Dictionary

  • Statement of affairs

    (in the context of bankruptcy)
    A financial report setting out assets and liabilities, similar to a balance sheet, prepared by or on behalf of an insolvent person (a bankrupt) and either filed with the Registrar in Bankruptcy following the making of a sequestration order against the insolvent estate, or accompanying a debtor’s petition against him/herself. It gives creditors who have approved a scheme of arranegment an indication of how much money may be realised in the event of a bankruptcy.

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