Document ID: chunk:federal_register_of_legislation:C2025C00185:section:588e:p2
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 588E (pt 2/3)
Character Range: 1973655–1976319

keep financial records relating to the disposition as required by subsection 286(1); or
 (b) has failed to retain financial records relating to the disposition for 7 years after the disposition as required by subsection 286(2).
This subsection is subject to subsections (5) and (6).
 (5) Paragraphs (4)(a) and (4A)(a) do not apply in relation to a contravention of subsection 286(1) that is only minor or technical.
 (6) A presumption under subsection (4) or (4A) of this section, applying because of a contravention of subsection 286(2), does not have effect so far as it would prejudice a right or interest of a person, if it is proved that:
 (a) the contravention was due solely to someone destroying, concealing or removing financial records of the company; and
 (b) none of those financial records was destroyed, concealed or removed by the first‑mentioned person; and
 (c) the person was not in any way, by act or omission, directly or indirectly, knowingly or recklessly, concerned in, or party to, destroying, concealing or removing any of those financial records.
 (7) If the recovery proceeding is an application under section 588FF, subsection (4) of this section does not have effect for the purposes of proving, for the purposes of the application, that an unfair preference given by the company to a creditor of the company is an insolvent transaction, unless it is proved, for the purposes of the application, that a related entity of the company was a party to the unfair preference.
 (8) If, for the purposes of another recovery proceeding in relation to the company, there has been proved:
 (a) if the other proceeding is of the kind referred to in paragraph (1)(a) of this section—a matter of the kind referred to in a paragraph of section 588FC or of subsection 588FG(2) or in subsection 588FG(9); or
 (aa) if the other proceeding is of the kind referred to in paragraph (1)(ab) of this section—a matter of the kind referred to in a paragraph of subsection 588FG(2), 588GAB(2) or 588GAC(2), or a defence under subsection 588GAB(3) or 588GAC(3) or section 588H; or
 (b) if the other proceeding is of the kind referred to in paragraph (1)(b) of this section—a matter of the kind referred to in a paragraph of section 588FC or of subsection 588FG(2) or 588FH(1) or in subsection 588FG(9), or a defence under subsection 588FH(3); or
 (c) if the other proceeding is of the kind referred to in paragraph (1)(c) or (d) of this section—a matter of the kind referred to in subsection 588FJ(3); or
 (d) if the other proceeding is of the kind referred to in paragraph (1)(e) of this section—a matter of the kind referred to in a paragraph of section 588G,