Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 20 · Bankruptcy Offences
415. Bankrupt incurring debt without reasonable ground of expectation of being able to pay it
Feedback & supportA bankrupt shall be guilty of an offence if —
bankrupt
“bankrupt” means —(a)an 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;
within 12 months before the making of a bankruptcy application by or against the bankrupt, or during the initial period, the bankrupt incurs any debt provable in bankruptcy; or
bankruptcy application
“bankruptcy application” means an application to the Court for a bankruptcy order;
having been engaged in carrying on any trade or business, the bankrupt 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 the bankrupt, or during the initial period, the bankrupt being insolvent on the date of incurring the debt,without any reasonable ground of expectation of being able to pay the debt.
debt provable in bankruptcy
“debt provable in bankruptcy” or “provable debt” means any debt or liability that is made provable in bankruptcy under this Act;