Insolvency Rules 2005, Form 295(2) - Statement of Assets and Liabilities in Bankruptcy or an Individual Creditors' Arrangement

Summary

This is a prescribed statutory form (Form 295(2)) under the BVI Insolvency Rules 2005, used by an individual debtor in bankruptcy proceedings or an individual creditors' arrangement to formally disclose their financial position. It takes the form of a sworn affidavit with attached schedules setting out the debtor's assets, liabilities and creditors.

• Affidavit section: The debtor (or joint debtors) swears or affirms before a Solicitor, Commissioner of Oaths, or authorised court officer that the attached schedules are a full, true and complete statement of assets, liabilities, creditors and securities held, as at a stated date.
• Schedule A: Summary of Assets, showing book value and estimated realisable value, distinguishing assets specifically pledged, assets not pledged, and total assets available for preferential creditors.
• Schedule A1: Summary of Liabilities, showing preferential creditors, debts secured by floating charge, and other non-preferential claims, with running calculations of estimated deficiency or surplus at each stage.
• Schedule B: List of Creditors, requiring name, address, amount of debt, and details/value/date of any security held, including specific identification of hire-purchase, chattel leasing, conditional sale, advance-payment customers, and retention-of-title creditors.

Each schedule must be separately signed and dated by the debtor. The form itself does not set filing deadlines; it is a template to be completed and sworn as part of the bankruptcy or individual arrangement process under the referenced sections of the Insolvency Act 2003 and Rule 293 of the Insolvency Rules 2005.

Key obligations

• The individual debtor must complete and sign Schedules A, A1 and B disclosing all assets, liabilities and creditors, with book value and estimated realisable value
• The debtor must swear or affirm the affidavit before a Solicitor, Commissioner of Oaths, or an officer of the court duly authorised to administer oaths
• The debtor must identify 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
• The Solicitor or Commissioner administering the oath must verify the deponent's full name, address and description are stated and must initial any crossings-out or alterations before the affidavit is sworn

Applies to

individual debtors in bankruptcy, individuals proposing an individual creditors' arrangement