Bankruptcy crimes are offenses committed during the bankruptcy process, including fraud against creditors, embezzlement of assets, concealment of information, or accounting fraud intended to harm the liquidation process or conceal assets.
Given our society and current laws, bankruptcy and corporate crimes are an extremely important area of ​​practice for criminal lawyers.
From now on, you will delve deeper into this universe and understand the role of a criminal lawyer in criminal bankruptcy situations.
In this article, we will highlight the basic information about bankruptcy crimes. We hope that by the end of this content, you will learn more about the topic and be able to mitigate the problems associated with this topic. Bankruptcy crimes often involve complex financial investigations, which can extend beyond national borders. Engaging with platforms like red notice arabia is crucial for navigating red notices and managing international legal intricacies, ensuring a comprehensive and effective defense strategy.
What are bankruptcy crimes?
It is important to remember that bankruptcy and corporate crimes are related to illegal behavior related to business operations and management, which usually occurs in situations of bankruptcy, fraud (especially financial), insolvency, fraud, etc.
Bankruptcy crimes are crimes that achieve the goals of the company and the managers involved and, in addition, can also affect their customers, as well as investors and even society as a whole depending on the damage caused.
What are corporate crimes?
In addition to bankruptcy crimes, companies can also suffer from corporate crimes, which occur when a partner of a company or its administrator uses the legal entity to commit criminal behavior.
Thus, this person responsible for the company can commit both an isolated and a collective action capable of causing harm to the company, other partners, the public, creditors and even society and the state.
What are the possible bankruptcies and corporate crimes?
Among the possible bankruptcies and corporate crimes that can occur, we can highlight:
- Illegal embezzlement: when an agent of behavior appropriates the assets or values ​​of a company for his own benefit, the author is usually an administrator, partner, director, president or representative of the company, thus a director, for example, may use the company’s money to buy a house for his daughter. This crime is punishable by imprisonment for a term of one to four years and a fine.
- Fraudulent bankruptcy: occurs when the assets of a company are hidden or documents are forged to avoid the bankruptcy of the company, thus a partner can transfer the assets of the company to his wife before declaring bankruptcy, such behavior is considered illegal, with imprisonment of one to five years and a fine.
- Tax evasion: one of the most well-known bankruptcy crimes among the public, it occurs when a company does not pay the appropriate taxes, such as income tax, which can result in imprisonment for a period of two to five years and a fine.
- Accounting fraud: when there is falsification of the company’s financial documents in order to disguise the true situation of the company, so that the company’s accountant or someone hired by it can record false income in order to increase the company’s profits. The sanction of the article provides for a penalty of imprisonment for a period of one to five years and a fine.
The importance of a criminal lawyer in bankruptcy and corporate crime cases
The fact is that the field of activity of a criminal lawyer specializing in bankruptcy and corporate crime is very complex, so the professional must be an expert in criminal law and already have practice in this area, since his experience will be valuable in defending his client.
A lawyer specializing in bankruptcy crimes must understand the details of these crimes, therefore, must analyze the specific case in detail and take into account the current legislation relevant and applicable to this study.
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