SECTION 196

P. 109 of 139 In reorganization and assets liquidation proceedings, the competent court shall, at any time, pronounce the personal bankruptcy of an individual who has: 1) hidden the accounts of their company, embezzled or hidden part of its assets or fraudulently recognized debts which did not exist; 2) engaged in an independent professional, civilian, commercial, handicrafts or agricultural activity either through an intermediary or under cover of the legal entity concealing his dealings; 3) used the creditor assets of the legal entity as if they were his own; 4) by fraudulent misrepresentation, obtained forthemselvesorfortheircompany,aarrangementwhichwaslaterannulled; 5) Committedactsin bad faith, inexcusable misdeeds or serious offences against trade rules and practices such as defined in Article 197 hereinafter. Top executives of a legal entity convicted for fraudulent bankruptcy or personal bankruptcy shall also be declared in personal bankruptcy.