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Fraudulent insolvency, A314 Revised Penal Code

Fraudulent insolvency – refers to the offense of absconding with property to the prejudice of creditors.

1. Concept

Fraudulent insolvency – refers to the offense of absconding with property to the prejudice of creditors.

a. Legal basis

Article 314. Fraudulent insolvency. - Any person who shall abscond with his property to the prejudice of his creditors, shall suffer the penalty of prision mayor, if he be a merchant and the penalty of prision correccional in its maximum period to prision mayor in its medium period, if he be not a merchant.

(Revised Penal Code)

2. Modes of commission

The following are the modes of committing the offense:

1) To abscond with property to the prejudice of creditors

a. Mode 1: Absconding with properties to the prejudice of creditors

Elements of the offense:

1) That the offender has properties;

2) That the offender has debts owing to creditors; and

2) That the offender absconds with his property to the prejudice of his creditors. (REVISED PENAL CODE, Article 314)

1) Element 1: Properties

That the offenders must have property is an element of the offense as these are what they will be absconding with to the prejudice of creditors. As the provision does not specify what kind of property, it may include all forms of property, from personal/movable properties to real/immovable properties. As the law does not distinguish, neither shall we (ubi lex non distinguit nec nos distinguere debemus).

2) Element 2: D...

 



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