When a company goes out of business what data MUST be wiped and how?

By alister ·
When a company goes out of business what data MUST be wiped and how should it be wiped destruction of the hard drive? What is private data meaning name, address or name address and information such as credit card or social security in combination with the name address?

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The answer here Depends on the Business

by OH Smeg Moderator In reply to When a company goes out o ...

And What the Local Laws actually are.

However generally speaking all Financial Data must be retained for several years in case the Tax man wants to have a talk to the Business about what they consider Unpaid Tax that is Audit the now defunct business. All data relating to Costs needs to be Stored and all Data relating to Income must be Stored.

If the company is a Medical Service All Patient Records need to be saved and some process made available for any of the companies Patients to access their Medical Records through their nominated new provider.

Actually I can not think of any Data that should be destroyed as it all could be considered as Relating to Income by the Tax Man performing an Audit latter. To make matters worse Tax Records need to be stored for between 5 to 7 years depending on what the Local Laws are and in the event of an Audit the Tax Man can ask for piratically anything to be produced to confirm the correctness of the Finical Package that stores the Company's Income/Expenditure Records. For instance there could be records of under the table payments in E Mail and Instant Messaging Records that where never entered into the Financial Records and if you are unable to prove that the payment never happened you are stuck with Paying Tax on it as it will be believed that the Person Accountable for the Business is attempting to Cheat the Tax Man out of Tax that should have been paid.

Things like this are best left in the hands of the Companies Accounting and Legal Departments or Representatives.


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