|
Section |
Offence |
Mode of trial |
Max penalties |
|
19 |
Concealment of creditors |
Summary |
$500 fine and/or 1 year imprisonment |
|
29 |
Failing to provide memorandum and articles to members |
Summary |
$2 for each default |
|
34 (2) |
Distribution of dividend from share premium account where company unable to pay debts |
Summary |
$15,000 fine and/or 5 years imprisonment |
|
37 (6) (b) |
Payment out of capital for redemption or repurchase of any share where company unable to pay debts |
Summary |
$15,000 fine and/or 5 years imprisonment |
|
65 |
Refusal or neglect to produce book or document or answer question relating to company affairs |
Summary |
$40 per offence |
|
77 |
General penalty for breach of duty |
Summary |
$5,000 fine |
|
101 (7) |
Failure in provision of statement of affairs to liquidator |
Summary |
$10,000 fine |
|
123 |
Failures relating to duty to file notice of voluntary winding up |
Summary |
$10,000 fine |
|
124 |
Declaration of solvency |
Summary |
$10,000 and 2 years imprisonment |
|
126 |
Liquidators failure to call general meeting |
Summary |
$10,000 fine |
|
127 |
Liquidators failure to call general meeting or make a return |
Summary |
$10,000 fine |
|
134 |
Fraud in anticipation of winding up |
Either way |
$5,000 fine and imprisonment for 5 years |
|
135 |
Transactions in fraud of creditors |
Either way |
$5,000 fine and imprisonment for 5 years |
|
136 |
Misconduct in course of winding up |
Either way |
$20,000 and imprisonment for 5 years |
|
137 |
Material omissions from statement relating to company's affairs |
Either way |
$20,000 and imprisonment for 5 years |
|
152 |
Failure to file order for dissolution |
Summary |
$10 per day |
|
173 |
False declaration |
Summary |
$5,000 fine and imprisonment for 1 year |
|
176 |
Exempted company – carrying on business in the Islands |
Summary |
$100 per day and immediate dissolution and removal |
|
193 |
Foreign company – failure to comply with requirements of Part IX |
Summary |
Fine $100 and $10 per day |
|
201 |
Transfer by way of continuation - Declaration or affidavit without reasonable grounds |
Summary |
$15,000 fine and 5 years imprisonment |
|
206 |
Exempted company - Declaration or affidavit without reasonable grounds |
Summary |
$15,000 fine and 5 years imprisonment |
|
214 |
Exempted company - Declaration or affidavit without reasonable grounds |
Summary |
$15,000 fine and 5 years imprisonment |
|
229 |
Offences relating to transfer of bearer shares |
Summary |
$50,000 |
|
230 |
Custody of bearer shares |
Summary |
$1,000 per day and immediate dissolution |
|
233 |
Merger and consolidation – false declaration |
Summary |
$20,000 and imprisonment for 5 years |
|
237 |
Merger or consolidation with overseas company – false declaration |
Summary |
$20,000 and imprisonment for 5 years |
|
243 |
Failure to comply with provisions relating to publication of foreign bankruptcy proceedings |
Summary |
$10,000 |
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.