(1) Where it is found that an application by a under sub-section (2) of section 248 has been made with the object of evading the liabilities of the company or with the intention to deceive the creditors or to defraud any other persons, the persons in charge of the management of the company shall, notwithstanding that the company has been notified as dissolved—
(a) be jointly and severally liable to any person or persons who had incurred loss or damage as a result of the company being notified as dissolved; and
(b) be punishable for fraud in the manner as provided in section 447.
(2) Without prejudice to the provisions contained in sub-section (1), the may also recommend prosecution of the persons responsible for the filing of an application under sub-section (2) of section 248.
Enforcement Notification [S.O 4167 (E)] dated 26/01/2016