BANKRUPTCY ACT 1966
Note: See section 4A .PART 3 - GENERAL RULES RELATING TO ESTATE ADMINISTRATIONS
The last trustee to administer a regulated debtor ' s estate must retain all books that:
(a) relate to the administration of the estate; and
(b) are in the last trustee ' s possession or control at the end of the administration;
for a period (the retention period ) of 7 years from the end of the administration.Exception - reasonable excuse 70-35(2)
Subsection (1) does not apply if the trustee has a reasonable excuse. Exception - books given by regulated debtor 70-35(3)
Despite subsection (1), any books that the regulated debtor has given to the trustee of the estate may be returned to the regulated debtor within the retention period:
(a) if there is a committee of inspection - as the committee directs; or
(b) otherwise - as the creditors by resolution direct. Return or destruction of books at end of retention period 70-35(4)
The trustee may return the books to the regulated debtor, or destroy the books, at the end of the retention period. Offence 70-35(5)
A person commits an offence if:
(a) the person is subject to a requirement under subsection (1); and
(b) the person intentionally or recklessly fails to comply with the requirement.
Penalty: 50 penalty units.
A defendant bears an evidential burden in relation to the matters in subsections (2) and (3) (see subsection 13.3(3) of the Criminal Code ).Relationship with other laws 70-35(6)
Subsections (3) and (4) do not apply to the extent that the trustee is under an obligation to retain the books, or a part of the books, under another provision of this Act or under any other law.