Statement of Financial Affairs for Businesses

A Statement of Financial Affairs for Businesses is a detailed financial document that must be filed by a company as part of its bankruptcy case. This statement provides a comprehensive overview of the company’s financial history, including information about the company’s income, expenses, payments to creditors, and transfers of assets. The statement typically covers the two years prior to the filing of the bankruptcy petition and is used by the bankruptcy court and creditors to identify any potential fraudulent or preferential transfers made by the company. The information contained in the Statement of Financial Affairs for Businesses is also used to determine the company’s eligibility for bankruptcy protection and to develop a plan for the company’s financial restructuring or liquidation.