Document ID: chunk:federal_register_of_legislation:C2004C01086:clause:2_165:p7
Version: federal_register_of_legislation:C2004C01086
Segment Type: clause
Provision Reference: sch 2 cl 165 (pt 7/11)
Character Range: 60689–63553

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

 (1) This Subdivision applies to a person (the receiver) who, in the capacity of receiver, or of receiver and manager, takes possession of a company's assets for the company's debenture holders.

 (2) Within 14 days after taking possession of the assets, the receiver must give written notice of that fact to the Commissioner.

 (3) The Commissioner must, as soon as practicable, notify the receiver 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 receiver 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 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