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246. Misconduct in course of winding-up or insolvent administration

When a Company is being wound up or has entered insolvent administration, a past or present officer of a Company commits a contravention and is liable to a fine at the relevant level set out in the Fines Schedule if he —

(a) does not to the best of his knowledge and belief fully and truly discover to the liquidator or administrator, as the case may be, all the Company's property, and how and to whom and for what consideration and when the Company disposed of any part of that property (except such part as has been disposed of in the ordinary way of the Company's business);
(b) does not deliver up to the liquidator or administrator, as the case may be (or as he directs), all such part of the Company's property as is in his custody or under his control, and which he is required by law to deliver up;
(c) does not deliver up to the liquidator or administrator, as the case may be, (or as he directs) all books and papers in his custody or under his control belonging to the Company and which he is required by law to deliver up;
(d) knowing or believing that a false debt has been proved by any person in the winding-up or administration, fails to inform the liquidator or administrator, as the case may be, as soon as practicable;
(e) after the commencement of the winding-up or administration, prevents the production of any book or paper relating to the Company's property or affairs; or
(f) after the commencement of the winding-up or administration, he attempts to account for any part of the Company's property by fictitious losses or expenses,

and, except in the case of paragraph (f), he does so with the intention of defrauding creditors of the Company.