Companies Act (Cap. 386), article 308

308. (1) When a company is being wound up by the court or voluntarily, a person shall be guilty of an offence if, being a n officer of the company, he - (a) has made or caused to be made any gift or transfer of, or charge on, or has caused or connived at the enforcement of any executive title against, the property of the company; or (b) has concealed or removed any part of the property of the company since, or with in two months before, the date of any unsatisfied judgment or order for payment of money against the company. (2) A person shall not be guilty of an offence under sub-article 188 CAP. 386.] COMP ANIES (1) if he proves that, at the time of the conduct constituting the offence, he had no intent to d efraud the company’s creditors. (3) A person guilty of an offence under this article shall be liable on conviction to a fine ( multa) of not more than two hundred and thirty-two thousand and nine hundred and thirty-seven euro (€232,937), or imprisonment for a term not exceeding five years, or to both such fine ( multa) and imprisonment. (4) For the purposes of this article, the expression "officer" shall include any person in accordance with whose directions or instructions the directors of a company have been accustomed to act. Other offences by officers of companies being wound up. Amended by: L.N. 425 of 2007; XVIII.2025.37.