127.
| (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-General 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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Sri Lanka Consolidated Acts