Receivers

—(1) A receiver shall notify the Director General of the receiver’s appointment within fourteen days after being appointed. (2) The Director General may notify the receiver of the amount that appears to the Director General to be sufficient to provide for payment of tax owing, or that will become owing, by the person whose assets are in the possession or care of the (3) A receiver may not dispose of an asset situated within Belize, held in the receiver’s capacity as receiver, without the prior permission of the Director General. 80 CAP. 51 Tax Administration and Procedure (4) A receiver shall set aside out of the proceeds of sale of an asset the amount notified by the Director General under sub- section (2), or a lesser amount as may be agreed with the (5) A receiver is personally liable for the amount of tax notified in sub-section (2) to the extent of an amount required to be set aside under sub-section (4), if the receiver fails to comply with the requirements of this section. (6) In this section, “receiver” means a person who, with respect to an asset situated in Belize, is– (a) a liquidator of a company or other entity; (b) a receiver appointed out of court or by a court; (c) a trustee in bankruptcy; (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. Administrative Penalties