• PART 27 PART 27 FRAUDULENT TRADING

    • 857. Fraudulent trading

      (1) If any business of a company is carried on with intent to defraud creditors of the company or creditors of any other person, or for any fraudulent purpose, a contravention of these 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 company 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 director may be subject under these Regulations or any other law or regulation applicable in the Abu Dhabi Global Market.