Section 518. Books and papers of company

(1) 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 shall be prima facie evidence of the truth of all matters recorded in the books or papers in respect of the contributories and the company.

(2) When a company has been wound up, the liquidator shall retain the books and papers referred to in subsection (1) for a period of five years from the date of the dissolution of the company and at the expiration of that period, may destroy the books and papers.

(3) Notwithstanding subsection (2), when a company has been wound up, the books and papers referred to in subsection (1) may be destroyed within a period of five years after the dissolution of the company—

(a) in the case of a winding up by the Court, in accordance with the directions of the Court;

(b) in the case of a members’ voluntary winding up, as the company by resolution directs; and

(c) in the case of a creditors’ voluntary winding up, as the committee of inspection, or, if there is no such committee, as the creditors of the company direct.

(4) The company or the liquidator shall not be responsible to any person claiming to have interest in any book or paper destroyed in accordance with this section.

(5) Anypersonwhocontravenesthissectioncommitsanoffence and shall, on conviction, be liable to a fine not exceeding ten thousand ringgit.