Retention, return or destruction of books
70-35 Retention, return or destruction of books
Retention period for books
The last trustee to administer a regulated debtor’s estate must retain all books that:
relate to the administration of the estate; and
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
Subsection (1) does not apply if the trustee has a reasonable excuse.
Exception—books given by regulated debtor
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:
if there is a committee of inspection—as the committee directs; or
otherwise—as the creditors by resolution direct.
Return or destruction of books at end of retention period
The trustee may return the books to the regulated debtor, or destroy the books, at the end of the retention period.
Offence
A person commits an offence if:
the person is subject to a requirement under subsection (1); and
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
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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