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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 - 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
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
State the two alternatives of Policy Clustering That combines an element from each of these first two alternatives. One might think of it as a set of processes characterized by
Question 1: With the enactment of the Labour Act 1975, how far has the freedom of the employer to unilaterally terminate contracts of employment been abrogated? Question 2:
State about the Stages in the policy process Stages in the policy process are generally conceptualized within a broader environment governed by constitutional rules, political
Question 1: List out and explain the elements necessary for the formation of a contract. Question 2: What are the advantages and disadvantages of choosing a company ov
Determine about the Mundell-Fleming model The basic two country Mundell-Fleming model assumes that both countries are small. It is this assumption that we modify and assume in
Question 1: Constructive dismissal is inherently different from dismissal in the sense that it is the employee who necessarily takes the initiative in considering the contract
MEANING OF "OPPRESSION": The Section does not define the word "oppression" or what constitutes "oppressive conduct". However, the Cohen Committee's Report
Presentment for Acceptance - Rules Relating To Acceptance Even though a bill must be presented to with acceptance and be accepted through the drawee in order to render him lia
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