Document ID: chunk:federal_register_of_legislation:C2016A00011:schedule:2:p42
Version: federal_register_of_legislation:C2016A00011
Segment Type: schedule
Provision Reference: sch 2 (pt 42/71)
Character Range: 327882–330581

and
 (b) such a lien is not otherwise prejudiced.
 (6) If ASIC is required to give possession or control of the books to the new administrator under this section:
 (a) a person is not entitled, as against the new administrator, to claim a lien on the books; and
 (b) such a lien is not otherwise prejudiced.

Notice is not a legislative instrument
 (7) A notice under subsection (1) is not a legislative instrument.

Retention period for books
 (8) ASIC must retain all books of the company, and of the external administration of the company:
 (a) that are relevant to affairs of the company; and
 (b) possession or control of which is transferred to ASIC under this section; and
 (c) possession or control of which is not transferred to another entity under this section, or under any other law;
for a period (the retention period) of 2 years after the end of the external administration of the company.

Destruction of books at end of retention period
 (9) ASIC may destroy the books at the end of the retention period.

Relationship with other laws
 (10) Subsections (8) and (9) do not apply to the extent that ASIC 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.

70‑35  Retention and destruction of books

Retention period for books
 (1) 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 retention period) of 5 years from the end of the external administration.

Exception—reasonable excuse
 (2) Subsection (1) does not apply if the external administrator has a reasonable excuse.

Exception—consent of ASIC etc.
 (3) 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
 (ii) otherwise—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
 (4) The external administrator may 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