The provisions of section 672 (3) of this Act which imposes a penalty for certain offences connected with fraudulent trading discovered on the winding-up of a company shall extend and apply to cases where fraudulent trading is discovered in circumstances other than on the winding-up of a company.
Companies and Allied Matters Act 2020 · Part B · Chapter 29
Section 740Extended effect of penalty for offence of fraudulent trading
Cite as: Companies and Allied Matters Act 2020, section 740
What this section means
From the guide: How CAMA 2020 applies: existing companies, court powers, offences and relief for officers
- The fraudulent trading penalty in section 672(3) also applies where fraudulent trading is found outside a winding up (section 740).
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Source: Companies and Allied Matters Act 2020 (Act No. 3 of 2020), Official Gazette No. 124, Lagos, 10 August 2020. General information, not legal advice.