The Principal Act is hereby amended by the insertion after section 297 of the following section -
(1) If in the course of winding up of a company or in the course of proceedings under the Companies (Amendment) Act, 1990, it appears that -
(a) any person was, while an officer of the company, knowingly a party to the carrying on of any business of the company in a reckless manner; or
(b) any person was knowingly a party to the carrying on of any business of the company with intent to defraud creditors of the company, or creditors of any other person or for any fraudulent purpose;
the court, on the application of the receiver, examiner, liquidator or any creditor or contributory of the company, may, if it thinks it proper to do so, declare that such person shall be personally responsible, without any limitation of liability, for all or any part of the debts or other liabilities of the company as the court may direct.
(2) Without prejudice to the generality of subsection (1)(a)