271Gambling or hazardous speculations

271  Gambling or hazardous speculations   A person who has become a bankrupt after the commencement of this Act and:  (a) within 2 years before the presentation of the petition on which, or by virtue of the presentation of which, he or she became a bankrupt, whether the petition was presented before or after the commencement of this Act, materially contributed to, or increased the extent of, his or her insolvency; or  (b) during any period between the presentation of that petition and the date on which he or she became a bankrupt, lost any of his or her property; by gambling or by speculations that, having regard to his or her financial position at the time and any other material circumstance, were rash and hazardous, being gambling or speculations not connected with a trade or business carried on by him or her, commits an offence and is punishable, on conviction, by imprisonment for a period not exceeding 1 year.