Section 195

Where a company is being wound up, all books and papers of the company and of the liquidator that are relevant to the affairs of the company at or subsequent to the commencement of the winding up of the company are, as between the contributories of the company, prima facie evidence of the truth of all matters purporting to be recorded in those books and papers.

Except as provided in subsection (3), when a company has been wound up, the liquidator must retain the books and papers mentioned in subsection (1) for a period of 5 years after the date of dissolution of the company, and at the expiration of that period may destroy the books and papers.

Despite subsection (2), when a company has been wound up by the Court, the books and papers mentioned in subsection (1) may be destroyed, within a period of 5 years after the date of dissolution of the company, in accordance with the directions of the Court.

If any book or paper of a company has been destroyed in accordance with this section, the company and the liquidator are not responsible for that book or paper not being available to any person claiming to be interested in that book or paper.

Any person who fails to comply with subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000.