A Reading of Article 523 of the Penal Code in Light of Company Law

This article examines Article 523 of the Moroccan Penal Code in light of company law, clarifying its scope of application in cases involving the fraudulent disposal of common property or share capital. It shows that the notion of common property mainly applies in the absence of legal personality, particularly during the incorporation and liquidation phases of companies, as well as in certain specific structures such as partnerships in participation, de facto companies, and associations. Once a company is registered, fraudulent disposal concerns the share capital and primarily targets corporate officers, in conjunction with specific offences under company law, notably the misuse of corporate assets. The article highlights the role of the doctrine of concurrence of offences, which allows courts to give precedence to Article 523 as the more serious criminal qualification. It concludes that, despite the existence of special statutory provisions, Article 523 retains clear legal relevance in the criminal repression of fraudulent conduct in company law.