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What Is A Viability Statement?

The quick answer

This is used in a pre-pack administration to prove that the person buying the assets and business are viable themselves and will not fall quickly into insolvency.

In more detail

A viability statement is a requirement of Statement of Insolvency Practice 16 which covers all the extra reporting rules and requirements to satisfy a pre-pack administration has been properly used.

There is no exact form of a viability statement but usually a cash flow projection showing that funds are available and can support the working capital needed for the new business is sufficient.

tip

If you need insolvency advice the earlier you talk to someone like us the better as you will have more options. We can help, contact us today.

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David Kirk ACA FABRP

We have just worked with Kirks to complete the closure of our company. Everything went smoothly and professionally. I would recommend this firm and the staff who were very very helpful and quickly finalised everything. Thank you Kirks.
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David Kirk

Licensed Insolvency Practitioner