Insolvency Act · s 183

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s 183False representations to creditors

(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 false representation or commits any other fraud for the purpose of obtaining the consent of the creditors of the company or any of them to an agreement with reference to the company’s affairs or to the winding up, 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)

Any such person is deemed to have committed that offence if, prior to the winding up, he has made any false representation, or committed any other fraud, for that purpose.

Penalisation of directors and officers