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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.
What is the major issue concerning the international law The major issue concerning the international law is its implementation within the domestic system. A State can enforce
Financial Year of Holding Company and Subsidiary: S.153(1) provides that a holding company's directors shall ensure that, except where in their opinion there are good reasons
"The liability of third party neutrals has been a topic of concern ever since the formalisation of dispute resolution in Australia. Although there are no known cases in Australia
Humungus Retailing Co is a large retailing organization that has expanded rapidly over the last 2 years. It now has some 50 high street outlets each employing a small core of ful
Compensation for Loss of Office: (a) Section 192 makes it unlawful for a company to make a director any payment by way of compensation for loss of office, or may as considera
Implied Powers: The statement of Lord Cairns in 1875 in Ashbury Rail Co Ltd v Riche (22) to the effect that a contract beyond the objects o
Holder in Due Course - Transferor's Title Section number 29 of the Act defines like "a holder in unpaid course" such like "a holder who that has taken a bill, so then complete a
Intent to defraud the Italian creditor: The company owed money to trade creditors and also had outstanding against it a large claim for breach of contract which it disputed (t
PENALTY FOR IMPROPER APPOINTMENT: S.161 (4) provides that if any unqualified person is appointed as auditor, the person appointed, the company and every officer i
Name to end with the word "Limited": S.5(1)(a) provides that the word "limited" must be the last word of the name of a company which is to be limit
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