Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_143:p9
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 143 (pt 9/24)
Character Range: 1170835–1173666

without the Commissioner's permission, part with any of the company's assets before receiving the Commissioner's notice.
 (5) However, subsection (4) does not prevent the receiver from parting with the company's assets to pay debts of the company not covered by either of the following paragraphs:
 (a) the *outstanding tax‑related liabilities;
 (b) any debts of the company which:
 (i) are unsecured; and
 (ii) are not required, by an *Australian law, to be paid in priority to some or all of the other debts of the company.
 (6) After receiving the Commissioner's notice, the receiver must set aside, out of the assets available for paying amounts covered by paragraph (5)(a) or (b) (the ordinary debts), assets with a value calculated using the following formula:
where:
amount of remaining ordinary debts means the sum of the company's ordinary debts other than the *outstanding tax‑related liabilities.
 (7) The receiver must, in his or her capacity as receiver, or as receiver and manager, discharge the *outstanding tax‑related liabilities, to the extent of the value of the assets that the receiver is required to set aside.
 (8) The receiver is personally liable to discharge the liabilities, to the extent of that value, if the receiver contravenes this section.

260‑80  Offence
  The receiver must not fail to comply with subsection 260‑75(2), (4), (5), (6) or (7).
Penalty: 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.

260‑85  Joint liability of 2 or more receivers
  If 2 or more persons (the receivers) take possession of a company's assets, for the company's debenture holders, in the capacity of receiver, or of receiver and manager, the obligations and liabilities under this Subdivision apply to:
 (a) all the receivers; but
 (b) may be discharged by any of them.

260‑90  Receiver's other obligation or liability
  This Subdivision does not reduce any obligation or liability of the receiver or receivers arising elsewhere.

Subdivision 260‑D—From agent winding up business for foreign resident principal

Table of sections
260‑105 Obligation of agent winding up business for foreign resident principal
260‑110 Offence
260‑115 Joint liability of 2 or more agents
260‑120 Agent's other obligation or liability

260‑105  Obligation of agent winding up business for foreign resident principal
 (1) This Subdivision applies to an agent whose principal:
 (a) is a foreign resident; and
 (b) has instructed the agent to wind up so much of the principal's business as is carried on in Australia.
 (2) Within 14 days after receiving the instructions, the agent must give written notice of that fact to the Commissioner.
 (3) The Commissioner must, as soon as