Bankruptcy Act 1966

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (BANKRUPTCY)  

Note: See section 4A .

PART 3 - GENERAL RULES RELATING TO ESTATE ADMINISTRATIONS  

Division 70 - Information  

Subdivision C - Record-keeping  

SECTION 70-10   ADMINISTRATION BOOKS  

Trustee must keep proper books

70-10(1)    
The trustee of a regulated debtor ' s estate must keep proper books in which the trustee must cause to be made:

(a)    entries or minutes of proceedings at meetings relating to the administration of the estate; and

(b)    such other entries as are necessary to give a complete and correct record of the trustee ' s administration of the estate.

70-10(2)    
The trustee must:

(a)    ensure that the books are available at the trustee ' s office for inspection; and

(b)    permit a creditor, or another person acting on the creditor ' s behalf, to inspect the books at all reasonable times.

Exception

70-10(3)    
Subsections (1) and (2) do not apply if the trustee has a reasonable excuse.

Offence

70-10(4)    
A person commits an offence of strict liability if:

(a)    the person is subject to a requirement under subsection (1) or (2) ; and

(b)    the person fails to comply with the requirement.

Penalty: 5 penalty units.

Note 1:

A defendant bears an evidential burden in relation to the matter in subsection (3) (see subsection 13.3(3) of the Criminal Code ).

Note 2:

See also section 277B (about infringement notices).