BANKRUPTCY ACCOUNTS FOR INDIVIDUALS AND PARTNERSHIPS
These include a statement of affairs and deficiency account. A statement of affairs takes the following form:
INDIVIDUAL
|
STATEMENT OF AFFAIRS AS AT
(DATE), DATE OF RECEIVING ORDER
|
|
Gross Liabilities
|
Liabilities as stated & estimated by debtor
|
Expected to rank
|
Assets as stated & estimated by debtor
|
|
Estimated to produce
|
|
Sh ‘000’
|
|
Sh ‘000’
|
|
Sh ‘000’
|
Sh ‘000’
|
|
x
|
Unsecured creditors
|
x |
Cash at bank
|
|
x
|
|
x
|
Creditors fully secured
|
x
|
Cash in hand
|
|
x
|
|
|
Less value of security
|
(x)
|
Stock-in-trade
|
|
x
|
|
|
Surplus to contra
|
x
|
Machinery
|
|
x
|
|
x
|
Creditors partly secured
|
x
|
Trade fixtures
|
|
x
|
|
|
Less value of security
|
(x)
|
Furniture
|
|
x
|
|
|
|
x
|
Life policies
|
|
x
|
|
x
|
Liabilities on bills discounted
|
x
|
Stocks, shares and other investments
|
|
|
|
x
|
Contingent and other liabilities
|
x
|
Bank debts: Good
|
|
x
|
|
x
|
Preferential creditors
|
|
: Doubtful
|
x
|
|
|
|
deducted per contra
|
x |
: Bad
|
x
|
|
|
|
|
|
|
x
|
|
|
|
|
|
Estimated to produce
|
|
x
|
|
|
|
|
Bills of exchange
|
x
|
|
|
|
|
|
Estimated to produce
|
|
x
|
|
|
|
|
Surplus from secured Creditors
|
|
|
|
|
|
|
per contra
|
|
x
|
|
|
|
|
|
|
x
|
|
|
|
|
Deduct preferential
|
|
(x)
|
|
|
|
|
Creditors per contra
|
|
x
|
|
|
|
|
|
|
|
|
|
|
|
Deficiency as per
|
|
|
|
|
|
|
Deficiency a/c
|
|
x
|
|
xx
|
|
xx
|
|
|
xx
|
|
DEFICIENCY (SURPLUS) A/C
|
|
|
Sh ‘000’
|
|
Sh ‘000’
|
|
Excess of assets over liabilities
|
|
Losses from Trading
|
x
|
|
(One year before receiving order)
|
x
|
Estimated loss on realization of
|
|
|
Excess of private assets over
|
|
Assets
|
x
|
|
Liabilities (one year before receiving
|
|
Drawings
|
x
|
|
Order)
|
x
|
|
|
|
Net profits from the business for the
|
|
|
|
|
Period under review
|
x
|
|
|
|
Other receipts-gifts legacies etc
|
x
|
|
|
|
Deficiency as per statement of affairs
|
x
|
|
|
|
|
xx
|
|
xx
|