31Agent for absentee principal winding‑up of business

31 Agent for absentee principal winding‑up of business

(1) Where an agent for an absentee principal has been required by the principal to wind‑up the business of his or her principal, he or she shall, before taking any steps to wind‑up the business, notify the Commissioner of his or her intention to do so, and shall set aside such sum out of the assets of the principal as appears to the Commissioner to be sufficient to provide for any tax that may become payable. (2) An agent who refuses or fails to give notice to the Commissioner or refuses or fails to provide for payment of tax as required by this section is personally liable for any tax that becomes payable in respect of the business of the principal. (3) In this section, tax includes: (a) further tax; and (b) additional tax under section 27 or 42.