How to complete a Statement of AFfairs (SOA)
Step 2 - Collate information
To prepare a Statement of Affairs or to confirm agreement with a Statement of Concurrence the following information should be obtained where possible (and where available or applicable):
- Last set of the accounts filed at Companies House
- Recent management accounts
- Any formal (or informal) asset valuations
- The most up to date balance sheet
- A breakdown of each asset type on the balance sheet (e.g. aged debt report, fixed asset register, stock list etc.)
- A detailed list of the trade creditors of the business with balances, name and address details.
- A list of employees with their addresses, start dates, age, salary, holidays owed, wages owed, etc.
- Details of any party that has an outstanding charge registered against the company.
- Details of any HP or finance lease agreements – settlement values, ownership details, termination charges etc.
- Details of any supplier who may have a Reservation of Title claim.
- Details of the VAT position – recent returns, amounts unpaid.
- Details of the Pay as you Earn (PAYE) position – amount owed and dates.
- Shareholder names, addresses and shareholding
- Amounts owed to the bank – overdrafts, loans etc.
- Details of any inter-company or group accounts – amounts owed to and from them.
- Details of any director or shareholder loans.
- Any other monies owed to or by any other party or company.
A copy of any Statement of Affairs or Estimated Outcome Statement prepared by the Insolvency Practitioner (pre or post appointment) if available.
It is important to try and obtain information that is as up to date as possible. The Administrators or Receivers should allow reasonable access to the company documentation (but are not obliged to and could refuse access if they consider it is in the interests of the business to do so).
it is important to list all assets and liabilities – failure to do so
could result in later problems for the person preparing the statement.