Member of BTG Global Advisory
 

What does the letter say?

"I believe the facts stated in this statement of affairs are a full, true and complete statement of the affairs of the above named company as at xxx (DATE) the company entered administration."

What does this letter mean?

A Statement of Affairs provides a detailed summary of a company’s assets and liabilities and is a key part of the insolvency process. Generally prepared by a liquidator or an appointed professional, this document must detail your company’s financial position in order to provide full visibility to the current status and value of your business.

Details necessary for completion include information of the company’s debts, liabilities, assets and creditors. This will require a collation of current and historic financial information pertaining to the company.

This document is then made publically available at Companies House and will provide a basis of information for administrators, creditors and shareholders – as well as potential buyers. It provides a clear audit trail of the status of business assets, and how much would be available to creditors once assets have been sold.

Completing this form is in many ways like completing a balance sheet for your business, however the Statement of Affairs can prove to be a complex, detailed document and is a vital component to the insolvency process. It is advisable to seek assistance from an experienced insolvency professional to ensure a timely and accurate statement can be produced.

Find out more about the Statement of Affairs.

Contact our team

Processing...
Latest News
York taxi company placed into administration
York taxi company placed into administration
On 25th November 2016, Rob Sadler and Dave Broadbent of Begbies Traynor in York were appointed as joint administrators of Six Five Nine Cars Ltd. The business, which has traded in York for over 15 yea…
40 jobs saved as gaming retailer sold out of administration
40 jobs saved as gaming retailer sold out of administration
Administrators of a South West-based gaming retailer have succeeded in saving 40 jobs at the company after securing the sale of the business, including 12 out of 15 of its High Street stores. Business…
Nearly 100 jobs saved as bars and restaurants are sold out of administration
Nearly 100 jobs saved as bars and restaurants are sold out of administration
Almost 100 jobs have been saved by the successful sale out of administration of a number of Midlands bars and restaurants. Town and Country Inns plc appointed business recovery and rescue specialists …
Begbies Traynor opens new office in Taunton
Begbies Traynor opens new office in Taunton
The UK's leading independent business recovery practice, Begbies Traynor, has opened an office in Taunton.  The move will enable the firm to build on work it has already done in the town and with the…
Brexit uncertainty puts the brake on London businesses
Brexit uncertainty puts the brake on London businesses
New research reveals that British businesses from Land's End to John o' Groats have shown surprising resilience since the EU Referendum result was announced, with levels of financial distress falling…
UK businesses remain resilient in the face of Brexit
UK businesses remain resilient in the face of Brexit
UK businesses across nearly every sector of the economy were showing positive signs of stability following the EU Referendum, new research from Begbies Traynor, the UK’s leading independent insolven…

Advice You Can Trust

Insolvency Practitioners Association Institute of Chartered Accountants in England and Wales R3: Association of Business Recovery Professionals ICAEW Business Advice Service Turnaround Management Association ACCA (the Association of Chartered Certified Accountants) ICAS | The Institute of Chartered Accountants of Scotland
Menu