Document ID: chunk:federal_register_of_legislation:C2025C00185:schedule:2:p43
Version: federal_register_of_legislation:C2025C00185
Segment Type: schedule
Provision Reference: sch 2 (pt 43/73)
Character Range: 6420880–6423526

If:
 (a) possession or control of books relating to a company is transferred to ASIC under this section; and
 (b) the books are in ASIC's possession or control; and
 (c) the company ceases to be a company under external administration;
ASIC must, as soon as practicable, transfer possession or control of those books to the company.

Lien against books not prejudiced
 (5) If asic is entitled to take possession or control of the books under this section:
 (a) a person is not entitled, as against ASIC, to claim a lien on the books; 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