Completing the statement of assets & liabilities

• How to complete Form 4 - General points
• Part 1 - List of assets
• Part 2 - List of liabilities
• Who can I contact for advice

How to complete Form 4

General Points

1. You must fill in this part of the form using CAPITAL LETTERS.
2. You must fill in all pages of the form. If any parts of the form do not apply to you, write 'not applicable' or N/A in the space.
3. Give all amounts to the nearest pound (£). You do not need to show pence.
4. If there is not enough space in any part of the form, simply put the extra information on a sheet of paper and attach it to the form. Make sure youput the name of the question you are answering on any extra sheets, for example, 'Unsecured Debts'.
5. Fill in all parts except the AIB and Court Ref. Nos., which are for official use only.

You must enter all details as best you can. You can be charged with a criminal offence if you deliberately leave out details or give false information.

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Part 1 - List of assets

In Part 1 you should list all your assets.

Part 1A - [Moveable property, that is, all assets other than land or buildings]

1. Cash
   You should enter the total amount of cash you have to hand. Do not include money in bank or building-society accounts.
2. Bank and building-society accounts
   Enter details of all the money you have (or not) in bank and building societies. If any of the accounts are in joint names, you should show the full amount, but put a letter [J] in brackets at the end of the account number to show that it is a joint account. Include details of any overdrawn account but put the letters [DR] after the balance.
3. Investments and savings (other than bank accounts)
   You should enter all details of investments, savings certificates, savings bonds, premium bonds and so on in the column headed 'Type of investment'. You should also give details or the name of the firm the investment is with and any reference number in the appropriate columns. If you have an endowment policy, enter the details here.
4. Debts owed to you
   Enter here details of all amounts you are owed, that is, money you have loaned to other people or trade debts if you were in business. You should write the name and address of the person or organisation in the first column. You should then write the amount of the debt and the date it was or is due tube repaid in the appropriate columns.
5. Other assets
   Enter here details of all goods and valuables which you own. You should include goods you are still paying for on hire-purchase or credit terms. Details of any motor vehicle you owe should include the model and registration number.

Part 1B - Property which cannot be moved [land, houses, buildings]

Enter details of all properties in which you have a financial interest. Say if you have bought an ex-council house through the discount scheme. If you own a lease over property, give details of the term of the lease. In 'Type of property' state whether the property is a flat, semi-detached house, office unit, and so on. In 'Nature of interest' explain what your interest is in the property, in other words, whether you own it on your own or with someone else.

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Part 2 - List of liabilities

Part 2A - Unsecured debts

List all of your debts including any amount you still owe on hire purchase or credit agreements. Do not include your mortgage or other secured debts (debts backed by your assets - usually your house). Put down the name and address of the creditor and a description of the debt, that is, whether it is a loan, guarantee, hire-purchase agreement, domestic bill, and so on. Enter the amount you owe to each creditor.

Once you have finished listing all your unsecured debts, add them up and enter the total in the space provided beneath the table marked 'Total amount of unsecured debts'.

Part 2B - Secured debts [mortgages or other loans secured over particular property]

Give the name of any building society, bank, or financial institution where you have a mortgage or other secured loan. If there is more than one, give all the lenders.

Under 'Amount due', enter the current amount you still owe on the loan. Once you have filled in the table, add the total of the amounts due and enter the total in the space below the table marked 'Total amount of secured debts'.

Part 3 - Income

Enter details of your average weekly income after tax and National Insurance.

Part 4 - Expenditure

Give details of all current outgoings for yourself and for your family, that is, obligations to support your wife or husband and dependent children.

You should include appropriate amounts for Council Tax, all household bills, travel expenses, school and college fees and so on. But do not include any arrears (missed payments) on any loan or other debt. Give the amount you need to meet your current mortgage repayments.

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Taking the form to court

1. 1 Check the form to make sure you have filled it in properly and that you have signed and dated the main part of the form and the statement of assets and liabilities.
2. 2 When you take the form to the sheriff court, you must also take with you the following:
   1. A receipt or certificate of posting to prove that you have sent a copy of the form to us.
   2. If you are using form 1, the Creditor's Oath. If you are using form 2, the evidence of your apparent insolvency, that is, the charge for payment or statutory demand. Or you will need evidence that you tried but failed to register a trust deed as a protected trust deed.
   3. The petition fee. This is £63 at the time of writing, but you should confirm the current charge with the sheriff clerk's office.

Warning

It is an offence to petition for your own sequestration if you know a creditor is already petitioning the court - that is, if you have been served with a warrant telling you to appear before the court. It is also an offence to petition if you have already been sequestrated and have not been discharged from that sequestration.

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Who can I ask for advice?

• Accountant in Bankruptcy
  PO Box 8313
  Irvine KA12 2AA
  LP-4 Irvine
  Phone: 0845 6126 460
  Fax: 0845 6126 470
  Helpline:
  0845 7626171

Local sheriff court (Number in your local phone book)

Our staff and the staff at the sheriff court will be happy to advise you what you need to do for sequestration. However, we and they are not allowed to advise you if sequestration is the best way to deal with your debt problem.

The following organisations may be able to give you general advice and support.

Look at your local area phone book for addresses and numbers of national agencies such as:

1. Money Advice Centres
2. Citizens Advice Bureau
3. Trading Standards Offices

Scottish Bankruptcy Advice Ltd
1 Milton Road
Kilmarnock KA3 7HG
Phone: 01563 541028
Fax: 01563 537040

The Bankruptcy Advisory Service
2 Greenways
Swanland Hill
Kingston-upon-Hull HU14 3JN
Phone: 01482 633034, or 01482 633034

To help to find a solicitor with specialist knowledge about insolvency matters.

Law Society of Scotland
26 Drumsheugh Gardens
Edinburgh
EH3 7YR
Phone: 0131 226 7411

To help you to find an insolvency practitioner.

Institute of Chartered Accountants of Scotland
CA House
21 Haymarket Yards
Edinburgh EH12 5BH
Phone: 0131 347 0100

© Accountant in Bankruptcy - Updated March 2003