Companies Act (Cap. 386), article 306

306. (1) A liquidator shall be prohibited from transferring or disposing of any assets of a comp any, directly or indirectly, i n favour of - (a) the liquidator himself, his partners or employees, or to the spouse of the liquidator, or to any other person related to him by consanguinity or affinity in the direct line, or, up to the third degr ee, in the collateral line; or (b) a commercial partnership, other than a company, of which he is a partner; or (c) a company of which he is a director, or of which he holds more than half in nominal value of its issued share capital, or in which he is entitled to more than half its voting power, or to a subsidiary or parent company thereof. (2) A person who acts in contravention of any of the provisions of sub-article (1) or of article 305 shall be guilty of an offe nce and liable on conviction to a fine ( multa) of not more than eleven thousand and six hundred and forty-six euro (€11,646). Chapter V - Of fences antecedent to dissolution o r in course of winding up Fraud in anticipation of dissolution. Amended by: L.N. 425 of 2007; XVIII.2025.35.