A statement of affairs template is a legal document listing the assets and liabilities of a company or individual, typically produced when declaring bankruptcy. It is an archive that holds the details for a company’s list of assets and debts. A statement of affairs is helpful in certain business situations, such as one such situation includes the calculation of a company’s total cost, thus making the insolvency process much easier. Banks often ask for the statement of affairs while resolving the assets. This document provides useful information to resolve certain legislative issues and can be presented in court. Financial department in any company with the help of financial experts, are liable to generate the statement of affairs. Importance of Statement of Affairs Generally, the statement of affairs is a summary of a company’s assets and liabilities. It states the net book value and amount expected to be realized at the date of Insolvency of the business. Accompanying the balance sheet is a list of creditors and shareholders. A statement of affairs can be made in a number of different formats; a few basic sections must be included in whatever layout you choose for this piece of document. The person generating