Part 3- Liabilities
These come in many forms
Please do not forget about monies owed to family or friends and please be ready to provide documentary evidence of these such as a letter or sworn statement, from the person you owe the monies to or the loan contract, if one exists.
Other than this, it is worth thinking about whether there is any information or documentation about your liabilities which might be relevant and important to know when it comes to exploring the options in mediation such as what the monies were spent on and, for example, whether you both benefitted from the monies borrowed, and if so, how, even if the liability is in one of your names.
Although the financial statement does not ask for this additional information it may become important when you come to explore your financial options in mediation.
With tax liabilities, please distinguish for example between outstanding tax owed by you personally such as income tax and national insurance and tax owed by your business such as Corporation tax and VAT which is a liability for your Company, not you personally. This section is asking whether you have an outstanding personal tax.
Please use our Document Checklist to organise your paperwork, as you gather it.