Any debtor who commits any of the following acts shall be punished with imprisonment and / or a fine not exceeding (AED 500,000) five hundred thousand UAE dirhams: 1. Intentionally conceals all or any of their assets, with the intention of obtaining the approval of the required majority on the preventive settlement proposal, plan or composition terms. 2. Intentionally enables a fictitious creditor or a creditor prohibited from engaging in the proceedings or a debtor who has overstated its debt to take part in the deliberations and voting or intentionally lets their take part therein. 3. Intentionally omits to mention any of the creditors in the List of Creditors.
Interpretation and application must be checked against the official text and current version.