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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 focal point for coordination The focal point for coordination is point C, which is the unique symmetrical Pareto efficient outcome. Compared to this outcome the N
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What is the difference between the plain meaning and the liberal approaches to the interpretation of contracts? Provide me with an example of each to show me you understand the dif
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Return As To Allotments: Section 54 (1) provides that whenever a company limited by shares or a company limited by guarantee and having a share capital makes any allotment of
Objects of the Law Society Whereas under sec 4 of the Act society object as established are as: For maintain and improve the standards of learning and conduct of
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