Every natural person in a situation of insolvency who meets one of the following criteria shall be
guilty of negligent bankruptcy:
1) Where he has contracted, without receiving securities in exchange, commitments deemed
too important for his situation when he contracted them;
2) where, with intentto delay the insolvency situation, made purchases for resale at lower
prices or where, with the same intent, used ruinous means to obtain funds;
3) where, without a lawful excuse, he failed to declare insolvency to the registry of the
competent court within thirty (30) days of its occurrence;
4) where his accounting is incomplete or irregularly kept or where his books did not comply
with accounting regulations and practices in the profession given the importance of the
company;
5) Where, having been declared insolvent three (3) times within five (5) years, such
proceedings were closed due to insufficient assets.
Unofficial translation
Spot-checked
In force from 10 September 2015
Source page 118