s 115 Penalty on false claims, etc.
(1) Any creditor or person claiming to be a creditor in any bankruptcy, composition or arrangement with creditors who makes any claim, proof, declaration or statement of account which is untrue in any material particular shall, unless he satisfies the court that he had no intent to defraud, be punished with imprisonment which may extend to one year or with fine or with both. (2) Any creditor who obtains or receives any money or property, or security from any person as an inducement for forbearing to oppose, or for consenting to, the discharge of a bankrupt shall be punished with a fine, which may extend to three times the amount or value of such money, property or security. (3) Any person who, knowing that a bankruptcy order has been made against a bankrupt, removes, conceals, receives or otherwise deals with or disposes of any part of the property of such bankrupt, with intent to defeat the order, shall be punished with a fine, which may extend to double the amount or value of such property, or imprisonment which may extend to three years or with both. (4) Fines imposed and levied under this section shall be deemed part of the property of the bankrupt and shall vest in the Director General of Insolvency.