The trustee in bankruptcy or receiver shall give notice in writing to the department of the adjudication of bankruptcy or the appointment of the receiver. The running of the statute of limitations on the making of assessments shall be suspended for the period from the date of adjudication in bankruptcy or the appointment of the receiver to a date thirty days after the date upon which the notice from the trustee or receiver is received by the department but in no case shall the suspension be for a period in excess of two years.

Terms Used In Arizona Laws 43-722

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Department: means the department of revenue, the director or the director's authorized delegate, as the context requires. See Arizona Laws 43-104
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • Trustee: A person or institution holding and administering property in trust.
  • Writing: includes printing. See Arizona Laws 1-215
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