The officer further swears that the Corporation has not incurred debts and contingent liabilities beyond the Corporation's ability to pay such debts as they mature.
A Corporation Solvency Affidavit, also known as a financial statement affidavit, is a sworn statement by a corporation’s directors, officers, or other authorized officials that they have examined the corporation’s financial condition, and that it is solvent and able to pay its debts. The affidavit is often used in legal proceedings when a court requires proof of a corporation’s financial health before it can be involved in a particular case. There are three common types of Corporation Solvency Affidavits: 1. General Solvency Affidavit: This affidavit is used to demonstrate that a corporation has the financial resources to pay its debts. It is typically used when a court is required to review the financial condition of a corporation prior to allowing it to be involved in a case. 2. Specific Solvency Affidavit: This affidavit is used to demonstrate that a corporation has the financial resources to pay a specific debt. It is used when a court is required to review the financial condition of a corporation prior to allowing it to be involved in a specific case involving that debt. 3. Limited Solvency Affidavit: This affidavit is used to demonstrate that a corporation has the financial resources to pay a specific debt, but only up to a certain amount. It is used when a court is required to review the financial condition of a corporation prior to allowing it to be involved in a specific case involving that debt, but the corporation does not have the necessary resources to pay the full amount.
A Corporation Solvency Affidavit, also known as a financial statement affidavit, is a sworn statement by a corporation’s directors, officers, or other authorized officials that they have examined the corporation’s financial condition, and that it is solvent and able to pay its debts. The affidavit is often used in legal proceedings when a court requires proof of a corporation’s financial health before it can be involved in a particular case. There are three common types of Corporation Solvency Affidavits: 1. General Solvency Affidavit: This affidavit is used to demonstrate that a corporation has the financial resources to pay its debts. It is typically used when a court is required to review the financial condition of a corporation prior to allowing it to be involved in a case. 2. Specific Solvency Affidavit: This affidavit is used to demonstrate that a corporation has the financial resources to pay a specific debt. It is used when a court is required to review the financial condition of a corporation prior to allowing it to be involved in a specific case involving that debt. 3. Limited Solvency Affidavit: This affidavit is used to demonstrate that a corporation has the financial resources to pay a specific debt, but only up to a certain amount. It is used when a court is required to review the financial condition of a corporation prior to allowing it to be involved in a specific case involving that debt, but the corporation does not have the necessary resources to pay the full amount.
