PART XX Winding Up of Companies Registered Under this Act or the Former Companies Acts

CHAPTER V Provisions Applicable to Every Mode of Winding up

Offences of fraud, deception, etc., before and in course of winding up; fraudulent trading and its consequences

625 Transactions in fraud of creditors

(1) When a company is ordered to be wound up by the court or passes a resolution for voluntary winding up, a person is deemed to have committed an offence if he, being at the time an officer of the company—

(a) with intent to defraud creditors of the company, 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) with that intent, 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.

(2) A person guilty of an offence under this section is liable to imprisonment or a fine, or both.