249. False representations to creditors

Any past or present officer of the Company commits a contravention and is liable to a fine at the relevant level set out in the Fines Schedule if —

(a) when a Company is being wound up or has entered insolvent administration, he makes any false representation or commits any other fraud for the purpose of obtaining the consent of the Company's creditors or any of them to an agreement with reference to the Company's affairs or to the winding-up or administration; or
(b) prior to the winding-up or administration, he has made any false representation or committed any other fraud for that purpose.