Declaration of solvency: directors must affirm ability to pay company debts within the prescribed winding-up period and attach asset liability schedules.

Directors must solemnly affirm, after a full enquiry, that the company has no debts or will be able to pay its debts in full within a stated period not exceeding three years, and attach a contemporaneous, itemised statement of assets at estimated realisable values and liabilities expected to rank for payment, including secured debts, floating charges, liquidation costs, unsecured creditors and contingent liabilities, with totals showing estimated surplus after payment of debts; the declaration must be signed and sworn before an authorized officer.

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