Insolvency Rules 2005, Form 277(1) - Statement of Affairs in a Company Creditors' Arrangement, Receivership, Administration or Liquidation

Summary

This is Form 277(1) under the BVI Insolvency Rules 2005, a prescribed statement of affairs used in company creditors' arrangements, receiverships, administrations or liquidations. It is a fillable affidavit form, not a standalone rule, and is completed by or on behalf of a company subject to an insolvency process to disclose its financial position to the court and creditors.

• Purpose: Provides a sworn statement of a company's assets, liabilities and creditors as at a specified date tied to the insolvency event (date of receivership appointment, administration order, liquidator's appointment, or arrangement proposal).
• Content required: Summary of assets (book value and estimated realisable value, including pledged and unpledged assets), summary of liabilities (preferential creditors, floating charge debts, non-preferential claims, issued capital), and a detailed schedule of creditors including any security held.
• Execution: Must be sworn or affirmed as an affidavit before a Solicitor, Commissioner of Oaths, or a court-authorised officer, with the deponent's full name, address and occupation stated.
• Special disclosures: Creditors under hire-purchase, chattel leasing or conditional sale agreements, customers who paid in advance for goods or services, and creditors claiming retention of title must be specifically identified.

The form itself does not set out substantive filing deadlines; timing is governed by the underlying Insolvency Act 2003 provisions (sections 21(1)(c), 146(2), 277(1)) and Insolvency Rules 87 and 202 referenced on the form.

Key obligations

• The deponent(s) must swear or affirm the statement of affairs as an affidavit before a Solicitor, Commissioner of Oaths, or a duly authorised court officer.
• The statement must be a full, true and complete disclosure of the company's assets and liabilities as at the relevant date and a full, true and complete list of creditors and securities held.
• Assets and liabilities summaries and the creditors schedule must each be signed and dated by the preparer.
• Creditors under hire-purchase, chattel leasing, or conditional sale agreements, advance-payment customers, and retention-of-title claimants must be specifically identified in the creditors schedule.

Applies to

companies in receivership, companies in administration, companies in liquidation, companies subject to a creditors' arrangement proposal, partnerships (where applicable)