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.