Document ID: chunk:federal_register_of_legislation:C2004C01086:clause:2_165:p6
Version: federal_register_of_legislation:C2004C01086
Segment Type: clause
Provision Reference: sch 2 cl 165 (pt 6/11)
Character Range: 58035–60991

not apply to superannuation guarantee charge

  This Subdivision does not apply to a *tax‑related liability that is superannuation guarantee charge imposed by the Superannuation Guarantee Charge Act 1992.

260‑45  Liquidator's obligation

 (1) This Subdivision applies to a person who becomes a liquidator of a company.

 (2) Within 14 days after becoming liquidator, the liquidator must give written notice of that fact to the Commissioner.

 (3) The Commissioner must, as soon as practicable, notify the liquidator of the amount (the notified amount) that the Commissioner considers is enough to discharge any *outstanding tax‑related liabilities that the company has when the notice is given.

 (4) The liquidator must not, 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 liquidator 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 liquidator 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 liquidator must, in his or her capacity as liquidator, discharge the *outstanding tax‑related liabilities, to the extent of the value of the assets that the liquidator is required to set aside.

 (8) The liquidator is personally liable to discharge the liabilities, to the extent of that value, if the liquidator contravenes this section.

260‑50  Offence

  The liquidator must not fail to comply with subsection 260‑45(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.

260‑55  Joint liability of 2 or more liquidators

  If there are 2 or more persons who become liquidators of the company, the obligations and liabilities under this Subdivision:
 (a) apply to all the liquidators; but
 (b) may be discharged by any of them.

260‑60  Liquidator's other obligation or liability

  This Subdivision does not reduce any obligation or liability of a liquidator arising elsewhere.

Subdivision 260‑C—From receiver

Table of sections

260‑75 Receiver's obligation
260‑80 Offence
260‑85 Joint liability of 2 or more receivers
260‑90 Receiver's other obligation or liability

260‑75  Receiver's obligation