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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.
Presumed Agency or from Cohabitation Whether a woman who is living with a man is deemed that be his agent for purposes of acquire necessaries to the family; marriage is not n
Explain the mode of acquisition - occupation The mode of acquisition is occupation. It is a means by which a State can acquire territory which belongs to no other entity. The o
High Court - Establishment and Composition Establishment Further the High Court is established through S.60 (1) of the Constitution that states which 'there shall be a
The U.S. Constitution provides certain procedural safeguards to an accused, including protections from unreasonable searches and seizures, the right to an attorney and the right to
Nemo Dat Quod Non Habet - Goods Therefore another common law maxim such applies to sale of goods is like "nemo dat quod non habet": whether a person cannot give such he does
What is Expansionary Bias The domestic country's bliss point (B) is now below the 45 degree line and the foreign country's bliss point (B 1 ) above the 45 degree line. With sep
Can general jurisdiction be obtained? Explain why/why not. The Company has paid for three (3) trips for Patty to attend Prop 65 conferences in CA. You discover that she did no
Question 1 Briefly explain: (i) Describe Business ethics. (ii) Illustrate caveat emptor. (iii) Define corporate governance. (iv) What is whistle blowing? (v) D
John, a young CPA and one of the audit team members for Moulberg Electrical Appliances Ltd, has developed very good insights into the company's systems in the last 12 months and wa
Determine the term - Fixed Exchange Rates With a fixed exchange rate adjustment toward long run equilibrium occurs via monetary effects. This effect is shown in Figure 9.1. At
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