Bankruptcy Act 1966
Note: See section 4A .
PART 3 - GENERAL RULES RELATING TO ESTATE ADMINISTRATIONS
View history note
Hide history noteRetention 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.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
