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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.
APPOINTMENT BY DIRECTORS: The company first auditors of may be appointed through the directors at any time before the first annual general meeting, and auditors so appointed s
online Law test, Due tomorrow December 14th, 20 multiple choice questions and 4 essay questions. Topics, Obscenity, child porn; broadcasting indecency, citizens united, ipr & cop
Limited Partnerships Through virtue of the Limited Partnerships Act, such the liability of certain partners that may be limited to a certain extent. Further the chief provisions
QUESTION 1 What are the consequences of a unilateral modification of a contract of employment of indeterminate duration by an employer? QUESTION 2 (a) In what circumsta
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
Question 1: "A revolutionary change is occurring in the theory and practice of public administration. The approach known as New Public Management is seen by many as the new par
Ratification - Law of Agency and Partnership However this is the adoption or confirmation through a person of a contract previously entered in through another. Well
Stolen Goods - Sales of Goods Where goods have been stolen and had been the thief has been prosecuted and convicted, such the property in the goods revests in like original ow
Arbitration However this is a dispute resolution mechanism whereas disputes are settled out of the court through arbitral tribunals or arbitrators that who make arbitral words
Prospect of inflationary wage settlements The same logic can be applied to various supply side policies. Take, for example, the prospect of inflationary wage settlements. If w
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