Insolvency Law Reform Act 2016 (11 of 2016)

Schedule 1   Amendments relating to the Insolvency Practice Schedule (Bankruptcy)

Part 3   Transition to the Insolvency Practice Schedule (Bankruptcy)

Division 3   Application of Part 3 of the Insolvency Practice Schedule (Bankruptcy) and related consequential amendments

Subdivision E   Information

147   Retention and destruction of administration books

Application of the Insolvency Practice Schedule (Bankruptcy)

(1) To avoid doubt, sections 70-35 and 70-36 of the Insolvency Practice Schedule (Bankruptcy) apply to books relating to an ongoing administration of a regulated debtor's estate whether or not the books are kept under a provision of the old Act or of the Insolvency Practice Schedule (Bankruptcy).

Old Act continues to apply in relation to books for old administrations

(2) If:

(a) an administration of an estate of a bankrupt or debtor ends before the commencement day; and

(b) immediately before that day, a person was required under the old Act to retain books relating to the estate for a period; and

(c) but for the repeal of section 312 by this Schedule, that period would have ended on or after the commencement day;

section 312 of the old Act (despite its repeal) continues to apply on and after the commencement day in relation to the person for the remainder of that period. However, subsection 312(4) of the old Act applies as if the reference to 15 years were instead a reference to 7 years.

Destruction etc. of books under old Act

(3) If a person is entitled under section 312 of the old Act to destroy or return books then (despite section 70-35 of the Insolvency Practice Schedule (Bankruptcy)) those books may be destroyed or returned.