• 44. 44. Fraudulent trading

    Section 857 applies to LLPs, modified so that it reads as follows —

    • 857. Fraudulent trading

      (1) If any business of an LLP is carried on with intent to defraud creditors of the LLP or creditors of any other person, or for any fraudulent purpose, a contravention of the Companies Regulations is committed by every person who is knowingly a party to the carrying on of the business in that manner.
      (2) This applies whether or not the LLP has been, or is in the course of being, wound up.
      (3) A person who commits the contravention referred to in subsection (1) shall be liable for a fine of up to level 8.
      (4) The provisions of this section are without prejudice to any other fine, censure or legal proceeding to which a member may be subject under the Companies Regulations or any other law or regulation applicable in the Abu Dhabi Global Market."