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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.
Statutes of General Application: Whereas there is no authoritative definition of a "statute of simple application" the phrase is presumed to refer to those statutes that appli
Group Accounts' form: S.151(1) provides that the group accounts laid before a holding company shall be consolidated accounts comprising- (a) like with a consolidated bala
Liability by Estoppel Anyone who presents himself or permits himself for be represented, further by words, conduct or writing as the partner about another person like persons
QUESTION 1 (a) Explain the word "conditions" in a contract (b) Describe the various types of conditions that may exist in a contract QUESTION 2 Explain the term "war
hello.. iahve one business law assignment can you please give me quote?
Ejusdem generis rule: Therefore this rule states whereas simple words in an Act obeyed particular words, the general words are to be made as being limited to the persons or th
As you think about the rights of workers enhanced by anti-discrimination laws, have society and organizations become more tolerant and competitive due to less discrimination in the
Growth rate of the money supply in the domestic economy On the horizontal axis is the growth rate of the money supply in the domestic economy, M. On the vertical axis is the gr
Experience Law This is a law of marketing beginning that the unit cost of value added to a standard goods, calculated in constant currency, declines by a constant percentage ea
NEGLIGENCE: It is still uncertain whether damage caused by negligence can be brought under the heading of "fraud" for the purpose of the exception of "fraud on the minority."
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