Question

In situations where it is determined that a company's application under section 248 was made with the intention of evading liabilities, deceiving creditors, or defrauding others, what are the consequences for the individuals managing the company?

A They are exempt from any liability or punishment
B They are subject to administrative fines only
C They shall be punishable for fraud as per section 447
D They are liable to reimburse any person affected by the company's dissolution
E Both c & d
Practice Next

Hey! Ask a query