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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.
The United States form of government is often described as a "Constitutional Democracy ". The existence and importance of a written Constitution is a major difference between the A
Compromise or arrangement - reconstructions: A scheme of arrangement is very flexible since it may be used to effect any "compromise or arrangement" with members or a class of
Hirer Requires Information from the Owner Conversely the hirer requires some information from the owner whether he should send him a written request so and then like pay to hi
What is the meaning of Pareto inefficient outcomes Policy coordination is, therefore, designed to avoid Pareto inefficient outcomes. In absence of a supranational authority tha
Determine the schemes of Michael Mandelbaum Michael Mandelbaum has offered a two fold scheme, the inside-out and outside-in approach. According to inside-out approach, a natio
District Magistrate's Court - Territorial Jurisdiction Further in Section 7(3) of the Act giving that 'a district magistrate's court shall have jurisdiction all through the di
The second factor which is necessary for a claimant to impose claim on other person is to have a cause for the action taken by him. Hence it is important to have a proper link betw
Question 1: ‘There has been considerable development from the time of the Industrial Associations Ordinance 1938 to the present time of the Employment Relations Act 200
What is Expansionary Bias The domestic country's bliss point (B) is now below the 45 degree line and the foreign country's bliss point (B 1 ) above the 45 degree line. With sep
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
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