SECTION 228

Any person who, being insolvent: 1° enters into a contract without receiving securities in exchange, or into commitments deemed too expensive having regard to his situation when he contracted them; 2° with intent to conceal his insolvency buys goods with a view to selling them at a lower price or where, with the same intent, uses ruinous means to obtain funds; 3° without just cause fails to declare his insolvency within the time limit of thirty days in the registry of the competent court; 4° keeps accounts which are incomplete or irregular or keeps no accounts as required by the accounting regulations and practices of the profession having regard to the size of the company; 5° has twice been declared insolvent within five years whereby proceedings were closed for insufficiency of assets, shall be punished with the penalty prescribed for the offence of culpable bankruptcy.