Clause 322 - Company in liquidation.

Liquidator notification requirement: failure to notify or secure assessed tax amount triggers personal liability and asset restraint.

Liquidators (including receivers) must notify the Assessing Officer of their appointment; the Assessing Officer will notify, after inquiries, an amount sufficient to provide for current or prospective company tax, and the liquidator must set aside that amount and may not part with company assets without leave until so notified and secured. Exceptions permit payment of company tax, secured creditors with statutory priority, and reasonable winding-up costs as approved by the senior tax authority. Failure to notify, set aside, or to observe the restraint incurs personal liability limited to the notified amount; liabilities attach jointly and severally to multiple liquidators.