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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.
Give detail explanation of Credibility problem There are indications that such credibility problem stems from a tension between the goal of encouraging innovation and investme
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Qualifications of Advocates Conversely for qualify to admission as an advocate one must as; Be a US citizen or can say Possess a law degree from a recognized
Right to prior repayment: Therefore this was not variation of class rights since the existing preference shareholders had the same number of shares (and votes at a class meeti
State about the underlying process - Law institutions The underlying process forms the basis of our next subtitle. The first point is, that if an optimal policy has been adopt
Question: a) The first pillar of Basel II provides a range of options for determining the capital requirements for credit risk and operational risk to allow banks and supervi
What do you mean by breach of duty? Breach of duty: It is based onto a “reasonable man” would conclude if there has been any negligence, so. The basis stems through what
Which two fundamental treaties that provide substantive law Agency Statute The International Atomic Energy Agency Statute 1957 (IAEA) and the Nuclear Non-Proliferation Treaty 1
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Liability of auditors: It would cover any act of negligence - any actionable wrong by an officer of a company which did not involve any misapplication of the assets of the com
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