Disposing or charging of property by person who becomes, or has become, a bankrupt
266 Disposing or charging of property by person who becomes, or has become, a bankrupt
A person who, after the presentation of a petition on which, or by virtue of the presentation of which, he or she becomes a bankrupt disposes of, or creates a charge on, any property with intent to defraud his or her creditors commits an offence and is punishable, upon conviction, by imprisonment for a period not exceeding 5 years.
Subsection (1) does not apply to the disposal of, or the creation of a charge on, property after the person by whom the disposal is effected or the charge is created is discharged from bankruptcy or after his or her bankruptcy has been annulled.
A person who has become a bankrupt after the commencement of this Act and, within 12 months before the presentation of the petition on which, or by virtue of the presentation of which, he or she became a bankrupt and after the commencement of this Act, has disposed of, or created a charge on, any property with intent to defraud his or her creditors commits an offence and is punishable, upon conviction, by imprisonment for a period not exceeding 5 years.
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