(1) The bankrupt commits of an offence if—
(a) he or she does not to the best of his or her knowledge and belief disclose all the property comprised in his or her estate to the trustee; or
(b) he or she does not inform the trustee of the disposal of any property which but for the disposal would be comprised in his or her estate stating how, when, to whom and for what consideration the property was disposed of.
(2) The provisions of subsection (1)(b) do 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 or her family.