Non-compliance with information and asset-preservation duties: criminal penalties include imprisonment and mandatory fines under the code. Failure to comply with section 218 creates a prosecutable offence for failing to provide information under section 218(1), failing to set aside amounts ... Summary
Non-compliance with information and asset-preservation duties: criminal penalties include imprisonment and mandatory fines under the code.
Failure to comply with section 218 creates a prosecutable offence for failing to provide information under section 218(1), failing to set aside amounts under section 218(3), or parting with company assets or properties in custody contrary to that subsection. The offence attracts rigorous imprisonment which may extend to two years and a statutory fine prescribed within the specified lower and upper thresholds.
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