51. Statement of Company's affairs

(1) The statement of Company's affairs must —
(a) be verified by a statement of truth by each relevant person in accordance with the Civil Procedure Rules;
(b) be in the prescribed form, containing all the particulars required by that form;
(c) give particulars of the Company's property, debts and liabilities;
(d) give the names and addresses of the Company's creditors;
(e) specify the security held by each creditor;
(f) give the date on which each security was granted; and
(g) contain such other information as may be prescribed.
(2) In this Chapter "relevant person" means —
(a) a person who is or has been an officer of the Company;
(b) a person who took part in the formation of the Company during the period of one year ending with the date on which the Company enters administration;
(c) a person employed by the Company during that period; and
(d) a person who is or has been during that period an officer or employee of a Company which is or has been during that year an officer of the Company.
(3) For the purpose of subsection (2) a reference to employment is a reference to employment through a contract of employment or a contract for services.
(4) A person required to submit a Statement of Affairs must do so before the end of the period of eleven (11) days beginning with the day on which he receives notice of the requirement.
(5) The administrator of a Company may —
(a) revoke a requirement under Section 50(1) (Notice requiring Statement of Affairs); or
(b) extend the period specified in subsection (4) (whether before or after expiry).
(6) If the administrator of a Company refuses a request to act under subsection (5) —
(a) the person whose request is refused may apply to the Court; and
(b) the Court may take action of a kind specified in subsection (5).
(7) A person commits a contravention and is liable to a fine at the relevant level set out in the Fines Schedule if he fails without reasonable excuse to comply with a requirement under Section 50(1) (Notice requiring Statement of Affairs).