Transactions defrauding creditors: criminal liability for officers who transfer or conceal corporate assets, punished by imprisonment or fine.

Section 69 penalises transactions defrauding creditors by a corporate debtor or its officers, covering transfers, gifts, charges, executed orders, and concealment or removal of corporate property within two months before any unsatisfied judgment, decree or order for payment; liability extends to the corporate debtor and responsible officers, and sanctions include imprisonment, fine, or both, subject to exemptions for acts done more than five years before the insolvency commencement date or where lack of intent to defraud is proved.

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