64. Liability of an insolvent.-

64.    Liability of an insolvent.-

(1)     If any  registered  person  is declared  insolvent,  his  tax  liability  under  this  Act shall devolve  on  the  property  under  insolvency  if  the  business  relating  to  that  property continues.

(2)     If the tax liability arises during the conduct of a business relating to the property after it has been declared insolvent, any value added tax or, where applicable, value added tax and supplementary duty due shall be considered as current expenditure for conducting the business and it shall be paid before the settlement of the claims of other creditors.

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