Undertaking In Difficulty Test

Undertaking In Difficulty Test and Declaration
This form must be compiled by a Certified Public Accountant registered with the Malta Accountancy Board. The information should be based on the lastest financial statements.
Notes:
- The defintion of an 'Undertaking in Difficulty' is established in the General Block Exemption Regulation.
- The size of an enterprise should be determined in line with the parameters provided in Annex 1 of the General Block Exemption Regulation.
- If the enterprise being reviewed is linked to other enterperises, Malta Enterprise may request separate Undertaking in Difficulty declarations for these enterprises especially if the accounts of these enterprises are not covered by consolidated accounts.
Useful Links:
- General Block Exemption Regulation.
- User Guide to the SME Definition.
In this form you are required to provide audited or independently verified financial data for the latest two financial periods, that is, the latest complete fiscal year and the one preceeding it.

Undertaking in Difficulty Test and Declaration
Malta Enterprise Account Reference *
Name of Enterprise being reviewed*
Registration Number *
Date Established*

MonthDayYear
Place of Establishment*
Indicate the most recent year for which independently verified financial data is available. *
The year selected should be the latest complete fiscal year.

Undertaking in Difficulty Test and Declaration
Establish the size of {MAIN-Name} in terms of Annex 1 of the General Block Exemption Regulation.*

Small or Medium-sized EnterpriseLarge Enterprise
Relationship of {MAIN-Name} with other enterprises.*

part of a group of companies that maintains consolidated financial statements.controlled by or linked to another enterprise, yet no consolidated financial statements are compiled.an autonomous entity.
Identify the Liability of Shareholders / Members of {MAIN-Name}*

At least some members have unlimited liability for the debt of the enterprise being reviewed. (This is usually the case for self-employed persons). ‘A company where at least some members have unlimited liability for the debt of the company’ refers in particular to the types of company mentioned in (Annex II of Directive 2013/34/EU).The enterprise being reviewed is a limited liability company (or similar setup). ‘Limited liability company’ refers in particular to the types of company mentioned in (Annex I of Directive 2013/34/EU).

Undertaking in Difficulty Test and Declaration
Is {MAIN-Name} subject to collective insolvency proceedings or fulfils the criteria under its domestic law for being placed in collective insolvency proceedings at the request of its creditors?*

YesNo
Are there enterprises linked to {MAIN-Name} or within the same group as {MAIN-Name}, that are subject to collective insolvency proceedings or fulfil the criteria under its domestic law for being placed in collective insolvency proceedings at the request of its creditors?*

YesNo
Has {MAIN-Name} received rescue aid and has not yet reimbursed the loan or terminated the guarantee, or has received restructuring aid and is still subject to a restructuring plan?*

YesNo
Are there other enterprises linked to {MAIN-Name} or within the same group as {MAIN-Name}, that received rescue aid and have not yet reimbursed the loan or terminated the guarantee, or have received restructuring aid and are still subject to a restructuring plan?*

YesNo
Test 1

Undertaking in Difficulty Test and Declaration
Audited or independently verified data for {MAIN_name}, registered in {MAIN-Reg-Place} with registration reference {MAIN-Reg-Number}.
Subscribed Share Capital of {MAIN-Name}*
EURO (Where relevant ‘share capital’ includes any share premium.)
Capital as shown in the accounts of {MAIN-Name} *
EURO
Reserves as shown in the financial statements of {MAIN-Name} .*
EURO (Reserves include all other elements generally considered as part of the own funds of the enterprise.)
Accumulated losses as shown in the accounts / financial statements of {MAIN-Name} *
EURO
Half of Capital
Reserves less Acc Losses
Capital to Accumulated Losses Test

Undertaking in Difficulty Test and Declaration

This page is only applicable to Large Enterprises
Audited or independently verified data for {MAIN_name}, registered in {MAIN-Reg-Place} with registration reference {MAIN-Reg-Number}.
{MAIN-Name} Book Debt as recorded in the financial statements for {MAIN-Fin-Year}. *
EURO
{MAIN-Name} Equity as recorded in the financial statements for {MAIN-Fin-Year}. *
EURO
{MAIN-Name}'s EBITDA based on the financial statements for {MAIN-Fin-Year}.*
EURO
{MAIN-Name}'s Interest Expense based on the financial statements for {MAIN-Fin-Year}*
EURO
{MAIN-Name} {MAIN-Fin-Year} [Debt to equity ratio]
{MAIN-Name} {MAIN-Fin-Year} [EBITDA / Interest]

Undertaking in Difficulty Test and Declaration

This page is only applicable to Large Enterprises.
Previous Financial Year
Audited or independently verified data for {MAIN_name}, registered in {MAIN-Reg-Place} with registration reference {MAIN-Reg-Number}.
{MAIN-Name}'s Book Debt as recorded in the financial statements for {MAIN-Prev-Year}.*
EURO
{MAIN-Name}'s Equity as recorded in the financial statements for {MAIN-Prev-Year}*
EURO
{MAIN-Name}'s EBITDA based on the financial statements for{MAIN-Prev-Year}.*
EURO
{MAIN-Name}'s Interest Expense based on the financial statements for{MAIN-Prev-Year}*
EURO
{MAIN-Name} {MAIN-Prev-Year} [Debt to equity ratio]
{MAIN-Name} {MAIN-Prev-Year} [EBITDA / Interest]
Debt to equity ratio test
EBITDA interest coverage ratio test

Undertaking in Difficulty Test and Declaration
In compiling this form, you have indicated that {MAIN-Name} is part of a group which maintains consolidated accounts. Below you are required to provide details of the entity (such as a holding company) under which the accounts are consolidated.

Note: Malta Enterprise may require that you complete this from / declaration for other linked entities in the group.
In compiling this form you have indicated that {MAIN-Name} is controlled by another entity. Below, you are required to provide details of the entity which has the ultimate control of {MAIN-Name}.

Note: Malta Enterprise may require that you complete this form / declaration for other linked entities in the group.
Registered Name*
Place of Establishment.*
Registration Number. *
Indicate the most recent year for which independently verified financial data is available.*
The year selected should be the latest complete fiscal year.
Subscribed Share Capital *
EURO
Reserves *
EURO
Accumulated losses *
EURO
Reserved less Accumulated Losses
Half Subsribed Share Capital
Capital to Accumulated Losses Test

Undertaking in Difficulty Test and Declaration

This test is only applicable to Large Enterprises that are controlled by other enterprises or form part of a group.
Audited or independently verified data for {CTRL_name}, registered in {CTRL-Reg-Place} with registration reference {CTRL-Reg-Number}.
{CTRL-Name} Equity as recorded in the financial statements for {CTRL-Fin-Year}*
EURO
{CTRL-Name} Book Debt as recorded in the financial statements for {CTRL-Fin-Year}.*
EURO
{CTRL-Name} EBIDTA as recorded in the financial statements for {CTRL-Fin-Year}.*
EURO
{CTRL-Name} Interest Expense as recorded in the financial statements for {CTRL-Fin-Year}.*
EURO
{CTRL-Name} {CTRL-Fin-Year} [Debt to equity ratio]
{CTRL-Name} {CTRL-Fin-Year} [EBITDA / Interest coverage ratio]

Undertaking in Difficulty Test and Declaration

This test is only applicable to Large Enterprises that are controlled by other enterprises or form part of a group.
Audited or independently verified data for {CTRL_name}, registered in {CTRL-Reg-Place} with registration reference {CTRL-Reg-Number}.
Data from the Financial Statement of:
{CTRL-Name} Equity as recorded in the financial statements for {CTRL-Prv-Year}*
EURO
{CTRL-Name} Book Debt as recorded in the financial statements for {CTRL-Prv-Year}.*
EURO
{CTRL-Name} EBIDTA as recorded in the financial statements for {CTRL-Prv-Year}.*
EURO
{CTRL-Name} Interest Expense as recorded in the financial statements for {CTRL-Prv-Year}.*
EURO
{CTRL-Name} {CTRL-Prv-Year} [Debt to equity ratio]
{CTRL-Name} {CTRL-Prv-Year} [EBITDA / Interest coverage ratio]
Debt to equity ratio test
EBITDA interest coverage ratio test

Undertaking in Difficulty Test and Declaration
Review
Name of Certified Public Accountant (CPA) compiling in this form.*

First NameLast Name
Warrant Number*
Email address of CPA compiling this form*

Confirmation Emailexample@example.com
I certify that the data used to compile this form was extracted from documents that have been either audited or independently verified by a competent professional as indicated in the respective sections of the form.

Clear
Should be Empty:

Undertaking In Difficulty Test and Declaration

Undertaking in Difficulty Test and Declaration

Undertaking in Difficulty Test and Declaration

Undertaking in Difficulty Test and Declaration

Undertaking in Difficulty Test and Declaration

Undertaking in Difficulty Test and Declaration

Undertaking in Difficulty Test and Declaration

Undertaking in Difficulty Test and Declaration

Undertaking in Difficulty Test and Declaration

Undertaking in Difficulty Test and Declaration

Undertaking in Difficulty Test and Declaration