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of <h1>Liquidators Must Notify Assessing Officer of Appointment and Reserve Taxes Before Asset Distribution; Liable for Non-Compliance.</h1> In the event of a company's liquidation, the liquidator must notify the Assessing Officer within 30 days of their appointment. The Assessing Officer then has three months to inform the liquidator of any tax liabilities. The liquidator cannot distribute company assets until notified and must reserve the specified amount for tax obligations. This amount takes precedence over other claims, except workmen's dues and certain secured debts. The liquidator is personally liable for non-compliance, and this responsibility extends to all liquidators involved. These provisions override any conflicting laws, and the term 'liquidator' includes receivers of company assets.
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