33Agent for absentee principal in winding‑up of business

33 Agent for absentee principal in 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 principal he shall, before taking any steps to wind‑up the business, notify the Commissioner of his intention so to do, 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 becomes payable. (2) An agent who refuses or fails to give notice to the Commissioner or refuses or fails to provide for payment of the tax as required by this section shall be 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 29 or Part VIII.