(1) Any individual trader in the position of cessation of payment who:
a) makes, without receiving securities in exchange, commitments
deemed too heavy in relation to his situation when he made them ;
b) where, with intent to delay the establishment of cessation of
payments, makes purchases for resale at lower prices or where, with
same intent, uses ruinous means to obtain funds ;
c) where, without valid reason, fails to declare his situation of cessation
of payments at the Registry of the competent court within a period of 30
(thirty) days ;
d) keeps incomplete or improper accounts or does not keep any
accounts in conformity with generally accepted accounting rules and
practices, with regard to the size of the company,
shall be punished with imprisonment for from 1 (one) month to 2 (two) years.
2) Any individual trader who, having been declared 3 (three) times in a
situation of cessation of payments within a period of 5 (five) years, and where
such proceedings were closed for asset inadequacy, shall also be convicted
for culpable bankruptcy and punished with the penalties provided for in
Subsection (1) above.
Official text
Spot-checked
In force from 12 July 2016
Source page 124