Bankruptcy Offences

SECTION

OFFENCE

DEFENCE

PENALTY

353

Non disclosure to the Trustee of any property comprised in the bankrupt’s estate and/or failure to disclose any disposal of assets which may be capable of setting aside

Innocent intention
(s.352)

7 years imprisonment, fine or both

354 (1) and (2)

If the debtor fails to deliver up all or any of his assets or if he conceals any debt due to or from him with a greater value than £500. Applies retrospectively for a period of 12 months prior to bankruptcy petition

355

Bankrupt fails to deliver up books, papers, and other records and/or prevents production, conceals, or destroys the records. Applies retrospectively for a period of 12 months prior to bankruptcy petition

356

Bankrupt makes false statement or material omission

359

Bankrupt disposes of any property obtained on credit in respect of which money is still owing in the period of 12 months prior to bankruptcy petition

357

Bankrupt transfers any property or makes a gift at any time within 5 years prior to the bankruptcy petition. Also an offence if debtor conceals or removes property within 2 months before or after a county court judgment has been obtained against him

2 years imprisonment, a fine or both

358

Bankrupt leaves or attempts to leave or makes any preparation to leave England/Wales with property valued at more than £500 in 6 months prior to bankruptcy petition

360

Bankrupt obtains credit either solely or jointly with another in excess of £250 without informing the creditor that he is a bankrupt. Wide definition of “credit”!

No defence

362

Bankrupt contributes to his insolvency by “hazardous speculation” (gambling!) in period of 2 years prior to bankruptcy petition

354(3)

Bankrupt fails to account for loss of any substantial part of his property incurred in the 12 months before bankruptcy petition

361

Bankrupt fails to keep proper accounting records in period of 2 years prior to bankruptcy petition. However, no offence if total liabilities do not exceed £20,000.

Failure is honest and excusable

11 (CDDA 1986)

Bankrupt is directly or indirectly involved in the management of a limited company without leave of the court

No defence