{"id":6752,"date":"2020-02-19T21:24:00","date_gmt":"2020-02-19T13:24:00","guid":{"rendered":"https:\/\/pnl-law.com\/blog\/?p=6752"},"modified":"2020-06-13T16:55:26","modified_gmt":"2020-06-13T08:55:26","slug":"affidavit-of-general-financial-condition-in-court-supervised-rehabilitation","status":"publish","type":"post","link":"https:\/\/pnl-law.com\/blog\/affidavit-of-general-financial-condition-in-court-supervised-rehabilitation\/","title":{"rendered":"Affidavit of General Financial Condition in Court-Supervised Rehabilitation"},"content":{"rendered":"\n

The Affidavit of General Financial Condition is attached to the petition for court-supervised rehabilitation<\/a>. The affidavit must contain the answers to the following questions:<\/p>\n\n\n\n\n\n\n\n

\"Affidavit<\/figure><\/div>\n\n\n\n

1. Are you an officer of the debtor referred to in these proceedings?<\/p>\n\n\n\n

2. What is your full name and what position do you hold in the debtor?<\/p>\n\n\n\n

3. What is the full name of the debtor and what is the address of its head office?<\/p>\n\n\n\n

4. When was it formed or incorporated?<\/p>\n\n\n\n

5. When did the debtor commence business?<\/p>\n\n\n\n

6. What is the nature of its business? What is the market share of the debtor in the industry in which it is engaged?<\/p>\n\n\n\n

7. Who are the parties, members, or stockholders? How many employees?<\/p>\n\n\n\n

8. What is the capital of the debtor?<\/p>\n\n\n\n

9. What is the capital contribution and what is the amount of the capital, paid and unpaid, of each of the partners or shareholders?<\/p>\n\n\n\n

10. Do any of these people hold the shares in trust for others?<\/p>\n\n\n\n

11. Who are the directors and officers of the debtors?<\/p>\n\n\n\n

12. Does the debtor have any subsidiary corporation? If so, give particulars?<\/p>\n\n\n\n

13. Has the debtor properly maintained its books and are they updated? <\/p>\n\n\n\n

14. Were the books audited annually?<\/p>\n\n\n\n

15. If so, what is the name of the auditor and when was the last audited statement drawn up?<\/p>\n\n\n\n

16. Were all the proper returns made to the various government agencies which required them?<\/p>\n\n\n\n

17. When did the debtor first become aware of its problems?<\/p>\n\n\n\n

18. Has the debtor, within the twelve months preceding the filing of the petition:<\/p>\n\n\n\n

  • (i) made any payments, returned any goods or delivered any property to any of its creditors, except in the normal course of business?<\/li><\/ul>\n\n\n\n
    • (ii) executed any mortgage, pledge, or security over any of its properties in favor of any creditor?<\/li><\/ul>\n\n\n\n
      • (iii) transferred or disposed of any of its properties in payment of any debt?<\/li><\/ul>\n\n\n\n
        • (iv) sold, disposed of, or removed any of its property except in the ordinary course of business?<\/li><\/ul>\n\n\n\n
          • (v) sold any merchandise at less than fair market value or purchased merchandise or services at more than fair market value?<\/li><\/ul>\n\n\n\n
            • (vi) made or been a party to any settlement of property in favor of any person? If yes, give particulars.<\/li><\/ul>\n\n\n\n

              19. Has the debtor recorded all sales or dispositions of assets?<\/p>\n\n\n\n

              20. What were the sales for the last three years and what percentage of the sales represented the profit or mark-up?<\/p>\n\n\n\n

              21. What were the profits or losses for the debtor for the last three years?<\/p>\n\n\n\n

              22. What are the causes of the problems of the debtor? Please provide particulars?<\/p>\n\n\n\n

              23. When did you first notice these problems and what actions did the debtor take to rectify them?<\/p>\n\n\n\n

              24. How much, in your estimate, is needed to rehabilitate the debtor?<\/p>\n\n\n\n

              25. Has any person expressed interest in investing new money to the debtor?<\/p>\n\n\n\n

              26. Are there any pending and threatened legal actions against the debtor? If so, please provide particulars.<\/p>\n\n\n\n

              27. Has the debtor discussed any restructuring or repayment plan with any of the creditors? Please provide status and details.<\/p>\n\n\n\n

              28. Has any creditor expressed interest in restructuring the debts of the debtor? If so, please give particulars.<\/p>\n\n\n\n

              29. Have employees’ wages and salaries been kept current? If not, how much are in arrears and what time period do the arrears represent?<\/p>\n\n\n\n

              30. Have obligation to the government and its agencies been kept current? If not, how much are in arrears and what time period do the arrears represent?<\/p>\n","protected":false},"excerpt":{"rendered":"

              The Affidavit of General Financial Condition is attached to the petition for court-supervised rehabilitation. The affidavit must contain the answers to the following questions:<\/p>\n","protected":false},"author":7,"featured_media":8503,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1361],"tags":[1542,535,1085,1052,1051,536],"class_list":["post-6752","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-law","tag-affidavit-of-general-financial-condition","tag-corporate-rehabilitation","tag-court-supervised-rehabilitation","tag-financial-rehabilitation","tag-financial-rehabilitation-and-insolvency-act-fria-of-2010","tag-rehabilitation"],"_links":{"self":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts\/6752","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/comments?post=6752"}],"version-history":[{"count":3,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts\/6752\/revisions"}],"predecessor-version":[{"id":8504,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts\/6752\/revisions\/8504"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/media\/8503"}],"wp:attachment":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/media?parent=6752"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/categories?post=6752"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/tags?post=6752"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}