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245. Transactions in fraud of creditors

(1) When a Company is ordered to be wound up by the Court or passes a resolution for voluntary winding-up or enters insolvent administration, a person commits a contravention and is liable to a fine at the relevant level set out in the Fines Schedule if he, being at the time an officer of the Company —
(a) has made or caused to be made any gift or transfer of, or charge on, or has caused or connived at the levying of any execution against, the Company's property; or
(b) has concealed or removed any part of the Company's property since, or within two (2) months before, the date of any unsatisfied judgment or order for the payment of money obtained against the Company.
(2) A person is not guilty of a contravention if —
(a) he carried out the conduct under subsection (1)(a) above more than five years before the commencement of the winding-up or entry into insolvent administration; or
(b) he proves that, at the time of the conduct constituting a breach of these Regulations he had no intent to defraud the Company's creditors.