(1) The bankrupt commits an offence if, in 6 months before the petition or in the initial period, he or she disposed of any property which he or she had obtained on credit and, at the time he or she disposed of it, he or she had not paid for.
(2) A person commits an offence if, in the 6 months before the petition or in the initial period, he or she acquired or received any property from the bankrupt knowing or believing—
(a) that the bankrupt owed money in respect of the property; and
(b) that the bankrupt did not intend, or was unlikely to be able, to pay the money he or she so owed.
(3) A person is not liable under subsection (1) or (2) if the disposal, acquisition or receipt of the property was in the ordinary course of business carried on by the bankrupt at the time of the disposal, acquisition or receipt.
(4) In determining for the purposes of this section whether any property is disposed of, acquired or received in the ordinary course of a business carried on by the bankrupt regard may be had, in particular, to the price paid for the property.
(5) In this section reference to disposing of property include pawning or pledging it, and reference to acquiring or receiving property are to be construed accordingly.