1. Anyone who, being in a situation of current or imminent insolvency, carries out any of the following acts shall be punished with a prison sentence of one to four years and a fine of eight to twenty-four months:
1. Conceals, damages, or destroys assets or property that are included, or would have been included, in the bankruptcy estate at the time of its commencement.
2. Carries out acts of disposal by delivering or transferring money or other assets, or by assuming debts, that are disproportionate to the debtor's financial situation or income, and that lack economic or business justification.
3. Carries out sales or provides services at a price lower than their acquisition or production cost, and that, under the circumstances of the case, lack economic justification.
4. Simulates third-party debts or recognizes fictitious debts.
5. Participating in speculative ventures when this lacks economic justification and, given the circumstances and the economic activity carried out, is contrary to the duty of due diligence in the management of economic affairs.
6. Failing to comply with the legal duty to keep accounting records, maintaining double accounting records, or committing irregularities in their maintenance that are relevant to understanding their assets or financial situation. The destruction or alteration of accounting records will also be punishable when this significantly hinders or prevents the understanding of their assets or financial situation.
7. Concealing, destroying, or altering the documentation that the business owner is obligated to keep before the expiration of the period to which this legal duty extends, when this hinders or prevents the examination or assessment of the debtor's true economic situation.
8. Prepare the annual accounts or accounting records in a manner contrary to the regulations governing commercial accounting, in such a way as to hinder or prevent the examination or assessment of the debtor's true financial situation, or fail to comply with the duty to prepare the balance sheet or inventory within the prescribed period.
9. Engage in any other active or passive conduct that constitutes a serious breach of the duty of diligence in the management of financial affairs, resulting in a decrease in the debtor's assets or concealing the debtor's true financial situation or business activity.
2. The same penalty shall be imposed on anyone who, through any of the conduct referred to in the preceding paragraph, causes their own insolvency.
3. When the acts have been committed through negligence, a prison sentence of six months to two years or a fine of twelve to twenty-four months shall be imposed.
4. This offense shall only be prosecuted when the debtor has failed to regularly fulfill their due obligations or has been declared bankrupt.
5. This offense and any related individual offenses committed by the debtor or a person acting on their behalf may be prosecuted without waiting for the conclusion of the bankruptcy proceedings and without prejudice to their continuation. The amount of civil liability arising from these offenses shall, where applicable, be included in the bankruptcy estate.
6. Under no circumstances shall the classification of insolvency in the bankruptcy proceedings be binding on the criminal courts.