STATEMENT OF AFFAIRS Definition

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STATEMENT OF AFFAIRS is a specialized form of financial statement setting out the debtors assets and liabilities - secured, preferred and unsecured. This document is usually prepared on short notice and from incomplete records. It is sworn to by an officer of the company and or by the bankrupt where applicable. The trustee often has a different opinion as to the value of the assets and the extent of liabilities included therein. The formalized statement of affairs is sworn under oath by the debtor before a lawyer or designated legal/court entity.

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BANK BASE RATE is the annual interest rate on which British banks calculate lending charges (minimum lending rate).

MATERIAL is information important enough to change an investor's decision. Insignificant information has no effect on decisions, so there is no need to report it.

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