Companies Act (Cap. 386), article 313

313. (1) If any person, being at the time of the commission of the alleged offence, an officer of a company which is subsequen tly dissolved in accordance with the provisions of article 214, has - (a) by false pretences or by means of any other fraud induced any person to give credit to the company; or (b) with intent to defraud creditors of the company, 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 (c) with intent to defraud creditors of the company, concealed or removed any pa rt of the property of the company since, or within two months before, the date of any unsatisfied judgment or order for payment of money obtained against the company, he shall be guilty of an offence and 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. (2) A person shall not be guilty of an offence under sub-article (1) by reason of conduct constituting an offence under paragrap h (b) of the said sub-article which occurred more than five years before the date of deemed dissolution. Liability when proper accounting records are not kept by insolvent company. Amended by: L.N. 425 of 2007; XVIII.2025.40.