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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.
Fraudulent Preference: Under s.312, any disposition of the company's property and any creation of a charge, fixed or floating, effected during the period of six months before
Legal justification - Constructive notice: The legal justification for this rule is that since the company's public documents in its file at the Companies Registry are availab
Necessaries - Binding Contracts Definition of 'Necessaries' cleared by S. 4(2) to the Sale of Goods Act like "goods appropriate for the condition in life of that infant or min
Rights of inspection: The registers and documents are subject to the following rights of inspection: (a) The company's members are entitled to inspect them, free of cha
Hi do you have solutions for 32228-05 question on law
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