Statement of affairs
A formal summary of assets, liabilities and creditor claims prepared for certain insolvency processes to show the financial position at a particular date.
Related terms
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Winding up
The legal process of bringing a company’s affairs to an end, realising assets, paying creditors where possible and ultimately dissolving the company.
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Dividend to creditors
A payment made to creditors from funds available in an insolvency process, usually expressed as a percentage or pence in the pound of their admitted claims.
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Liquidation
A formal process that closes a company, realises its assets and distributes available funds to creditors before the company is dissolved.
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