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of <h1>Clause 339: Personal Liability for Directors and Officers in Fraudulent Company Wind-Ups, Enforced Under Section 447.</h1> Clause 339 of the Companies Bill, 2011 addresses liability for fraudulent conduct during the winding up of a company. If it appears that the company's business was conducted with intent to defraud creditors or for any fraudulent purpose, the Tribunal may declare individuals such as directors, managers, or officers personally liable for the company's debts. This liability is without limitation and can be enforced through charges on debts or assets. Any person knowingly involved in such fraudulent activities may also face action under section 447, regardless of other applicable laws. The term 'officer' includes those directing company actions.
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