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 ?
As Mr Clarke has refused to submit a completed Statement of Affairs to the OA, his bankruptcy has no end date as yet.
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.
Its salient features include, specifications of High Court for rehabilitation of distressed companies, extensive plan for rehabilitation in relation to debtors, petition to 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 to be sent to all interested parties by the petitioner, appointment of an 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, and dismissal of the case by the court.
In a notice of statement of affairs dated October 19, 2017, provided by Companies House, the venue under the name Croesy Bars Ltd lists a total debt of PS277,231.
Drawing on figures from KAL's statement of affairs, the council's annual statement of accounts and the results of Freedom of Information requests, he claimed there was "clear evidence of apparently increasing financial problems and consequent risk to the council".
According to a statement of affairs, compiled by Swansea-based insolvency practitioner Stone & Co, Sequence's total deficit to unsecured creditors was PS814,784.
I think it's unlikely we're going to get any definitive statement of affairs within the next couple of hours.
A listing posted on the London Gazette states: "The purpose of the meeting is to consider the statement of affairs of the company, to appoint a liquidator and, if the creditors think fit, to appoint a liquidation committee.
In a statement, chairman Steve Byrne said: "Resolutions to be taken at the meetings may include a resolution specifying the terms on which the joint liquidators are to be remunerated and the meetings may receive information about, or be called upon to approve, the costs of preparing the statement of affairs and convening the meetings.
It may be worthwhile to prepare a statement of affairs and cash flow statement on an annual basis.
A Draft Statement of Affairs for Challinors Solicitors (Partnership) drawn up by corporate recovery specialists KSA Group revealed the huge creditor list.
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