Liquidator notification requirement ensures tax claims take first charge after workmen and certain secured creditors.

The liquidator must notify the Assessing Officer within thirty days of appointment; the Assessing Officer must, within three months, intimate an amount sufficient to cover tax arrears and likely liabilities. The liquidator must not part with assets until such intimation and must set aside the intimated amount once notified. That amount is a first charge on remaining assets after workmen's dues and certain secured creditors. The liquidator is personally liable for failure to notify or to set aside the amount, and obligations are joint and several where multiple liquidators exist.

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