PART III CORPORATE CODE
Operation
Punishment for fraudulent trading64
1
If any business of an open-ended investment company is carried on with intent to defraud creditors of the company or creditors of any other person, or for any fraudulent purpose, every person who was knowingly a party to the carrying on of the business in that manner is guilty of an offence and liable—
a
on conviction on indictment, to imprisonment not exceeding a term of F1ten years or to a fine or to both;
F2b
on summary conviction—
i
in England and Wales, to imprisonment for a term not exceeding twelve months or a fine not exceeding the statutory maximum (or both);
ii
in Scotland or Northern Ireland, to imprisonment for a term not exceeding six months or a fine not exceeding the statutory maximum (or both).
2
This regulation applies whether or not the company has been, or is in the course of being, wound up (whether by the court or otherwise).