Bankruptcy Act · 2009 Revised Edition · Part X · Bankruptcy Offences
140. Fraudulent dealing with property obtained on credit
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A bankrupt shall be guilty of an offence if, in the 12 months before the making of the bankruptcy application by or against him, or in the initial period, he disposed of any property which he had obtained on credit and, at the time he disposed of it, had not been paid for.
bankrupt
“bankrupt” means —(a)the individual debtor who has been adjudged bankrupt by a bankruptcy order; or(b)where a bankruptcy order has been made against a firm, each of the partners in the firm;
A person shall be guilty of an offence if, in the 12 months before the making of the bankruptcy application by or against a bankrupt, or in the initial period, he acquired or received property from the bankrupt knowing or believing —
bankruptcy application
“bankruptcy application” means an application to the court for a bankruptcy order;
that the bankrupt owed money in respect of the property; and
that the bankrupt did not intend, or was unlikely to be able, to pay the money so owed.
A person shall not be guilty of an offence under subsection (1) or (2) if the disposal, acquisition or receipt of the property was in the ordinary course of a business carried on by the bankrupt at the time of the disposal, acquisition or receipt.
property
“property” includes money, goods, things in action, land and every description of property wherever situated and also obligations and every description of interest, whether present or future or vested or contingent, arising out of or incidental to, property;
In determining for the purposes of this section whether any property is disposed of, acquired or received in the ordinary course of a business carried on by the bankrupt, regard may be had, in particular, to the price paid for the property.
In this section, any reference to disposing of property shall be read as including a reference to pawning or pledging of such property, and any reference to acquiring or receiving property shall be read accordingly.