Section 16: Debtor's statement of affairs.

(1) Where a receiving order is made against a debtor, he shall make out and submit to the Official Receiver a statement of and in relation to his affairs in the prescribed form verified by affidavit-
(a) showing the particulars of the debtor's assets, debts and liabilities, whether in Nigeria or elsewhere;
(b) showing the securities held by them respectively, and the dates when the securities were respectively given;
(c) giving such further or other information as may be prescribed or as the Official Receiver may require; and
(d) giving details of all property held by him in a name or under any alias, or by his wife or his children, or by any person in trust for him or them, with full particulars as to the manner and date of its being acquired.
(2) The statement shall be submitted within the following times, namely-
(a) if the order is made on the petition of the debtor, within seven days from the date of the order;
(b) if the order is made on the petition of a creditor, within fourteen days from the date of the order, but the court may in either case for special reasons extend the time.
(3) If the debtor fails without reasonable excuse to comply with the requirements of this section, he may be punished for a contempt of court and the court may, on the application of the Official Receiver or of any creditor, adjudge him bankrupt.
(4) Any person stating himself to be a creditor of the bankrupt may, on payment of the prescribed fee, personally or by agent inspect the statement at all reasonable times and take any copy thereof or extract therefrom, but any person untruthfully so stating himself to be a creditor shall be guilty of contempt of court and shall be punishable accordingly on the application of the trustee or Official Receiver.