Section 128, The Bankruptcy Act, 2009

(1) Any person who has been adjudged bankrupt, or inrespect of whose estate a receiving order has been made, commits an offence if– (a) he engages in any trade or business and has outstanding at the date of the receiving order, any debts contracted in the course and for the purposes of the trade or business; (b) he has, within two years prior to the presentation of the bankruptcy petition, materially contributed to or increased the extent of his insolvency by gambling or by rash and hazardous speculation and such gambling or speculation are unconnected with his trade or business; (c) he has, between the date of the presentation of the petition and the date of the receiving order lost any part of his estate by such gambling or rash or hazardous speculation; or (d) on being required by the official receiver at any time, or in the course of his public examination by the court, to account for the loss of any substantial part of his estate incurred within a period of one year next preceding the date of the presentation of the bankruptcy petition or between that date and the date of the receiving order, he fails to give a satisfactory explanation of the manner in which such loss was incurred, and is liable on conviction to a fine not exceeding Le20,000,000 or to a term of imprisonment not exceeding one year to both the fine and imprisonment. (2) In determining for the purposes of subsection (1) whether any speculation was rash and hazardous, the financial position of the accused person at the time when he entered into the speculation shall be taken into consideration. (3) A prosecution shall not be instituted against any person under this section except by order of the court.