Statement of affairs worksheet
There has been no single prescribed statement-of-affairs form since the Insolvency Rules 2016 came into force, so your insolvency practitioner will use their own proforma. What's fixed is the content: a summary of assets by category (book value and estimated realisable value, split by whether they're subject to a fixed or floating charge), liabilities by class (secured, preferential, unsecured), and the resulting deficiency or surplus. This worksheet gathers those figures ahead of time so your first meeting with an IP is a conversation about the numbers, not a scramble to find them. This is a preparation tool, not the statutory document itself, and is general information, not legal advice. The Insolvency (England and Wales) Rules 2016
A. Assets
List everything the company owns: cash, debtors, stock, vehicles, plant and equipment, property. For each, note the book value, an honest estimate of what it would actually realise, and whether it's subject to a charge.
B. Liabilities by class
Secured creditors first (any fixed or floating charge, with the lender's details), then preferential, then unsecured. Employee wage and holiday claims are preferential up to £800 per employee for the 4 months before insolvency (Insolvency Act 1986, Schedule 6); HMRC ranks as a secondary preferential creditor for VAT, PAYE, employee National Insurance and CIS deductions. Everyone else is unsecured. Use the creditor list template to gather the names and amounts first.
C. Deficiency or surplus
Total estimated realisable assets minus total liabilities gives the deficiency (or surplus) as at the relevant date. If a floating charge is involved, a slice of its realisations is ring-fenced for unsecured creditors under the prescribed part rule (Insolvency Act 1986, s.176A) before the floating charge holder takes the rest. Your insolvency practitioner will confirm the exact figures; to see roughly what each class would get back from your totals, use the creditor dividend estimator.
See also the CVL documents checklist for the full list of paperwork an IP will ask for, and the CVL guide for how the process works overall.
Sources, accessed 22 September 2026: The Insolvency (England and Wales) Rules 2016, Insolvency Act 1986, Schedule 6. General information, not legal or insolvency advice.
Statement of affairs: common questions
Is there an official statement of affairs form I should use instead?
No, not since the Insolvency Rules 2016 removed the single prescribed form. Different IP firms and case-management software use slightly different proformas, but they all have to cover the same fixed content, which is why this worksheet works whichever firm you end up instructing.
What counts as a preferential creditor?
Mainly employees, for wages and holiday pay up to £800 per employee for the 4 months before insolvency (Insolvency Act 1986, Schedule 6), and HMRC as a secondary preferential creditor for VAT, PAYE, employee NIC and CIS deductions. Preferential creditors rank ahead of ordinary unsecured creditors but behind secured creditors.
What is the prescribed part, and does it affect this worksheet?
If a floating charge is involved, a slice of the floating-charge realisations is ring-fenced for unsecured creditors before the floating charge holder takes the rest (Insolvency Act 1986, s.176A). Your IP will calculate this once the figures are in; this worksheet just gathers the underlying numbers.
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