Section 354(3)

The bankrupt is guilty of an offence if he without reasonable excuse fails, on being required to do so by the official receiver , the trustee or the court— to account for the loss of any substantial part of his property incurred in the 12 months before the making of the bankruptcy application or (as the case may be) the presentation of the bankruptcy petition or in the initial period, or to give a satisfactory explanation of the manner in which such a loss was incurred.

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Source: legislation.gov.uk · retrieved 2026-09-04