Document ID: chunk:federal_register_of_legislation:C2004C01086:clause:2_165:p8
Version: federal_register_of_legislation:C2004C01086
Segment Type: clause
Provision Reference: sch 2 cl 165 (pt 8/11)
Character Range: 63311–66196

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 non‑resident principal

Table of sections

260‑105 Obligation of agent winding up business for non‑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 non‑resident principal

 (1) This Subdivision applies to an agent whose principal:
 (a) is not an Australian 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 practicable after receiving the notice, notify the agent of the amount (the notified amount) that the Commissioner considers is enough to discharge any *outstanding tax‑related liabilities that the principal has when the notice is given.

 (4) Before receiving the Commissioner's notice, the agent must not, without the Commissioner's permission, part with any of the principal's assets that are available for discharging the *outstanding tax‑related liabilities.

 (5) After receiving the notice, the agent must set aside:
 (a) out of the assets available for discharging the *outstanding tax‑related liabilities, assets to the value of the notified amount; or
 (b) all of the assets so available, if their value is less than the notified amount.

 (6) The agent must, in that capacity, discharge the *outstanding tax‑related liabilities, to the extent of the value of the assets that the agent is required to set aside.

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

260‑110  Offence

  A person must not fail to comply with subsection 260‑105(2), (4), (5) or (6).

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 penalty units.

260‑115  Joint liability of 2 or more agents

  If 2 or more agents are jointly instructed by the principal to wind up the business, the obligations and liabilities under this Subdivision:
 (a) apply to all the agents; but
 (b) may be discharged by any of them.

260‑120  Agent's other obligation or liability

  This Subdivision does not reduce any obligation or