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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.
Case Law Relating To Dividends: The above provisions of Table A supplement the following common law rules: 1) Losses in previous years need not be provided for. Furthe
Ddisadvantages - mergers and winding up: The disadvantages of s.280 are that cash may have to be provided to pay off creditors and dissenting members or alternatively the sale
Question Note the behaviour of all parties with respect to the Mitchell Jones scenario which is (or could potentially be) a breach of the RTL Code and why you believe the beh
Contracts of Indemnity Indemnity is the undertaking about primary responsibility to see like a certain act is performed there.If a particular contractual promise such constitu
Explain how you located the resource that addresses the question and cite that resource in proper Bluebook format: Spend & Save is claiming that our client lacks standing to s
Question 1: (a) Explain what is meant by Subsidiary Legislation and the reasons for using such a law. (b) Describe the ways in which Subsidiary Legislation is controlled.
DISCLAIMER OF ASSETS: The liquidator has a statutory right of disclaimer of assets: s.135. The rules are: (a) he must obtain leave of the court; (b) the right o
QUESTION 1 Mr Tom, a businessman, has a commercial dispute with one of his clients. He has heard about Alternative Dispute Resolution and he believes that mediation, conciliati
Main advantages - mergers and winding up: A scheme of arrangement under s.207 offers three main advantages: (a) it can be used in circumstances to which s.210 and s.280
Arbitral Award However the decision of the arbitral tribunal is referred to like an arbitral award. Therefore the terms of employment really require the arbitrator that must m
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