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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.
Contracts illegal at the common law However a contract which is prohibited through the common law is frequently described as being as "contrary to public policy" as i.e. the c
Growth rate of the money supply in the domestic economy On the horizontal axis is the growth rate of the money supply in the domestic economy, M. On the vertical axis is the gr
ADMINISTRATION OF THE LAW: Furtherly a source of law is the origin of the rule that legal principle or constitutes a law. Conversely the phrase 'sources of England law' that'
Liabilities In Respect Of Prospectuses: 1. CRIMINAL LIABILITIES i) Issuing a form of application unaccompanied by a full prospectus: a fine not
What do you mean by breach of duty? Breach of duty: It is based onto a “reasonable man” would conclude if there has been any negligence, so. The basis stems through what
Lapse of time - Termination of an Offer Therefore offer of "lapses" that i.e. comes for an end robotically through operation about law whenever like: First is not
Implied powers rule: The courts would regard such things as impliedly within the company's powers unless they are "expressly prohibited" by the memorandum. The range of transa
What are the disadvantages of delegated legislation? Disadvantages of delegated legislation: • The delegated body that is responsible for the legislation is not represent
Silcraze City Council owns and operates a Gym. It charges $20 per month as membership fees. On the Gym Membership Card it is written that the Cardholder has the right to use all th
Maintenance Of Capital: The issued share capital of a company limited by shares is the primary security for the company's creditors. In Re: Exchange Banking Co (Flitcroft's Ca
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