Last amended by an amending law of 2005.
A bankrupt shall be guilty of an offence if he has —
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;
in the 2 years before the making of the bankruptcy application by or against him, materially contributed to, or increased the extent of, his insolvency by gambling or by rash and hazardous speculations; or
in the initial period, lost any part of his property by gambling or by rash and hazardous speculations.
In determining for the purposes of this section whether any speculation was rash and hazardous, the financial position of the bankrupt at the time when he entered into it shall be taken into consideration.