Every natural person in a situation of insolvency who meets one of the following criteria shall be guilty of negligent bankruptcy:
1) Where he has contracted, without receiving securities in exchange, commitments deemed too important for his situation when he contracted them;
2) where, with intentto delay the insolvency situation, made purchases for resale at lower prices or where, with the same intent, used ruinous means to obtain funds;
3) where, without a lawful excuse, he failed to declare insolvency to the registry of the competent court within thirty (30) days of its occurrence;
4) where his accounting is incomplete or irregularly kept or where his books did not comply with accounting regulations and practices in the profession given the importance of the company;
5) Where, having been declared insolvent three (3) times within five (5) years, such proceedings were closed due to insufficient assets.
P. 119 of 139
Unofficial translation
Transcription: Spot-checked
In force from 24-12-2015
Source page 118
The document's transcription was spot-checked against the supplied source; this does not confirm a line-by-line review of every provision.
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