55Obligations of liquidator or receiver

##### 55 Obligations of liquidator or receiver (1) This section applies to a person (the asset holder) who: (a) becomes a liquidator of a company; or (b) in the capacity of a receiver, or a receiver and manager, for debenture holders of a company, takes possession of assets of the company. (2) The asset holder must, within 14 days after becoming liquidator or taking possession of the assets, give written notice of that fact to the Commissioner. (3) The Commissioner must as soon as practicable notify the asset holder of the amount (the notified GST amount) that the Commissioner considers is enough to cover any net amount, amount of GST and penalty under this Part that the company is liable to pay or may become liable to pay. (4) The asset holder must not, without the Commissioner’s permission, part with any of the company’s assets before receiving the notice from the Commissioner. However, this does not prevent the asset holder from parting with the company’s assets to pay debts of the company that are not ordinary debts. (5) After receiving the Commissioner’s notice, the asset holder must set aside, out of the assets available for paying the company’s ordinary debts, assets with a value calculated using the following formula:  where: > notified other taxes means the total of any amounts that the Commissioner has notified in relation to the company under another section of this Act, or a section of another Act, that corresponds to this section. (6) The asset holder is liable as trustee to pay the net amounts, amounts of GST and penalties under this Part payable by the company, to the extent of the value of assets that the asset holder is required to set aside. (7) If the asset holder contravenes this section or fails as trustee to pay the net amounts, amounts of GST or penalties for which the asset holder is liable under subsection (6), the asset holder: (a) is personally liable to pay the net amounts, amounts of GST or penalties, to the extent of the value of the assets that the asset holder is required to set aside under subsection (5); and (b) is guilty of an offence punishable on conviction by a fine of no more than 10 penalty units. > Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. > Note 2: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. (8) This section does not reduce any obligation or liability of the asset holder that arises outside this section. (9) In this section: > ordinary debt means a debt that is unsecured and is not required, by a law of the Commonwealth or of a State or Territory, to be paid in priority to some or all of the company’s other debts.