Section 144

within 12 months before the making of a bankruptcy application by or against him, or during the initial period, he incurs any debt provable in bankruptcy; or

having been engaged in carrying on any trade or business, he continues to trade or carry on business by incurring any debt provable in bankruptcy within 12 months before the date of the making of a bankruptcy application by or against him, or during the initial period, he being insolvent on the date of incurring the debt,without any reasonable ground of expectation of being able to pay it.