Statement of affairs (SOA)

  • When a debtor becomes bankrupt, lodges a debt agreement proposal or lodges a personal insolvency agreement proposal, he or she must complete a statement of affairs on a specific form. The information provided must truthfully disclose all relevant details about his or her current financial position, including details of all debts and assets that are both currently-owned and were recently-owned.
  • Where a sequestration order is made, the bankrupt must file his or her statement of affairs within 14 days of being made aware of the order.