(1) A debtor or the management of a debtor is guilty of an offence if he or she-

(a) conceals or parts with or intentionally destroys any book or accounting record relating to the affairs of the debtor or intentionally erases the information contained therein or makes it illegible or permits any other person to perform any such act with regard to any such book or accounting record; or
(b) alienates property, obtained by him or her or the estate on credit and not paid for, otherwise than in the ordinary course of business; or
(c) despite having been expressly asked about his or her or the debtor’s financial standing and credit worthiness, falsely conceals his or her or the debtor’s insolvent status and as a result thereof obtains credit for more than $50: or
(d) offers or promises to any person a reward in order to procure the acceptance by a creditor of an offer of compromise or to give up any investigation with regard to the estate or to conceal any information in connection therewith or, in the case of a debtor who is a natural person, to induce a creditor not to oppose an application for rehabilitation; or

(e) at any time within two years before the date of liquidation of his or her estate or the estate of the debtor, with intent to obtain credit or the extension of credit, gave false information or concealed any material fact in connection with his or her or the debtor’s assets and liabilities to anyone who became his or her or the debtor’s creditor; or
(f) at any time before the date of liquidation of the estate of the debtor deducted an amount from salary paid to an employee for payment to someone other than the debtor and fails to pay the amount to the person entitled thereto when required or if payment is not required within a specified period within 14 days after payment of the salary; or (g) in the case of a debtor who is a natural person who carried on a business or practised a profession or occupation, failed to keep proper accounting records of all business transactions, income, expenditure, assets and liabilities and to retain the accounting records for a period of at least three years; or

(h) in the case of a debtor who is a natural person debtor, if at any time when his or her liabilities exceeded his or her assets or at any time within six months immediately prior to the date of liquidation of his or her estate he or she reduced his or her assets through gambling, betting or risky speculation or contracted debts which were not reasonably necessary in connection with business or occupation or for his or her own maintenance or that of his or her dependants; or

(i) contracted any debt of $10 or more or debts to the aggregate of $50 or more, without any reasonable expectation of being able to discharge such debt or debts; or

j) without good cause fails to submit a statement of his or her affairs or the affairs of the debtor as required by section 43( l)(b); or

(k) without lawful cause fails to attend any meeting or continuation of a meeting of creditors of his or her estate or the estate of the debtor of which he or she has been notified; or

(l) knows that any person has proved a false claim against his or her estate or the estate of the debtor and fails to inform the Master and the liquidator in writing of that fact within 14 days as from the date upon which he or she acquired that knowledge.

• According to the Insolvency Act [Chapter 6:07]. PART XXIII: Corporate Rescue