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FINANCIAL INSTITUTIONS AND MARKETS ACT, 2015 Act No. of 2015 Statement of liabilities of a friendly societyStandard No. FS. S.6.2made by NAMES under section 382(7)(b) of the Financial Institutions
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How to fill out statement of liabilities
How to fill out statement of liabilities
01
To fill out a statement of liabilities, follow these steps:
02
- Gather all relevant financial information, such as outstanding debts, loans, mortgages, credit card balances, etc.
03
- List each liability separately, including the name of the creditor, outstanding balance, interest rate, and the monthly payments.
04
- Calculate the total amount of liabilities by adding up all the outstanding balances.
05
- Determine your current assets and include them in the statement if necessary.
06
- Include any additional information required, such as the purpose of the liabilities and any collateral involved.
07
- Review and double-check all the information for accuracy.
08
- Sign and date the statement of liabilities.
09
- Keep a copy for your records and provide the statement when requested by lenders or for financial evaluations.
Who needs statement of liabilities?
01
People who need statement of liabilities include:
02
- Individuals applying for loans or mortgages
03
- Business owners seeking funding or investments
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- Individuals going through bankruptcy proceedings
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- Financial institutions evaluating creditworthiness
06
- Investors assessing potential risks and liabilities
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What is statement of liabilities?
The statement of liabilities is a report that outlines an individual's or organization's debts and obligations.
Who is required to file statement of liabilities?
Individuals or organizations with significant debts and liabilities are required to file a statement of liabilities.
How to fill out statement of liabilities?
To fill out a statement of liabilities, one must list all debts and obligations, along with relevant information such as creditor names, amounts owed, and payment terms.
What is the purpose of statement of liabilities?
The purpose of a statement of liabilities is to provide a full picture of an individual's or organization's financial obligations.
What information must be reported on statement of liabilities?
Information such as creditor names, amounts owed, payment terms, and due dates must be reported on a statement of liabilities.
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