(1) The bankrupt is guilty of an offence if—
(a) he does not to the best of his knowledge and belief disclose all the property comprised in his estate to the official receiver or the trustee, or
(b) he does not inform the official receiver or the trustee of any disposal of any property which but for the disposal would be so comprised, stating how, when, to whom and for what consideration the property was disposed of.
(2) Subsection (1)(b) does not apply to any disposal in the ordinary course of a business carried on by the bankrupt or to any payment of the ordinary expenses of the bankrupt or his family.
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