CORPORATIONS ACT 2001
Note: See section
GENERAL RULES RELATING TO EXTERNAL ADMINISTRATIONS
Retention period for books
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
) of 5 years from the end of the external administration.
Subsection (1) does not apply if the external administrator has a reasonable excuse.
consent of ASIC etc.
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
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
The external administrator may destroy the books at the end of the retention period.
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
Relationship with other laws
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.