(a) A person commits a misdemeanor, if, with intent to defraud a creditor and with knowledge either that proceedings have been or are about to be instituted for the appointment of an administrator or that a composition agreement or other arrangement for the benefit of creditors has been or is about to be made, he: (1) conveys, transfers, removes, conceals, destroys encumbers or otherwise disposes of any part of or any interest in the debtor's estate; (2) obtains any substantial part of or interest in the debtor's estate; (3) presents to any creditor or to the administrator any writing or record relating to the debtor's estate or to a creditor's claim, knowing the writing or record to contain a false material statement;
(4) fails or refuses to disclose any information that he is required by law to furnish to the administrator regarding the existence, amount or location of any part of or any interest in the debtor's estate; or (5) misrepresents any information furnished to the administrator regarding the existence, amount or location of any part of or any interest in the debtor's estate. (b) As used in this Section, “administrator” means an assignee or trustee for the benefit of creditors, a conservator, a receiver or any other person entitled to administer property for the benefit of creditors. SOURCE: M.P.C. § 224.11; *Mass. ch. 266, § 37; N.J. § 2C:21-13. CROSS-REFERENCES: § 46.55 - Complemented. COMMENT: A new Section. This Section is narrowly drawn in that the defendant must have an intent to defraud a creditor, although not necessarily his own, and must know of the actual or impending appointing of an administrator in an insolvency proceeding, or that a composition or other arrangement for the benefit of creditors has been or is about to be made. Considering the large number of bankruptcies and insolvencies which have been occurring on Guam, this Section could be of some use.