(1) Within 14 days after becoming liquidator of a company that has been an
employer registered or required to be registered under this Act, the
liquidator must give the Chief Commissioner notice in writing of the
liquidator's appointment.
(2) As soon as practicable after receiving the
notice, the Chief Commissioner must notify the liquidator of the amount that
appears to the Chief Commissioner to be sufficient to provide for any tax
which is or will become payable by the company.
(a) must
not without leave of the Chief Commissioner part with any of the assets of the
company until the liquidator has been so notified, and
(b) must set aside out
of the assets available for the payment of the tax, assets to the value of the
amount so notified, or the whole of the assets so available if they are of
less than that value, and
(c) is, to the extent of the value of the assets
which the liquidator is so required to set aside, liable as trustee to pay the
tax.
(b) as trustee duly to pay the tax for which the liquidator is liable under
subsection (3).
: Maximum penalty--50 penalty units.
(5) If a liquidator
commits an offence against subsection (4), the liquidator is personally liable
to pay the tax, to the extent of the value of the assets of which the
liquidator has taken possession and which are, or were at any time, available
to the liquidator for the payment of the tax.
(6) If more than one person is
appointed as liquidator or required by law to carry out the winding-up of a
company--
(a) the obligations and liabilities attaching to a liquidator under
this section attach to each of those persons, and
(b) if any one of those
persons has paid the tax due in respect of the company being wound-up, the
others are each liable to pay that person that person's equal share of the
amount of the tax so paid.
(7) Despite anything in this section, all costs,
charges and expenses that, in the Chief Commissioner's opinion, have been
properly incurred by a liquidator in the winding-up of a company, including
the remuneration of the liquidator, may be paid out of the assets of the
company in priority to any tax payable in respect of the company.
