Liquidator liability: duty to notify and preserve assets to secure tax exposure, with personal and director joint liability consequences. A liquidator must notify the Commissioner within one month of appointment; the Commissioner will notify, after enquiries, an amount sufficient to cover tax, interest and penalty. The liquidator must not part with company assets until he sets aside the notified amount, subject to limited exceptions. Failure to notify, to set aside the amount, or impermissible disposition renders the liquidator personally liable for the company's tax and penalty, with liability limited to any amount notified; multiple liquidators are jointly and severally liable. Directors of private companies are jointly and severally liable for unrecoverable tax unless they prove absence of gross neglect, misfeasance or breach of duty.