BANKRUPTCY ACT 1966

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (BANKRUPTCY)  

Note: See section 4A .

PART 3 - GENERAL RULES RELATING TO ESTATE ADMINISTRATIONS  

Division 70 - Information  

Subdivision C - Record-keeping  

SECTION 70-10   ADMINISTRATION BOOKS  

Trustee must keep proper books

70-10(1)  
The trustee of a regulated debtor ' s estate must keep proper books in which the trustee must cause to be made:


(a) entries or minutes of proceedings at meetings relating to the administration of the estate; and


(b) such other entries as are necessary to give a complete and correct record of the trustee ' s administration of the estate.

70-10(2)  
The trustee must:


(a) ensure that the books are available at the trustee ' s office for inspection; and


(b) permit a creditor, or another person acting on the creditor ' s behalf, to inspect the books at all reasonable times. Exception

70-10(3)  
Subsections (1) and (2) do not apply if the trustee has a reasonable excuse. Offence

70-10(4)  
A person commits an offence of strict liability if:


(a) the person is subject to a requirement under subsection (1) or (2); and


(b) the person fails to comply with the requirement.

Penalty: 5 penalty units.

Note 1:

A defendant bears an evidential burden in relation to the matter in subsection (3) (see subsection 13.3(3) of the Criminal Code ).

Note 2:

See also section 277B (about infringement notices).




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