan of rehabilitation in relation to debtor, petition can be filed by qualified creditors and debtors for order of mediation, appointment of insolvency experts to mediation through sole mediators or joint mediators appointed by the court, notice of order of mediation shall be sent to all interested parties by the petitioner, appointment of administrator of the debtor and its responsibilities, plan of rehabilitation to be filed with the court, statement of affairs of debtor to be filed in court, confirmation and implementation of rehabilitation plan, dismissal of the case by the court.
Its salient features are: specification of the high court for rehabilitation of distressed companies, extensive plan of rehabilitation in relation to debtor, petition can be filed by qualified creditors and debtors for order of mediation, appointment of insolvency experts to mediation through sole mediators or joint mediators appointed by the court, notice of order of mediation shall be sent to all interested parties by the petitioner, appointment of administrator of the debtor and its responsibilities, plan of rehabilitation to be filed with the court, statement of affairs of debtor to be filed in court, confirmation and implementation of rehabilitation plan, dismissal of the case by the court.
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