Insolvency Act · s 179

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179.
Transactions in fraud of creditors
(1) Subject to subsection (2), when a company is ordered to be wound up by the Court or passes a resolution for voluntary winding up, a person who, being at the time an officer of the company —
(a) has made or caused to be made any gift or transfer of, or charge on, or has caused or connived at the levying of any execution against, the company’s property; or
(b) has concealed or removed any part of the company’s property since, or within 2 months before, the date of any unsatisfied judgment or order for the payment of money obtained against the company,

Insolvency 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) A person is not guilty of an offence under this section —
(a) by reason of conduct constituting an offence under subsection (1)(a) which occurred more than 5 years before the commencement of the winding up; or
(b) if he proves that, at the time of the conduct constituting the offence, he had no intent to defraud the company’s creditors.

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s 179Transactions in fraud of creditors

(1)

Subject to subsection (2), when a company is ordered to be wound up by the Court or passes a resolution for voluntary winding up, a person who, being at the time an officer of the company —

(a)

has made or caused to be made any gift or transfer of, or charge on, or has caused or connived at the levying of any execution against, the company’s property; or

(b)

has concealed or removed any part of the company’s property since, or within 2 months before, the date of any unsatisfied judgment or order for the payment of money obtained against the company,

Insolvency 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)

A person is not guilty of an offence under this section —

(a)

by reason of conduct constituting an offence under subsection (1)(a) which occurred more than 5 years before the commencement of the winding up; or

(b)

if he proves that, at the time of the conduct constituting the offence, he had no intent to defraud the company’s creditors.