Part IV Winding Up of Companies Registered under the Companies Acts

Chapter IV Creditors’ Voluntary Winding Up

99 Directors to lay statement of affairs before creditors.

F1(1)

The directors of the company must, before the end of the period of 7 days beginning with the day after the day on which the company passes a resolution for voluntary winding up—

(a)

make out a statement in the prescribed form as to the affairs of the company, and

(b)

send the statement to the company's creditors.

(2)

The statement as to the affairs of the company F2. . . shall show—

(a)

particulars of the company’s assets, debts and liabilities;

(b)

the names and addresses of the company’s creditors;

(c)

the securities held by them respectively;

(d)

the dates when the securities were respectively given; and

(e)

such further or other information as may be prescribed.

F3(2A)

The statement as to the affairs of the company shall F4be verified by some or all of the directors—

(a)

in the case of a winding up of a company registered in England and Wales, F5be verified by some or all of the directors by a statement of truth; and

(b)

in the case of a winding up of a company registered in Scotland, F6by affidavit F6contain a statutory declaration by some or all of the directors.

F7(3)

If the directors without reasonable excuse fail to comply with subsection (1), (2) or (2A), they are guilty of an offence and liable to a fine.