The Declaration of Solvency Form is a crucial document required under Indian corporate law when a company decides to voluntarily wind up its operations while being solvent. This declaration, mandated by the Companies Act, 2013, must be made by a majority of the directors, including managing directors, stating that they have conducted a full inquiry into the company's affairs and have formed the opinion that the company will be able to pay its debts in full within a specified period not exceeding three years. The document needs to be accompanied by a statement of the company's assets and liabilities as of the latest practicable date, verified by an auditor. The Declaration of Solvency Form must be filed with the Registrar of Companies before the company can proceed with voluntary winding-up, making it a fundamental document in corporate dissolution proceedings. Failure to file this declaration or making a declaration without reasonable grounds can result in serious legal consequences for the directors.
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1. Declaration Header: Formal title, company details including CIN, registered office address
2. Director Details: Names and details of directors making the declaration
3. Company Background: Brief information about the company and reason for winding up
4. Financial Position Statement: Declaration of company's ability to pay its debts in full within specified period (not exceeding 3 years)
5. Asset and Liability Declaration: Statement confirming that a full inquiry has been made into company's affairs
6. Estimated Asset Value: Statement of estimated realizable value of assets
7. Estimated Liability Amount: Statement of estimated total amount of debts and liabilities
8. Payment Timeline: Proposed timeline for debt settlement
9. Verification Statement: Solemn affirmation of the truthfulness of the declaration
10. Director Signatures: Space for signatures of directors making the declaration
11. Witness Details: Information and signature of witness/notary
1. Independent Auditor Statement: Additional verification by independent auditor, used when extra credibility is needed
2. Creditors' Arrangement Details: Specific arrangements made with creditors, if any special agreements exist
3. Foreign Assets Declaration: Required when company has assets in other countries
4. Group Company Details: Required when company is part of a larger group structure
5. Contingent Liability Statement: Details of any contingent liabilities, if applicable
1. Schedule A - Detailed Asset List: Comprehensive list of all company assets with their estimated values
2. Schedule B - Creditor List: Complete list of creditors with amounts owed and nature of debt
3. Schedule C - Financial Statements: Latest balance sheet and profit & loss account
4. Schedule D - Valuation Reports: Independent valuation reports of major assets
5. Appendix 1 - Board Resolution: Copy of board resolution approving the declaration of solvency
6. Appendix 2 - Auditor's Certificate: Recent certificate from auditors regarding company's financial position
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Healthcare
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Energy
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Education
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Relevant Teams
Legal
Finance
Corporate Secretarial
Compliance
Risk Management
Board of Directors
Audit
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Treasury
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Chief Executive Officer
Managing Director
Company Director
Chief Financial Officer
Company Secretary
Legal Counsel
Corporate Lawyer
Compliance Officer
Financial Controller
Auditor
Insolvency Professional
Risk Manager
Board Chairman
Finance Director
Corporate Governance Officer
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