(1) A person appointed as a receiver of an asset situated in the country shall notify the Commissioner-General in writing of the appointment

(a) within fourteen days of the appointment; or

(b) on the date the receiver takes possession of the asset, whichever occurs first.

(2) A receiver shall not distribute assets unless the receiver has accounted for the assets to the Commissioner-General.

(3) The executor of the estate of a deceased individual or the legal representative of a person who is incapacitated shall complete and submit returns under this Act on behalf of the deceased or incapacitated person with respect to matters occurring prior to the appointment of the executor or legal representative.

(4) The Commissioner-General shall within fourteen days of receiving a notice under subsection (1) serve the receiver with a written notice specifying an amount that appears to the Commissioner-General to be sufficient to provide for tax due or that will become due by the taxpayer.

(5) A receiver shall, after receiving a notice under subsection (4),

(a) sell sufficient relevant assets to raise the amount referred to in the notice after payment of any debt that has priority; and

(b) pay to the Commissioner-General on account of the taxpayer the amount set aside.

(6) In making payment out of the proceeds of the sale, a receiver shall give priority to unpaid taxes over all other debts of the taxpayer.

(7) To the extent that a receiver fails to set aside an amount as required by subsection (4), the receiver is personally liable to pay to the Commissioner-General, on account of the tax liability of the taxpayer, the amount that should have been set aside.

(8) An amount payable to the Commissioner-General by a receiver under this section is a personal tax liability of the receiver.

(9) In this section

“receiver” means a person who, with respect to an asset situated in the country, is

(a) a liquidator of an entity;

(b) a receiver appointed out of court or by a court in respect of an asset or entity;

(c) a trustee for a bankrupt person;

(d) a mortgagee in possession;

(e) an executor, administrator or heir of a deceased individual’s estate;

(f) conducting the affairs of an incapacitated individual; or

(g) a successor in a corporate reorganisation;

“relevant assets” means assets held in the capacity of a person as receiver; and

“taxpayer” means the person whose assets come into the possession of the receiver and includes a deceased individual and an entity that is reorganised.