MENU

Section 300 of Insolvency Act CAP 53: When bankrupt presumed not to have kept or preserved proper records

    

(1) For the purposes of sections 298 and 299, a bankrupt is, in the absence of evidence to the contrary, presumed not to have kept a proper record of the bankrupt's transactions if, being engaged in a trade or business, the bankrupt has not kept the required records.
(2) For the purpose of subsection (1), the required records are those needed to explain the bankrupt's transactions and financial position in the bankrupt's trade or business, and includes—
(a) a record containing entries from day to day in sufficient detail of all cash received and cash paid;
(b) if the bankrupt's trade or business has involved dealing in goods—
(i) a record of all goods sold and purchased; and
(ii) detailed stock sheets of annual and other stock takings showing the quantity and the valuation made of each item of stock on hand; and
(c) if the bankrupt's trade or business has involved supplying services, details of those services.
(3) For the purposes of sections 298 and 299, a bankrupt is, in the absence of evidence to the contrary, presumed not to have preserved a proper record of the bankrupt's transactions if the bankrupt has not preserved—
(a) the records listed in subsection (2) (if applicable);
(b) a record of all goods purchased in the course of the bankrupt's business (with the original invoices); and
(c) a daily record of all goods sold on credit.

« Previous:   Section 299 - Failure to keep proper records with intent to conceal          Next: »   Section 301 - Offence by bankrupt in relation to management of companies

Disclaimer: This document is not to be taken as legal advise.

Enhance Your Research with Bookmarks and Annotations

Here's how you can use these features:

  • To bookmark this page, click the "Bookmark this Page" button below the document title.
  • To add an annotation, highlight text in the document and select "Add Annotation" from the toolbar that appears.
  • These features are great for organizing your research and keeping track of key information.
  • You can view and manage your bookmarks and annotations on your Bookmarks and Annotations page.

Cited By:

More Sections