CGQP Singapore Company Law Practice Questions - CGQP Singapore Company Law & Compliance Exam

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Under Section 340(1) of the Companies Act, when a company's business is carried on with intent to defraud creditors, who may be held personally liable for the debts of the company?

Only the company secretary who filed the annual returns Any person who was knowingly a party to the carrying on of the business in that manner All directors of the company automatically, without proof of knowledge Only the majority shareholder of the company

Correct Answer:

Any person who was knowingly a party to the carrying on of the business in that manner

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