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Criminal liability of persons concerned for fraudulent trading of company.
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137.—The Principal Act is hereby amended by the substitution for section 297 of the following section—
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“297.—(1) If any person is knowingly a party to the carrying on of the business of a company with intent to defraud creditors of the company or creditors of any other person or for any fraudulent purpose, that person shall be guilty of an offence.
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(2) Any person who is convicted of an offence under this section shall be liable—
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(a) on summary conviction to imprisonment for a term not exceeding 12 months or to a fine not exceeding £1,000 or to both, or
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(b) on conviction on indictment, to imprisonment for a term not exceeding 7 years or to a fine not exceeding £50,000 or to both.”.
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