(1) A licensee shall notify the Authority as soon as practicable of declaration of bankruptcy and of intention to commence insolvency proceedings.
(2) A licensee does not contravene subsection (1) if the licensee took reasonable steps to comply with that subsection. (Substituted by Act 1 of 2016)
(3) A licensee who contravenes subsection (1) commits an offence and is liable on summary conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.