Section 1596 — Corporations Act 2001: Retention and destruction of administration books

Application of the Insolvency Practice Schedule (Corporations) (1) To avoid doubt, section 70-35 of the Insolvency Practice Schedule (Corporations) applies to books relating to an ongoing external administration whether or not the books were kept under a provision of the old Act or of the Insolvency Practice Schedule (Corporations). Old Act continues to apply in relation to books for old external administrations (2) If: (a) an external administration of a company ends before the commencement day; and (b) immediately before that day, a person was required under section 542 of the old Act to retain books of the company for a period; and (c) but for the repeal of that section by Schedule 2 to the Insolvency Law Reform Act 2016, that period would have ended on or after the commencement day; section 542 of the old Act continues to apply (despite its repeal by Schedule 2 to the Insolvency Law Reform Act 2016) on and after the commencement day in relation to the person for the remainder of that period. Continued effect of consent by ASIC under old Act (3) If before the commencement day, a person is entitled under subsections 542(3) and (4) of the old Act to destroy books of a company (or of the person’s that are relevant to the affairs of the company) then, despite section 70-35 of the Insolvency Practice Schedule (Corporations), those books may be destroyed.