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Bankruptcy: statement of affairs


After a receiving order, a debtor must submit a statement of affairs in a prescribed form and verified by affidavit. It must . show: (1) particulars of assets, debts and liabilities; (2) names, residences and occupations of creditors; (3) securities held by creditors and dates when they were given; (4) other information that may be required by law or by the official receiver. The statement must be submitted within seven days of the petition (or three days of a debtor's petition). The statement may be inspected and copied by persons stating themselves in writing to be creditors or agents of creditors. If the debtor fails to comply with the regulations. the court may declare him bankrupt. The Official Receiver may permit professional assistance in compiling the statement.

Reference: The Penguin Business Dictionary, 3rd edt.