—(1) A bankrupt shall be guilty of an offence if, in the 12 months before the making of the bankruptcy application by or against him, or in the initial period, he disposed of any property which he had obtained on credit and, at the time he disposed of it, had not been paid for.
(2) A person shall be guilty of an offence if, in the 12 months before the making of the bankruptcy application by or against a bankrupt, or in the initial period, he acquired or received property from the bankrupt knowing or believing —
that the bankrupt owed money in respect of the property; and
that the bankrupt did not intend, or was unlikely to be able, to pay the money so owed.
(3) A person shall not be guilty of an offence under subsection (1) or (2) if the disposal, acquisition or receipt of the property was in the ordinary course of a 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, any reference to disposing of property shall be read as including a reference to pawning or pledging of such property, and any reference to acquiring or receiving property shall be read accordingly.