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 70-35   RETENTION, RETURN OR DESTRUCTION OF BOOKS  

Retention period for books

70-35(1)  
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.

Note:

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.




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