109.
| (1) Save as provided in subsection (2), tax in default shall be a first charge upon all the assets of the defaulter: |
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| (2) A receiver shall pay out of the assets under his control the tax charged or chargeable for one complete year of assessment prior to the date of the insolvency, bankruptcy, or liquidation, to be selected by the Commissioner, as a first charge on such assets and any other tax charged or chargeable for periods prior to such date shall be an unsecured debt: |
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* The amendment made in section 108 by subsection (1) of section 41 of Act No. 18 of 1965 shall be deemed to have come into force on March 30, 1963-See section 41 (2) of Act No. 18 of 1965. |
Sri Lanka Consolidated Acts