Cap. 386 Art. 306Prohibition of certain transfers by liquidators.

(1) A liquidator shall be prohibited from transferring or disposing of any assets of a company, directly or indirectly, in favour of -

(a) the liquidator himself, his partners or employees, or to the spouse of the liquidator, or to any other person related to him by consanguinity or affinity in the direct line, or, up to the third degree, in the collateral line; or

(b) a commercial partnership, other than a company, of which he is a partner; or

(c) a company of which he is a director, or of which he holds more than half in nominal value of its issued share capital, or in which he is entitled to more than half its voting power, or to a subsidiary or parent company thereof.

(2) A person who acts in contravention of any of the provisions of sub-article (1) or of article 305 shall be guilty of an offence and liable on conviction to a fine (multa) of not more than eleven thousand and six hundred and forty-six euro (€11,646).

Chapter V - Offences antecedent to dissolution or in course of winding up