Statement of Affairs

27/12/2020 0 By indiafreenotes

According to Sec. 454, within 21 days of the date of the winding-up order to the appointment of the official liquidator as provisional liquidator, the company has to submit a statement to the official liquidator as to the affairs of the company unless the Court otherwise orders. The statement must be in the prescribed form.

It must be verified by affidavit and must contain the following particulars:

(i) The assets of the company, stating separately the cash in hand and cash at bank and negotiable securities.

(ii) The debts and liabilities of the company;

(iii) Names and addresses of its creditors, stating separately the amount of secured and unsecured debts;

(iv) In the case of secured debts, particularly of the securities held by the creditors, their value and dates on which they were given;

(v) The debts due to the company and names and addresses of the persons from whom they are due and the amount likely to be realized;

(vi) Such further information as may be required by the official liquidator.

Prescribed Form of Statement of Affairs-[Form 57 of the Companies (Court) Rules, 1959] is given:

Form of Statement of Affairs:

Statement as to the affairs of………… Ltd. on the……… day of 20…; being the date of winding-up order appointing provisional liquidator, or the date directed by the official liquidator as the case may be, showing assets of estimated realisable values and liabilities expected to rank.