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Excerpts from the
Bankruptcy and
Insolvency Act
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BANKRUPTCY FAILING TO KEEP PROPER BOOKS OF ACCOUNT
Section 200
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| (1) |
Bankrupt failing to keep proper books of account
- Any person becoming bankrupt or making a proposal who
has on any previous occasion been bankrupt or made a proposal to the
person's creditors is guilty of an offence punishable on summary
conviction and is liable to a fine on exceeding five thousand dollars
or to imprisonment for a term no exceeding one year, or to both, if |
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(a) |
being engaged in any trade or business, at any time within the
period beginning on the day that is two years before the date of the
initial bankruptcy event and ending on the date of the bankruptcy,
both dates included, that person has not kept and preserved proper
books of account; or |
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(b) |
within the period mentioned in paragraph (a), that person conceals,
destroys, mutilates, falsifies or disposes of, or is privy to the
concealment, destruction, mutilation, falsification or disposition of,
any book or document affecting or relating to the person's property or
affairs, unless the person has no intent to conceal the state of the
person's affairs. |
| (2) |
Proper books of account defined - For the purpose of this section, a debtor shall be deemed
not to have kept proper books of account if he has not kept
such books or accounts as are necessary to exhibit or explain his
transactions and financial position in his trade or business,
including a book or books containing entries from day to day in
sufficient detail of all cash received and cash paid, and, where the
trade or business has involved dealings in goods, also accounts of all
goods sold and purchased, and statements of annual and other stock
takings. |
RETURN
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