Every natural person referred to in Article 227 above who, in case of insolvency, is guilty where he has:
1) Hidden his accounts;
2) Embezzled or concealed all or part of his assets;
3) fraudulently declared himself liable for sums not owed either in his accounting records or by public acts or commitments under private deed or in his balance sheet;
4) engaged in an independent professional, civil, commercial, handicraft, or agricultural activity in violation of a ban provided for in one Uniform act or in a statutory or regulatory provision of a State party;
5) after insolvency, has paid a creditor to the detriment of the bodyof creditors;
6) Has granted special benefits to a creditor because of his vote during the deliberations of the body of creditors or has entered into a special agreement with a creditor stipulating that the latter shall enjoy a benefit to be borne by the assets of the debtor with effect from the date of the decision to initiate pro ceedings.
Shall also be guilty of fraudulent bankruptcy, any natural person referred to in Article 227 above who, during the preventive settlement, reorganization or assets liquidations proceedings, has:
1) In bad faith, presented or permitted the presentation of an income statement, a balance sheet, a statement of claims and debts, or a statement of preferential claims and securities that is inexact and incomplete;
2) Without the authorization of the president of the competent court, performed one of the acts prohibited in Article 11above.
Unofficial translation
Transcription: Spot-checked
In force from 24-12-2015
Source page 119
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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