(1) If any business of an open-ended investment company is carried on with intent to defraud creditors of the company or creditors of any other person, or for any fraudulent purpose, every person who was knowingly a party to the carrying on of the business in that manner is guilty of an offence and liable -
(a) on conviction on indictment, to imprisonment not exceeding a term of ten years or to a fine or to both;
(b) on summary conviction -
(i) in England and Wales, to imprisonment for a term not exceeding twelve months or a fine not exceeding the statutory maximum (or both);
(ii) in Scotland or Northern Ireland, to imprisonment for a term not exceeding six months or a fine not exceeding the statutory maximum (or both).
(2) This regulation applies whether or not the company has been, or is in the course of being, wound up (whether by the court or otherwise).