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of <h1>Liquidator Must Notify Commissioner of Appointment; Former Directors Liable for Unpaid Taxes Unless Proven Otherwise Under Section 588FGA.</h1> When a company is being wound up, the appointed liquidator must inform the Commissioner of their appointment within thirty days. The Commissioner will then determine and notify the liquidator of the necessary amount to cover any tax, interest, or penalty due or anticipated from the company within three months. If a private company is wound up and its tax liabilities cannot be recovered, former directors are jointly and severally liable for the payment unless they can prove that the non-recovery was not due to their gross neglect, misfeasance, or breach of duty.
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