Failure to comply with information and asset-preservation obligations triggers imprisonment and fines under the proposed code. The clause criminalises three failures under section 223: not providing required information; failing to set aside the required amount; and parting with company assets or properties in custody contrary to the preservation requirement. These offences attract rigorous imprisonment for a limited statutory term and a concurrent fine, while a statutory defence is available where the accused proves reasonable cause for the failure.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Failure to comply with information and asset-preservation obligations triggers imprisonment and fines under the proposed code.
The clause criminalises three failures under section 223: not providing required information; failing to set aside the required amount; and parting with company assets or properties in custody contrary to the preservation requirement. These offences attract rigorous imprisonment for a limited statutory term and a concurrent fine, while a statutory defence is available where the accused proves reasonable cause for the failure.
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