Insolvency Act · 2022 Revised Edition · Chapter X
182. Material omissions from statement relating to affairs of company
Official textFrom Attorney General's Chambers, unchanged
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.
company
“company” means a company incorporated or registered under the Companies Act;
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.
Court
“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
Insolvency
insolvency
“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
It is a defence for a person charged under this section to prove that he had no intent to defraud.
Terms defined in s 3
company
Defined · s 3“company” means a company incorporated or registered under the Companies Act;
Court
Defined · s 3“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
insolvency
Defined · s 3“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
resolution for voluntary winding up
Defined · s 3“resolution for voluntary winding up” means a resolution passed under section 66(1)(a) or (b);
Part