444. Liability where proper accounts not kept

Where in the course of the administration or liquidation of a company it is shown that proper books of accounts were not kept by the company throughout the period of two years immediately preceding the date of commencement of the administration or liquidation, or the period between the incorporation of the company and the date of commencement of the administration or liquidation, whichever is the shorter, every director and other officer of

For the purposes of this section, proper books of accounts shall be deemed not to have been kept in the case of any company if there have not been kept such books of accounts as are necessary to exhibit and explain the transactions and financial position of the trade or business of the company, including books containing entries from day to day in sufficient detail of all cash received and cash paid, and, where the trade or business involves dealing in goods, statements of annual stock-takings (except in the case of goods sold by way of ordinary retail trade) of all goods sold and purchased, showing the goods and the buyers and sellers thereof in sufficient detail to enable those goods and those buyers and sellers to be identified.