CORPORATIONS ACT 2001
Note: See section 600K .PART 3 - GENERAL RULES RELATING TO EXTERNAL ADMINISTRATIONS Division 70 - Information Subdivision C - Record-keeping CLAUSE 70-35 RETENTION AND DESTRUCTION OF BOOKS 70-35(1)
The last external administrator of a company must retain all books of the company, and of the external administration of the company, that:
(a) are relevant to affairs of the company; and
(b) are in the external administrator ' s possession or control at the end of the external administration;
for a period (the retention period ) of 5 years from the end of the external administration.Exception - reasonable excuse 70-35(2)
Subsection (1) does not apply if the external administrator has a reasonable excuse. Exception - consent of ASIC etc. 70-35(3)
Despite subsection (1), the books may be destroyed within the retention period:
(a) in the case of a members ' voluntary winding up - as the company by resolution directs; and
(b) in the case of a creditor ' s voluntary winding up or a court-ordered winding up:
(i) if there is a committee of inspection - as the committee directs; and
(ii) otherwise - as the creditors by resolution direct; and
(c) if the external administrator is appointed as a provisional liquidator - as the Court directs;
if ASIC consents to the destruction.Destruction of books at end of retention period 70-35(4)
The external administrator may 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 external administrator 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.