Fraud by company officers: criminal liability for inducing credit or transferring assets to defraud creditors, with imprisonment and fine.

Officers of a company which is subsequently wound up under the Act are criminally liable where, by false pretences or other fraud, they induce credit to the company; make, cause, or connive at gifts, transfers, charges, or executions on company property with intent to defraud creditors or others; or conceal or remove company property to defeat unsatisfied judgments or orders or within the preceding period, with such fraudulent conduct attracting imprisonment and a monetary penalty.

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