Execution and Bankruptcy Crime – Failure to Report Increase in Assets and Income After Declaration of Assets
A debtor who is legally obligated to report any increase in assets or income acquired after a declaration of assets, and who commits the crime of failing to report an increase in assets and income after a declaration of assets, will be punished under Article 339 of the Enforcement and Bankruptcy Law if they fail to report this increase to the enforcement office within seven days (either in writing or orally) without a justifiable excuse.
According to the second paragraph of the law, punishment for execution crimes is decided upon the complaint of the creditor. However, if the debtor fully pays the amount subject to the execution proceedings, this punishment will be dropped.
Of course, for the debtor to be obligated to make such a declaration, there must be an increase in their assets or income. Otherwise, the debtor cannot be punished under this article.
The court responsible for hearing this crime is the Enforcement Criminal Court. The competent court is the court of the place where the debtor’s place of business is located or the court of the place where the execution proceedings are conducted.