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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.
Proposal to reduce the votes of preference shares: In making this approach the courts have nonetheless kept the door open for action to deal with discrimination against a clas
What are the organisations made up by United Nations? The United Nations was set up to make international public law after the Second World War. This is represented by nearly e
The concept of separate legal personality is fundamental to company law. With close reference to leading cases, explain this concept and its relationship to the doctrine of limit
QUESTION 1 (a) What are the three main features of security? Define the different types of security that banks normally take to secure credit facilities (b) The Borrower Pro
Explain the Causation, Remoteness and Contributory Negligence in short. Causation: When the accident was going to occur anyway then causation is not proved, which is a third
LEGAL LIABILITY FOR LABORATORY ACCIDENTS IN EDUCATIONAL INSTITUTIONS : As mentioned in some of the earlier sections, law is not directly available to decide legal liability for la
Perpetual Succession: According to the Concise Oxford Dictionary, "perpetual" means, inter alia, "applicable, valid, for ever or for indefinite time " wh
Evolution of Contracting Contracts have evolved over centuries. It is a lawful binding relation between two or more parties. The contractual relationships can occur - from a s
The phrase called information overload may be a bit of a problem because it used so often, but the fact remain that managers & support staff are merged in information of all kinds.
Removal: Article 107 provides that the managing director's "appointment shall be automatically determined if he cease from any cause to be a director". However it
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