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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.
Explain Recognition of States pertains Recognition of States pertains to whether a state exists or not, meaning thereby, the participants of global community should recognize t
Illustrate the case of environmental taxes Consider the case of environmental taxes. There is clear evidence that International Environmental Agreements (IEAs) suffers from an
Termination - Duties of Owner Although below S.12 of the Act the hirer may on any time before the final payment may or instalment falls due to terminate the agreement through li
case study
QUESTION (a) Tom is 15 ½ and he has not eaten for three days because his parents did not have any money to buy food when he approached Mr. Taylor for a job in his factory and t
Principle of floating charges: The general purpose of the rule is to prevent an unsecured creditor of an insolvent company from getting advantage over other creditors by obtai
Indicators of phoenix activity Stakeholders noted that there are a range of 'signals' or 'indicators' that phoenix activity may be about to occur. These generally occur before t
Determine the role of Policy entrepreneurs These couplings are made, Kingdon argues that policy "entrepreneurs" brokers or middlemen, known as Policy entrepreneurs, play a key
Challenging an Arbitral Award Conversely a party dissatisfied through an arbitral award any challenge that it in the High Court and the High Court might set it aside whether i
Interpersonal Relationships Entrepreneurs are more concerned with people's accomplishments than with their feelings. They generally avoid becoming personally involved and
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