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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 are the ways of aggregate demand policy To illustrate some of the issues involved in policy coordination we will focus on monetary policy. We discuss three ways in which
Goods - Sales of Goods Even if "goods" like in common parlance has like the Act has given the word such technical meaning. Whether it provides like; "goods" consist of "all chat
Explain International Atomic Energy Agency The NPT also creates rights and obligations on the members of NPT to comply with the provisions of the treaty and to ensu
Question 1: (a) Explain the concept of Salomon Principle and critically analyse its importance in company Law. (b) Discuss why and in what circumstances the court will pierc
Convening of General Meetings: General meetings are normally convened by the Board of Directors pursuant, to the relevant provision of the company's articles, such as Table A,
Agency by Ratification So then Agency by ratification can only arise whether: The agent purported for act to a principal and one is The alleged principal was in exi
Illustrate the principle of authority or power Authorities are delegated by the Principal to agents and it is the characteristic of all the governments. This delegation of auth
Consideration - Element of Contract Just to an agreement to constitute a contract the common law of the England then adopted in the US, requires such, must be supported with c
DUTIES OF AUDITORS: The duties of auditors are explained in the following cases. 1. RE: KINGSTON COTTON MILL CO. (1896)(CHANCERY) For some years before a company was wou
Explain Non Proliferation Treaty The treaty which regulates and limits the use of nuclear weapons is known as Non Proliferation Treaty (NPT), signed in 1968. The NPT lays down
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