7. Penalty for fraudulently obtaining credit

(1) Any person shall, in each of the following cases, be in contravention of these Regulations —
(a) if he has, with dishonest intent towards his creditors, or any of them, made or caused to be made any gift, delivery, conveyance or transfer of or any charge on his property (including real property);
(b) if he has, with dishonest intent towards his creditors, or any of them, concealed or removed any part of his property (including real property) since or within two months before the date of any unsatisfied judgment or order for payment of money obtained against him.
(2) Court procedure rules may provide that proceedings may be brought by either any creditor referred to in subsection (1) or by the Registrar at the direction of the Chief Justice.
(3) A person found to be in contravention of these Regulations under subsection (1) shall be liable to pay a fine not exceeding —
(a) level 8 on the standard fines scale; or
(b) 10% of the combined value of the property (including real property) which was gifted, delivered, conveyed, transferred, removed or concealed,
whichever is the greater.
(4) In this section "person" means any natural or legal person as the context requires.