A knowingly false official statement made by a citizen, who is a founder or owner of a
business entity, or an official of a business entity, or a citizen, who is an individual
entrepreneur, declaring the financial incapacity to meet the liabilities with respect to creditors
and budget, where such actions caused significant pecuniary damage to creditors or the State,
shall be punishable by a fine of 750 to 2,000 tax-free minimum incomes, or restraint of liberty
for a term up to three years.
Note: The pecuniary damage in Articles 218 to 223 of this Code is significant if it equals or
exceeds 500 tax-free minimum incomes.
Article 219. Making bankrupt
Making bankrupt, that is willful actions of an owner or official of a business entity taken for
selfish motives, other personal interest or interests of any third party and resulting in a lasting
financial insolvency of such business, where it caused a significant pecuniary damage to the
State or a creditor, shall be punishable by a fine of 500 to 800 tax-free minimum incomes with the deprivation of
the right to occupy certain positions or engage in certain activities for a term up to 3 years.
Article 220. Concealment of lasting financial insolvency
Willful concealment of financial insolvency by a citizen, who is the founder or owner or an
official of a business entity, by way of filing false reports, where these acts cause a significant
pecuniary damage to a creditor, shall be punishable by a fine of 2,000 to 3,000 tax-free minimum incomes, or restraint of
liberty for a term up to two years, with the deprivation of the right to occupy certain positions
or engage in certain activities for a term up to 3 years.
Article 221. Illegal actions in case of bankruptcy
Where a person, who has established, or owns or acts for a business that goes or may go
bankrupt,
Willful concealment of assets or property obligations, any information on assets, transfer of
titles, alienation or destruction of property, and also fabrication, concealment or destruction of
business or financial documents by a citizen who is the founder, owner or official of a
business entity in case of bankruptcy, where these actions caused a significant pecuniary
damage, shall be punishable by a fine of 100 to 500 tax-free minimum incomes, or arrest for a term up
to three months with the deprivation of the right to occupy certain positions or engage in
certain activities for a term up to three years.
Article 222. Financial fraud
1. Filing knowingly false information by a private entrepreneur or a founder, owner or official
of a business entity to government agencies, authorities of the Autonomous Republic of
Crimea or local government authorities, banks or other creditors in order to obtain subsidies,
subventions, grants, loans or tax credits, where no elements of criminal offense against
property are involved, -