Exhibit 31.2



CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY
ACT OF 2002



I, Mark Gatto, certify that:



1.
I have reviewed this Annual Report on Form 10-K of ICON Leasing Fund Twelve Liquidating Trust (the "Liquidating Trust");



2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report;



3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all
material respects the financial condition, results of operations and cash flows of the Liquidating Trust as of, and for, the periods
presented in this report;



4.I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the Liquidating Trust and have:



| | a. | designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under my supervision, to ensure that material information relating to the Liquidating Trust, including its consolidated
subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being
prepared;
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| | b. | designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | c. | evaluated the effectiveness of the Liquidating Trust's disclosure controls and procedures and presented
in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and
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| | d. | disclosed in this report any change in the Liquidating Trust’s internal control over financial
reporting that occurred during the Liquidating Trust’s most recent fiscal quarter (the Liquidating Trust’s fourth fiscal
quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Liquidating
Trust’s internal control over financial reporting; and
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5.    This
report discloses, based on my most recent evaluation of internal control over financial reporting:



| | a. | all significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the Liquidating Trust's ability to record, process, summarize
and report financial information; and
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| | b. | any fraud, whether or not material, that involves management or other employees who have a significant
role in the Liquidating Trust's internal control over financial reporting.
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Date: March 16, 2020



/s/ Mark Gatto

Mark Gatto

Co-Chief Executive Officer and Co-President

ICON Capital, LLC