Insolvency Act · s 182

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 182Material omissions from statement relating to affairs of company

(1)

When a company is being wound up, whether by the Court or voluntarily, any person who, being a past or present officer of the company, makes any material omission in any statement relating to the affairs of the company is guilty of an offence and liable on conviction to a fine not exceeding $10,000, imprisonment for a term not exceeding 2 years or both.

(2)

When a company has been ordered to be wound up by the Court, or has passed a resolution for voluntary winding up, any such person is deemed to have committed that offence if, prior to the winding up, he has made any material omission in any such statement.

Insolvency

(3)

It is a defence for a person charged under this section to prove that he had no intent to defraud.