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The process for completing a Statement of AFfairs (SOA)

Voluntary Liquidation

In the case of Voluntary Liquidation the Statement of Affairs will normally be completed prior to Liquidation and with the assistance of the proposed Liquidator.

Compulsory Liquidation

In a compulsory winding up, following the making of the order the official receiver or liquidator may request that a statement of affairs is completed.

Administration and Administrative Receivership

Versions of a SOA may be completed prior to Administration or Administrative Receivership however the formal requirement occurs after the formal appointment.

Shortly after appointment the Administrator (or Administrative Receiver) will send a formal request for the completion of a Statement of Affairs in Form 2.13B (or Form 3.1B).  A request may also be made for a Statement of Concurrence (SOC) [link] to other parties.  If a SOC is requested then the Administrator would have to inform the persons required to complete a Statement of Affairs.

The party receiving the notice has 11 (Administration) or 21 (Administrative Receivership)  days (including the date of receipt for administration) to submit the Statement of Affairs and a copy to the Insolvency Practitioner.  If the party has been informed that a Statement of Concurrence has been requested then a copy of the Statement of Affairs must also be sent by them to that party.

The Insolvency Practitioner will then submit a copy of the SOA to Companies House.

The Administrator has the power to extend the deadline but this should only be done in exceptional circumstances.

Company Voluntary Arrangement

There is no formal requirement to submit a Statement of Affairs but it forms part of the proposal put forward to creditors.  Usually this will compare the outcome in the CVA to an alternative procedure such as liquidation or administration.


Statement of Affairs

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