716. Loss of property.

The bankrupt is guilty of an offence if he without reasonable excuse1 fails, on being required to do so by the official receiver, the trustee or the court:

  1.  

    (1)     to account for the loss of any substantial part of his property2 incurred 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 period3; or