Document ID: chunk:federal_register_of_legislation:C2025C00167:schedule:2:p39
Version: federal_register_of_legislation:C2025C00167
Segment Type: schedule
Provision Reference: sch 2 (pt 39/95)
Character Range: 962343–965018

is transferred, the new trustee must allow the former trustee to inspect them at any reasonable time and take a copy of any part of the books.

Offence
 (7) A person commits an offence if:
 (a) the person is subject to a requirement under subsection (2), (5) or (6); and
 (b) the person intentionally or recklessly fails to comply with the requirement.
Penalty: 50 penalty units.

Lien against books not prejudiced
 (8) If the new trustee is entitled to take possession or control of the books under this section:
 (a) a person is not entitled, as against the new trustee, to claim a lien on the books; and
 (b) such a lien is not otherwise prejudiced.

70‑35  Retention, return or destruction of books

Retention period for books
 (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
 (2) Subsection (1) does not apply if the trustee has a reasonable excuse.

Exception—books given by regulated debtor
 (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
 (4) The trustee may return the books to the regulated debtor, or destroy the books, at the end of the retention period.

Offence
 (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
 (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.

70‑36  Return or destruction of irrelevant books
 (1) The trustee of a regulated debtor's estate may, at any time during the administration of the estate, return to the regulated debtor, or destroy, any books that:
 (a) the regulated debtor has given to any trustee of the estate; and
 (b) the trustee considers will not help the administration of the estate.
 (2) Despite subsection (1), the trustee