Section 670 CAMA 2020

Section 670 Companies and Allied Matters Act is about Fraud by officers of companies in liquidation. It is under Chapter 24 (Provisions applicable to every mode of winding-up) of the Act.

A person who, being at the time of the commission of the alleged offence is an officer, of a company which is subsequently ordered to be wound up by the Court, or subsequently passes a resolution for voluntary winding-up—

(a) has by false pretence or by means of any other fraud induced any person to give credit to the company ;

(b) with intent to defraud creditors of the company, made or caused tobe made any gift or transfer of or charge on, or has cause or connive at the levying of any execution against the property of the company ; or

(c) with intent to defraud creditors of the company, has concealed or removed any part of the property of the company, or within two months before the date of any unsatisfied judgment or order for payment of money obtained against the company,he commits an offence and is liable on conviction to imprisonment for a term of two years.