The contents of a Singapore company’s statement of affairs in a court winding up are set by Form CWU-7: a one-page summary of assets and liabilities, a checklist of the causes of the winding up, an affidavit verifying the statement, and eight schedules, A (trade and other receivables), B (other assets), C (assets held as security and secured claims), D (contingent assets), E (unpaid share capital), F (preferential claims), G (unsecured claims) and H (contingent claims). Every asset is shown at both its book value and its estimated realisable value, and the totals produce an estimated deficit or surplus.
This guide is for directors, company secretaries and finance staff who have to complete the form after a winding up order. It reflects the law and Insolvency Office guidance as at 6 November 2026.
What is Form CWU-7 and when is it used?
Form CWU-7 is the prescribed statement of affairs form under the Insolvency, Restructuring and Dissolution (Court-Ordered Winding Up) Regulations 2020. It is the form that directors and the company secretary use to meet their duty under section 141 of the Insolvency, Restructuring and Dissolution Act 2018 (IRDA) after the court makes a winding up order.
Section 141 says the statement must show the company’s assets, debts and liabilities, the names and addresses of creditors, any securities those creditors hold and the dates the securities were given, plus any further information that is prescribed or that the liquidator asks for. The schedules in Form CWU-7 are how that list is turned into a working document.
The statement goes to the Official Receiver (the government officer in the Insolvency Office who often acts as liquidator in court winding ups) or to the private liquidator appointed by the court. If you need the background first, our guide on what a statement of affairs is and when it is required explains the different situations, and our overview of court-ordered winding up in Singapore explains how the company got here.
How is the summary page laid out?
The first page is headed “Statement of Assets and Liabilities as at” the date of the winding up order. The Insolvency Office’s explanatory note confirms that the information should be based on what you know as at that date, not the date you sign.
| Line | Schedule | Columns completed |
|---|---|---|
| Trade and other receivables | A | Cost or book value, and estimated realisable value |
| Other assets | B | Both value columns |
| Assets held as security | C1 | Both value columns |
| Contingent assets | D | Both value columns |
| Unpaid issued share capital | E | Both value columns |
| Less: secured claims | C2 | Amount owing |
| Less: preferential claims | F | Amount owing |
| Less: unsecured claims | G | Amount owing |
| Less: contingent claims | H | Amount owing |
| Estimated deficit or surplus | Total assets less total liabilities | Calculated |
What goes into each schedule, A to H?
Every schedule opens with a Yes or No question, for example “Are there any trade or other receivables due to the Company?”. You must tick one box even if the answer is No. The table below summarises what each schedule asks for and the documents the explanatory note says should go to the Official Receiver or liquidator.
| Schedule | What you list | Supporting documents |
|---|---|---|
| A: Trade and other receivables | Each debtor in alphabetical order, with UEN or ID number, address, book value, realisable value and details | Invoices, delivery notes, agreements, judgments |
| B1: Real estate | Land or buildings the company owns, location, ownership type; plus any property held for a third party | Title deeds, tenancy agreements |
| B2 and B3: Cash | Cash in hand or held by others for the company; each bank account with account number | Bank statements |
| B4: Movable assets | Inventory, plant, equipment, furniture, vehicles, with quantity and serial or registration numbers | Inventory or fixed asset listing |
| B5 to B9 | Joint ventures, shares and other securities, deposits, intangible assets, and anything else (such as club memberships or unexpired insurance) | JV agreements, share certificates, CDP statements, registration papers |
| C: Assets held as security | Each charged, mortgaged, pledged or hire purchase asset, its value, the security holder and the amount owed to it | Charge documents, hire purchase agreements |
| D: Contingent assets | Possible assets that depend on an uncertain outcome, such as a pending lawsuit | Court papers, claim correspondence |
| E: Unpaid share capital | Shareholders who have not paid in full for shares allotted to them | Allotment minutes, register of members |
| F: Preferential claims | F1 employees, F2 workmen’s (work injury) compensation, F3 CPF, F4 government tax | Payroll records, Commissioner for Labour orders, CPF statements, Notices of Assessment |
| G: Unsecured claims | Every other creditor in alphabetical order, with UEN or ID number, address and amount owing | Supplier statements, loan documents |
| H: Contingent claims | Claims against the company in ongoing lawsuits or arbitration, and warranty claims | Pleadings, letters of demand |
Schedules A and D: debts owed to the company
A customer who owes money goes into Schedule A. If the company has already sued that customer and the case is undecided, the explanatory note says the debt belongs in Schedule D as a contingent asset instead. If the customer has a counterclaim against the company, the counterclaim goes into Schedule H. Money a director or shareholder owes the company is also a receivable and belongs in Schedule A, however awkward that feels.
Schedule B: the asset register
Schedule B is the longest part of the form and is split into nine sub-headings, B1 to B9, followed by a summary that adds them up. The form also asks, separately, whether the company holds real estate on behalf of someone else. Cash in hand must be handed to the liquidator, and if it cannot be handed over you need to explain why. Foreign currency should be stated by currency type and converted into Singapore dollars.
Schedule C: security, in two halves
Schedule C has two subtotals. C1 is the value of the asset that is subject to security, and it sits on the asset side of the summary. C2 is the amount owed to the secured creditor, and it sits on the liabilities side. The form also asks whether the security holder has started to enforce, for example by appointing a receiver or manager, and if so who and when.
Schedule F: preferential claims
Employees, work injury compensation, CPF contributions and taxes are listed separately because the law pays some of them ahead of ordinary creditors, up to the limits set by the IRDA. If one employee is owed both salary and leave pay, the form wants a separate row for each type of claim, with the period it covers. Our article on priority of payments in a Singapore liquidation explains how these claims rank.
Schedule G: unsecured creditors
This is usually the biggest liability figure: suppliers, landlords, unsecured lenders, advisers and director or shareholder loans, which are listed like any other creditor. Our guide on director and shareholder loans in liquidation covers what usually happens to those claims.
What is the difference between book value and estimated realisable value?
The explanatory note defines “cost or book value” as the amount recorded in the company’s books and accounts. “Estimated realisable value” is what you realistically expect the liquidator to recover, taking account of how collectable a debt is or what an asset will fetch.
The two figures are often far apart. A two-year-old customer debt from a company that has stopped trading may sit in the books at full value but be worth nothing. Specialised equipment bought for S$60,000 may sell at auction for a fraction of that. Where the two numbers differ for a receivable, the explanatory note asks you to give the reasons in the details column. It is sensible to do the same for other assets so the liquidator can see how you arrived at each figure.
Example: This is a hypothetical example, not a client case. A fit-out contractor is wound up on a creditor’s application. Its books show S$180,000 of receivables. One customer owing S$90,000 is being sued by the company, so that debt moves to Schedule D, with a realisable value of S$20,000 explained by the uncertain outcome. A second customer owing S$60,000 has ceased business, so it goes into Schedule A at S$60,000 book value and nil realisable value, with that reason stated. The third customer owes S$30,000 that is current and undisputed, shown at S$30,000 in both columns.
| Summary line (hypothetical) | Estimated realisable value (S$) |
|---|---|
| A: Receivables | 30,000 |
| B: Cash 5,000 and equipment 8,000 | 13,000 |
| C1: Van under hire purchase | 25,000 |
| D: Claim against customer | 20,000 |
| Total assets | 88,000 |
| Less C2: Hire purchase balance | (32,000) |
| Less F: Salaries, CPF and GST owed | (41,000) |
| Less G: Suppliers, landlord and director’s loan | (250,000) |
| Less H: Customer’s defect claim | (15,000) |
| Estimated deficit | (250,000) |
The estimated deficit tells creditors roughly how much will not be paid, before the costs of the liquidation. It is an estimate, and it may change as the liquidator realises assets and admits or rejects claims.
How should you complete the causes of winding up section?
Under the summary, the form asks why the company was wound up. You tick one or more boxes: depression or economic recession, cash flow problem, poor sales, insolvency of an affiliated company, high overheads, bad management, inability to collect debts, or others. There is space for details below.
Be factual. A short, dated account (for example, “loss of main customer in March 2025, followed by rent arrears and a lawsuit from the landlord”) is more useful than a single ticked box, and it should match what the books and the directors’ interviews show.
How is the statement verified and submitted?
- Compile the schedules. Work from the ledgers, bank statements and creditor statements as at the date of the winding up order. If the books are behind, read our guide on preparing a statement of affairs with incomplete records.
- Type the form. The explanatory note says the contents must be typewritten, amounts must be in Singapore dollars, and Singapore entities should be identified by their UEN (you can look these up on ACRA’s BizFile).
- Review it with the Official Receiver or liquidator. The explanatory note says you should meet them to go through the statement before it is sworn. A private liquidator may have its own procedure, so check.
- Swear or affirm the affidavit. The affidavit verifying the statement is sworn or affirmed before a Commissioner for Oaths or a Notary Public. The form records the country where it is sworn, so a director overseas can swear before a notary there.
- Submit with supporting documents. Where the Official Receiver is liquidator, officers can submit through the Insolvency Office’s Corporate Insolvency E-Services portal using Singpass. The portal lets you upload documents for each schedule, share a draft with other company officers, and message the case officer.
The statement is due within 14 days after the winding up order unless an extension is given for special reasons. Our article on the statement of affairs deadline sets out how to plan the 14 days and ask for more time.
What are the most common mistakes?
- Leaving a schedule or question blank. The explanatory note says no schedule or part of one should be left blank intentionally. Tick No if there is nothing to report.
- Copying book values into the realisable value column without thinking about recoverability.
- Leaving out a creditor because the debt is disputed. List it and explain the dispute in the remarks column.
- Putting a debt under litigation in Schedule A instead of Schedule D, or forgetting the debtor’s counterclaim in Schedule H.
- Showing foreign currency balances without converting them to Singapore dollars.
- Missing UENs, addresses or identity numbers for debtors and creditors.
- Running out of space and squeezing entries in. Duplicate the page instead and number each page of the schedule.
- Handwritten entries, or summary totals that do not match the schedule subtotals. The liquidator will check both.
Accuracy matters for more than presentation. Under section 141(5) of the IRDA, failing without reasonable excuse to comply with the statement of affairs requirements is an offence punishable by a fine of up to S$10,000, up to 12 months’ imprisonment, or both, plus a default penalty. Separately, making a material omission in any statement relating to the company’s affairs is an offence under section 234(1)(d).
The Insolvency Office’s liquidation guidance also makes clear that it prosecutes directors and officers who fail to file the statement of affairs, and that officers can face other offences such as falsification of books and failure to keep proper accounts.
Frequently asked questions
Is Form CWU-7 used in a creditors’ voluntary winding up?
Form CWU-7 is prescribed under the regulations for court-ordered winding up. In a creditors’ voluntary winding up, the directors’ duty comes from section 166(4) of the IRDA, which requires a full statement of affairs showing how the assets were valued and a list of creditors. Our guide on the statement of affairs in a creditors’ voluntary winding up explains the differences.
Can creditors see the statement of affairs?
Yes. Under section 141(6), a person who states in writing that they are a creditor may inspect the filed statement at reasonable times and take copies on paying the prescribed fee. Write it on the basis that creditors will read it.
Do creditors still need to file a proof of debt if they appear in Schedule G?
Yes. Being listed in the statement of affairs does not replace a creditor’s own claim. Creditors prove their debts separately, as explained in our guide to filing a proof of debt in a Singapore liquidation.
Who pays for preparing the statement?
Section 141(4) allows the person making the statement to be paid, out of the company’s assets, the costs and expenses the Official Receiver or liquidator considers reasonable, subject to an appeal to the court. Agree the basis with the liquidator before you incur significant costs, because there may be little or nothing in the company to pay them.
Another director prepared the statement. Do I have to sign it too?
The liquidator can ask other directors or officers to confirm it by a statement of concurrence on Form CWU-8, which can be qualified where you disagree or lack direct knowledge. See our guide to the statement of concurrence.
Need help with a company statement of affairs?
Raffles Corporate Services can help you fill in Form CWU-7 by compiling the debtor and creditor schedules from the company’s ledgers and bank statements, reconciling them to supplier and customer statements, and organising the supporting documents for the Official Receiver or liquidator.
If your company, or you as a director or shareholder, is dealing with a winding up order and a statement of affairs to complete, contact the Raffles Corporate Services team at [email protected] or on WhatsApp at +65 8501 7133 or +65 9018 0072. We will help you understand the documents and deadlines. Where your matter needs a lawyer, we will refer you to a firm on our panel of Singapore law firms that regularly handles insolvency and winding up matters. Raffles Corporate Services is a corporate services provider, not a law firm, and this article is general information, not legal advice.
Kevin Yeo, Raffles Corporate Services