A proposal for a voluntary arrangement1 may be made by the debtor2. If, for the purpose of obtaining the approval of his creditors to a proposal for a voluntary arrangement, the debtor makes any false representation or fraudulently does, or omits to do, anything, then, even if the proposal is not approved, he commits an offence and is liable on conviction on indictment to imprisonment for a term not exceeding seven years or a fine, or to both, or on summary conviction to imprisonment for a term not exceeding six months or a fine not exceeding the statutory maximum,
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