A person is guilty of an offence if, in the 12 months before the making of the bankruptcy application or (as the case may be) the presentation of the bankruptcy petition or in the initial period1, he acquired or received property2 from the bankrupt knowing or believing 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 he so owed3.
A person who commits such an offence is liable on conviction on indictment to imprisonment for a term not exceeding seven years or
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