At any time during the collective proceedings, the competent court shall declare the personal
bankruptcy of any person who:
1° takes away the accounts of the company, misappropriates or hides part of its assets or
recognizes fraudulent debts which do not exist;
2° in order to conceal his scheme, carries out a commercial activity in his personal interest either
through an intermediary or under cover of a company;
3° disposes of the credit or property of the company as if the property belongs to him;
4° obtains for himself or for the company by fraudulent misrepresentation a composition
agreement which is later annulled.
5° commits acts in bad faith or commits unworkable negligent acts or serious offences against
the trade rules and practices such as defined in Article 197 below.
Any manager of a company who shall be convicted for fraudulent bankruptcy or culpable
bankruptcy shall also be declared personally bankrupt.
Official translation
Spot-checked
In force from 10 April 1998
Source page 61