Violations of the W.Va. and accounting laws
Violations of the W.Va. and accounting laws
On February 28, 2019, the new Belgian Companies and Associations Code was approved by Parliament. This Code will apply to already existing companies and associations as of January 1, 2020. From May 1, 2019, the provisions of this Code were applied to new companies and associations.
The new Companies and Associations Code lists various criminal provisions. Below we provide a brief overview of some of the crimes that can be committed in relation to this Code and how they are punished.
Crimes involving directors who make deposits of shares at the company's expense or acknowledge having made deposits of shares, when they were not actually made in the prescribed manner and at the prescribed times.
- Any director of the company may be considered a perpetrator of this crime.
- This crime is punishable by imprisonment from one month to one year and a fine from 50 to 10,000 euros. The amounts of the fine have yet to be multiplied by the opdeciemen. Currently, these are equal to 8 (fine amount x8).
Crimes related to the audit of financial statements and consolidated financial statements (Failure to comply with rules related to the audit).
- Members of the governing body, directors and agents of the company may be considered perpetrators of this crime.
- This crime is punishable by a fine of 50 to 10,000 euros.
- If these acts were committed intentionally, they are punishable by imprisonment of one month to one year or a fine of 50 to 10,000 euros. Imprisonment and a fine can also be imposed simultaneously. The amounts of the fine still have to be multiplied by the opdeciemen. Currently, these are equal to 8. (fine amount x8)
