The bankrupt 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 disposed of any property2 which he had obtained on credit and, at the time he disposed of it, had not paid for3.
A person who commits such an offence is liable on conviction on indictment to imprisonment for a term not exceeding seven years or a fine, or to both, or
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