(1) Where it is found that an application by a
company under sub-section (2) of section 248 has been made with the object of evading the liabilities of
the company or with the intention to deceive the creditors or to defraud any other persons, the persons in
charge of the management of the company shall, notwithstanding that the company has been notified as
dissolved—
(a) be jointly and severally liable to any person or persons who had incurred loss or damage as a
result of the company being notified as dissolved; and
(b) be punishable for fraud in the manner as provided in section 447.
(2) Without prejudice to the provisions contained in sub-section (1), the Registrar may also
recommend prosecution of the persons responsible for the filing of an application under sub-section (2) of
section 248.