A statement of affairs is a formal, verified statement of what a company or an individual owns and owes at a fixed date. It lists every asset (with its book value and the amount it is likely to fetch), every creditor with their address and amount owed, any security creditors hold, and other prescribed information. In Singapore it is required when a company is wound up by the court, goes into creditors’ voluntary winding up, judicial management or the simplified winding up programme, and when an individual is made bankrupt or applies for their own bankruptcy.
This guide is for directors, company secretaries, shareholders and business owners facing liquidation or bankruptcy, and reflects the law as at 6 November 2026.
What exactly is a statement of affairs?
Think of it as a snapshot balance sheet for whoever has taken over the estate. Unlike annual financial statements, which cover a financial year on a going concern basis, it is prepared after the insolvency event, as at a date the law fixes (for a court winding up, the date of the winding up order), by the people who know the business best: usually the directors and company secretary, or the bankrupt personally.
The person who receives it uses it as the starting map of the case: which bank accounts to freeze, which debtors to chase, which creditors are secured and roughly what unsecured creditors might recover. Some terms you will meet:
- Liquidator: the person appointed to wind up a company, collect its assets and pay creditors in the statutory order.
- Official Receiver: a public officer at the Ministry of Law’s Insolvency Office who may be appointed by the court as liquidator, and who supervises private liquidators.
- Judicial manager: an insolvency professional who takes over management of a company to try to rescue it.
- Official Assignee: the public officer who administers bankruptcies. The court may instead appoint a private trustee in bankruptcy.
- Affidavit: a written statement sworn or affirmed as true before a Commissioner for Oaths or Notary Public.
- Contributory: a member (shareholder) who may be liable to contribute to the company’s assets in a winding up.
In which five situations is a statement of affairs required?
1. Court-ordered (compulsory) winding up
Under section 141 of the Insolvency, Restructuring and Dissolution Act 2018 (IRDA), a statement of the company’s affairs as at the date of the winding up order must be verified and submitted to the Official Receiver or liquidator. It is made by one or more directors at the date of the order and the company secretary, or by other present or past officers (or people who helped form the company within a year before the order) whom the Official Receiver or liquidator requires. The prescribed form is Form CWU-7. Other officers may be asked to confirm it through a statement of concurrence under section 142.
2. Creditors’ voluntary winding up
When directors put an insolvent company into a creditors’ voluntary winding up, section 166(4) requires them to lay a full statement of affairs before the creditors’ meeting, showing how each asset was valued and listing creditors with their estimated claims. Under section 168, the liquidator may then require any director who did not make it to confirm or qualify it in a statement of concurrence. See our guide to the statement of affairs in a creditors’ voluntary winding up.
3. Judicial management
Under section 106, the directors and secretary (or others the judicial manager requires, including past officers and employees or contractors who can give the information) must submit a statement as at the date the company entered judicial management, verified by affidavit. Our guide to the statement of affairs in judicial management covers the 28-day timetable and who must swear it.
4. The simplified winding up programme
Smaller companies wound up through the Simplified Insolvency Programme also need one. Section 250E requires a statement as at the latest practicable date before it is made, by one or more directors and the secretary.
5. Personal bankruptcy
If a creditor made you bankrupt, section 332 requires you to submit your statement of affairs to the Official Assignee within 21 days after the bankruptcy order. If you file a debtor’s bankruptcy application yourself, section 308(2) requires the statement to be exhibited to your supporting affidavit, so it is prepared before filing. Business owners usually reach this point through personal guarantees; see our guide to the bankrupt’s statement of affairs.
How do the five situations compare?
| Situation | Who prepares it | Who receives it | Deadline | Verification | Penalty for default |
|---|---|---|---|---|---|
| Court winding up (IRDA s 141) | Directors at the date of the order and the secretary, or other officers required | Official Receiver or liquidator | 14 days after the winding up order, unless extended for special reasons | Form CWU-7 with affidavit before a Commissioner for Oaths or Notary Public | Fine up to S$10,000, jail up to 12 months, or both, plus a default penalty |
| Creditors’ voluntary winding up (s 166) | The directors | Creditors’ meeting | By the creditors’ meeting (the day of, or day after, the members’ meeting) | Must state how each asset was valued and list creditors’ estimated claims | Company and each officer in default: fine up to S$2,000 |
| Judicial management (s 106) | Directors and secretary, or others the judicial manager requires | Judicial manager | 28 days after the company receives the judicial manager’s notice, extendable up to 2 months | Affidavit | Fine up to S$10,000, plus a default penalty |
| Simplified winding up (s 250E) | One or more directors and the secretary | Official Receiver | As the Official Receiver directs | In the form the Official Receiver prescribes | Check current programme rules |
| Bankruptcy on a creditor’s application (s 332) | The bankrupt | Official Assignee (reviewed by the trustee) | 21 days after the bankruptcy order | Online form with a declaration | Fine up to S$10,000, jail up to 2 years, or both, plus up to S$200 a day if continuing |
| Debtor’s own application (s 308) | The debtor | The court, exhibited to the application affidavit | Filed with the application | Affidavit | False evidence on affidavit is a serious matter |
For timetables and how to ask for more time, see our guide to the statement of affairs deadline.
What goes into a company statement of affairs?
Form CWU-7 opens with a one-page summary of assets and liabilities, a checklist of the causes of the winding up and the verifying affidavit. Behind it sit Schedules A to H: receivables (A), other assets such as property, cash, bank balances, equipment, investments and deposits (B), assets held as security and secured claims (C), contingent assets (D), unpaid share capital (E), preferential claims such as employees, CPF and tax (F), unsecured creditors (G) and contingent claims such as lawsuits (H).
Assets carry two figures: the cost or book value in the company’s books, and the estimated realisable value, meaning what is likely to be recovered. Total assets less total liabilities gives the estimated deficit or surplus. The Insolvency Office asks for typed content in Singapore dollars, the UEN of any Singapore entity named and no section left blank. Our guide to statement of affairs contents explains each schedule.
Where does it fit in the winding up process?
- Demand. A creditor owed more than S$15,000 often serves a statutory demand at the registered office. If it is unpaid for 3 weeks, the company is presumed unable to pay its debts.
- Application. The creditor (or the company, a contributory or certain others) applies to the High Court. The Insolvency Office states that the applicant pays a S$10,400 deposit to the Official Receiver. The winding up is treated as starting when the application is filed.
- Order. The court makes a winding up order and appoints the Official Receiver or a private insolvency practitioner as liquidator, who takes the company’s property into custody.
- Statement of affairs. Due within 14 days. The liquidator files a copy with the court and lodges one with ACRA within 7 days of receiving it.
- Claims and investigation. Creditors lodge proofs of debt; the liquidator investigates the company’s affairs and its officers’ conduct.
- Realisation and distribution. Assets are realised and paid out in the statutory order of priority, and the company is dissolved.
Read more in our court-ordered winding up overview, and see our checklist of director duties after a winding up order.
Where does it fit in the bankruptcy process?
- Debt. The debts must total at least S$15,000, be a liquidated sum payable immediately, and the debtor must be unable to pay.
- Statutory demand. On a creditor’s application, inability to pay is presumed where a statutory demand has gone unpaid for at least 21 days and has not been set aside.
- Application. The application is filed in the High Court. The Insolvency Office’s information sheet states that a S$1,850 bankruptcy deposit is paid to the Official Assignee; check the current amount before filing.
- Order and statement. The Official Assignee or a private trustee administers the estate. On a creditor’s application, the bankrupt files the statement within 21 days through the Insolvent Person’s Portal; on a debtor’s application it was exhibited when filing.
- Contributions and discharge. The trustee uses the statement and supporting documents to set the monthly contribution and target contribution, which shape the path to discharge.
For how a creditor moves a director from a guarantee claim to a bankruptcy order, see when a creditor can make a director bankrupt.
Who can see a statement of affairs?
It is not a private document. In a court winding up, anyone who states in writing that they are a creditor may inspect it and take copies for a fee, and a copy is lodged with ACRA. A judicial manager must also lodge the statement with ACRA. In a creditors’ voluntary winding up it is laid before the creditors’ meeting. In bankruptcy, anyone claiming in writing to be a creditor may inspect it. Falsely claiming to be a creditor to see one is an offence.
In judicial management, section 106(5) states that the statement may be used in evidence against anyone who made or concurred in it.
Why does it matter so much?
- It drives recoveries. A debtor left out of the statement may never be chased.
- Omissions are offences. Section 234(1)(d) makes a material omission in any statement relating to the company’s affairs an offence for past or present officers, with a fine up to S$10,000 or jail up to 2 years. Proving no intent to defraud is a defence.
- Non-filing is prosecuted. The Insolvency Office states that it prosecutes directors and officers who fail to file. See failure to submit a statement of affairs.
- It informs the liquidator’s report. Liquidators report conduct that may make a director unfit, and the court can disqualify a director of an insolvent company for up to 5 years under section 149 of the Companies Act 1967.
- Preparation costs may be paid. In a court winding up, reasonable preparation costs may be paid from the company’s assets as the liquidator considers reasonable, subject to appeal to the court.
How do you prepare a company statement of affairs?
- Confirm the liquidator, the date of the order and your deadline, and tell the liquidator who is preparing the statement.
- Collect bank statements to the order date, debtor and creditor listings, the asset register, payroll and CPF records, loan and charge documents, tax notices and papers for any lawsuits.
- Reconcile cash and bank balances, then complete the schedules one by one, recording book value and realistic recoverable value with reasons for any difference.
- Where the Official Receiver is liquidator, enter it through the Corporate Insolvency E-Services portal using Singpass; draft access can be shared with other officers.
- Go through the draft with the liquidator or case officer, verify it as instructed and submit it on time.
What does this look like in practice?
Example: this is a hypothetical scenario. A logistics company with two directors is wound up on a supplier’s application. The managing director keeps the books; the other director is an overseas investor. The managing director and company secretary prepare the statement of affairs, showing S$180,000 of receivables at book value but S$60,000 estimated realisable value because two customers dispute their invoices. The liquidator asks the overseas director for a statement of concurrence. Having seen only management accounts, she concurs subject to a qualification that she lacks direct knowledge of the receivables. Each director has dealt honestly with what they know, and the liquidator has a clear starting point.
Frequently asked questions
I resigned as a director last year. Can I still be asked to prepare one?
Yes. In a court winding up the Official Receiver or liquidator, subject to the court’s direction, can require any present or past officer to submit it. Past officers also have a duty to cooperate and give information under section 243.
What if the company’s records are incomplete?
Build the best statement you can from bank statements, tax and CPF records, invoices and correspondence, label estimates clearly and tell the liquidator about gaps early. See our guide to a statement of affairs with incomplete records.
Can a director who lives overseas swear the affidavit abroad?
The Form CWU-7 affidavit provides for it to be sworn or affirmed in a named country before a Commissioner for Oaths or Notary Public. Check with the liquidator or case officer how they want an overseas affidavit handled before you arrange it.
Do I need a lawyer to prepare a statement of affairs?
Not usually, as it is mainly an accounting and records exercise. Legal advice becomes important if you face allegations of wrongdoing, an examination or personal claims by the liquidator, or doubt whether you can safely swear the affidavit.
Need help with a statement of affairs?
Raffles Corporate Services can help you prepare or fill in the statement of affairs for submission to the liquidator, Official Receiver, judicial manager or trustee, including gathering bank statements, reconciling debtor and creditor lists and compiling the schedules from the company’s books.
If your company, or you as a director or shareholder, is dealing with a winding up, judicial management or bankruptcy that requires a statement of affairs, 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 restructuring. Raffles Corporate Services is a corporate services provider, not a law firm, and this article is general information, not legal advice.
Willie Tan, Raffles Corporate Services