Fraud by company officers: criminal liability for inducing credit or concealing assets with imprisonment and fines. Officers of a company later wound up or resolving to wind up are criminally liable where, by false pretences or other fraud, they induce credit to the company; or with intent to defraud creditors or others make or cause gifts, transfers, charges, or connive at executions against company property; or with intent to defraud conceal or remove company property around the time of an unsatisfied judgment. Penalties include imprisonment for a term not less than one year and up to three years and a monetary fine within the statutory range.
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.
Fraud by company officers: criminal liability for inducing credit or concealing assets with imprisonment and fines.
Officers of a company later wound up or resolving to wind up are criminally liable where, by false pretences or other fraud, they induce credit to the company; or with intent to defraud creditors or others make or cause gifts, transfers, charges, or connive at executions against company property; or with intent to defraud conceal or remove company property around the time of an unsatisfied judgment. Penalties include imprisonment for a term not less than one year and up to three years and a monetary fine within the statutory range.
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