Enforcement And Bankruptcy Offense 10

Enforcement And Bankruptcy Offense 10

Enforcement and Bankruptcy Offense – Failure to Report Increases in Assets and Income After Asset Declaration

If a debtor who is obligated to report any assets acquired or increase in income after the declaration of assets, i.e., a debtor who commits the crime of failure to report an increase in assets or income after the declaration of assets, fails to submit the declaration of assets to the enforcement office within seven days without a valid excuse, (in writing or verbally) shall be punished under Article 339 of the Enforcement and Bankruptcy Law.

Pursuant to the second paragraph of the law, punishment for enforcement offenses shall be decided upon the creditor’s complaint. However, if the debtor pays the amount subject to enforcement in full, this punishment shall be waived.

Of course, for the debtor to be required to make such a declaration, there must be an increase in their assets or income. Otherwise, the debtor cannot be punished under this article.

The court responsible for hearing the case is the Enforcement Criminal Court. The competent court is the court where the debtor’s place of business is located or the court where the proceedings are conducted.