Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

statutory declaration definition

What does statutory declaration mean? A statutory declaration is a written statement of fact that the declarant solemnly declares to be true, signed in the presence of an authorised person, used to verify facts where an affidavit or oath is not required. In England and Wales, Scotland and Northern Ireland it is made under the Statutory Declarations Act 1835 using prescribed wording; in Ireland it is governed by the Statutory Declarations Act 1938. The declaration must be made before an authorised witness: in England and Wales and Northern Ireland, typically a solicitor, commissioner for oaths or notary public; in Scotland, a notary public or justice of...

Members’ Voluntary Liquidations: Statutory Declarations of Solvency, Requirements, Timing, Filing with Companies House, Directors’ Liability for False Declarations, and Conversion to Creditors’ Voluntary Liquidation

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes

statutory declaration of solvency

A company proceeds into voluntary liquidation once its members approve a special resolution to do so. For further detail, see Practice Note: What is a members’ voluntary liquidation and when is it typically used?

Before members can vote on that resolution, the directors must determine whether the company will discharge its debts in full, together with interest at the official rate (as defined in section 251 of the insolvency Act 1986 (IA 1986)), within no more than 12 months from the commencement of the winding-up. If that test is met, the company may enter a members’ voluntary liquidation (MVL). If not, it should go into creditors’ voluntary liquidation (CVL). For more information, see Checklist: Directors' due diligence questionnaire and guidance before swearing a statutory declaration of solvency for a members' voluntary liquidation.

The statutory declaration of solvency required under IA 1986, s 89, and needed to place a company into an MVL, is a formal declaration sworn on oath before a commissioner for oaths at a directors’ meeting...

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Web page updated on 21/05/2026

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