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PREFERENTIAL DEBTS:
These unsecured debts which rank ahead of a floating charge and non-preferential debts are:(a) one year's taxes, i.e. corporation tax, PAYE income tax deducted, rates, VAT unpaid at the "relevant date". The relevant date is defined as:i. the date of the order for compulsory liquidation (or any earlier order for appointment of a provisional liquidator); orii. the date of passing the resolution to wind up voluntarily.If more than one year's tax is outstanding the Income Tax Department may select whichever year yields the largest amount of corporation tax; in other cases it is the latest year's tax which is a preferential debt;(b) wages and salary of an employee, i.e. clerk, servant, workman or labourer (including commission or piece work payments) of the four months up to the relevant date limited to a maximum of four thousand shillings owed to each individual employee, accrued holiday pay and employer's National Social Security Fund (NSSF) contributions. A director is not an employee in respect of a claim for unpaid fees - but he may be in respect of salary if he has a contract of service.
Determine the term miscoordination - Policy Formation A problem known as miscoordination in Policy Formation may also emerge and it may be either vertical or horizontal. Let us
Liability Of Members: S.72 (1) provides that in the case of a reduction of share capital a member of the company so there past or present and shall not be liable in respect of
Termination of agency - Agency Law However an agency relationship may come to an end through: like; Mutual agreement, or consent Withdrawal of consent Performance,
Question 1: " One of those general precepts of our law of contract is that covenants legally entered into cannot be revoked except by the mutual consent of the parties theret
1. set outs the differences between the reports in terms of range of issues dealt with in the report and the depth of the coverage. 2. Explain the differences between the two repor
Wishes of members of parliament -Disadvantages law: However acts of Parliament do not reflect the wishes of the people as voters although the wishes of the individuals that wh
Types of Agents - Agency Law Although broadly agents are either special or might be general depending on the scope of authority. Subsequently an agent engaged to carry a task
1. Maryland is one of a few states in which contributory negligence is a complete defense, barring the plaintiff from any recovery. What is contributory negligence? How does it com
Position in Relation to the Company: In 1882 Lord Esher in Barnett, Hoares & Co v South London Tramsways Co stated that: "A secretary is a mere servant; his position is tha
Practical Consequences of Incorporation: In the course of delivering his judgment in Salomon's case Lord Halsbury stated that "once the company is incorporated, it must be tre
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