Corporations Act 2001

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)  

Note: See section 600K .

PART 3 - GENERAL RULES RELATING TO EXTERNAL ADMINISTRATIONS  

Division 70 - Information  

Subdivision C - Record-keeping  

SECTION 70-10   ADMINISTRATION BOOKS  

External administrator must keep proper books

70-10(1)    
An external administrator of a company must keep proper books in which the external administrator must cause to be made:

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

(b) such other entries as are necessary to give a complete and correct record of the external administrator ' s administration of the company ' s affairs.

70-10(2)    
The external administrator must:

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

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

Exception

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

70-10(3A)    

Subsection (2) does not apply if the company is under restructuring or has made a restructuring plan that has not yet terminated.

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: 20 penalty units.

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