From Legal Wiki

Culpable insolvency or fraudulent insolvency is a crime committed by any person who shall abscond with his property to the prejudice of his creditors. The penalty is prision mayor, if he be a merchant, and prision correccional in its maximum period to prision mayor in its medium period, if he be not a merchant.^[1]

References

1. ↑ Revised Penal Code, Art. 314