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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.
Advantages of Negotiable Instruments (i) A negotiable instrument provides a creditor regarding a better remedy, since once it has been issued like or accepted whether applicab
Explain the controversial mode of acquisition - accession The ontroversial mode of acquisition is accession . It involves the peaceful transfer of territory from one sovereig
What are the effects of the monetary expansion The first diagram corresponds to the case when both countries maintain a fixed exchange rate, and the second is when they allow
ali send an offer to bakar on 13/9/2010 by fax.on 14/9/2010 ali change his mind and revoke the offer by fax unfortunately bakar''s fax machine not working and ali call for bakar. b
Exceptions for Nemo Dat Quod Non Habet However the "nemo dat" rule is subject for the following exceptions such are provided by the Act: like; (a) Estoppel With S.23
Laws relating to air and outer space as follows: Article 1 states that the contracting states should recognize that every state has complete and exclusive sovereignty over the
Liquidators' Powers: The liquidator (in any type of liquidation) has numerous statutory powers but in the exercise of some of them he mus
an impartial jury must
Class Meetings: "Class meetings" are not provided for by the Act. however, a class meeting may be held pursuant to the provisions of the company articles of association, if a
Meeting is Unnecessary - meetings and resolutions: The purpose of holding general meetings with all the formality which this entails is to give to each member the opportunity
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